CIBC stock trade commissions go to charities for one day
From Thursday, December 05, 2002
A great annual tradition that benefits charities across the country according to this New York Times story (registration required):
Miracle Day started in 1984 in Canada at the suggestion of a broker in a CIBC branch, and it raised 123,891 Canadian dollars. Since then, it has raised $60 million.
This year, it got a plug from Stanley Druckenmiller, founder of Duquesne Capital Management and a former associate of George Soros, during a breakfast held by the Robin Hood Foundation, the philanthropy whose events are star-studded affairs that raise millions.
...Wall Street has learned that Miracle Day is painless philanthropy, too. "It's a great opportunity to take an activity we would be doing anyway on this day, which is trading securities, and do it in a way that benefits our clients and, ultimately, a lot of kids," said David F. Lamere, vice chairman of the Mellon Financial Corporation and president of its private wealth management group.