Bear Stearns mantra: Give away at least 4% of your income
From Sun 4/20/2003 1:15 PM
The National Foundation for Teaching Entrepreneurship (NFTE) is honoring a senior Nasdaq trader, Arthur J. Pacheco, of Bear, Stearns, at its 10th annual dinner in New York for his contributions to the nonprofit according to this New York Times snippet (registration required):
And he couldn't be happier: "N.F.T.E. does a great job teaching poor kids self-esteem," Mr. Pacheco said by telephone from his desk on the Bear, Stearns trading floor. "For a poor boy from the South Bronx, life has been pretty good to me."
The foundation, based in New York, teaches entrepreneurial skills to low-income youths aged 11 to 18.
It is not surprising to find a Bear, Stearns executive being honored for doing good works. Alan C. Greenberg, known as Ace, the firm's irrepressible former chairman, made it clear long ago to his top managers that he expected them to hand over at least 4 percent of their gross income to charity.