Lehman, Goldman Workers Defy Gloom to Play Poker for Charity

Although Edmond Coku spends his days working on the bankruptcy of his employer, Lehman Brothers Holdings Inc., he paid $250 last night to play charity poker for StreetWise Partners Inc., which helps the underprivileged to find jobs.

``The thing that impresses me most about this program is the optimism people get from it,'' said the smiling Coku, 28, a StreetWise volunteer and Lehman associate in its principal investments unit, while sipping a beer. ``I hate seeing talent go to waste.''

StreetWise's annual fundraiser at the Westside Loft in Manhattan came as U.S. stocks sank and benchmark indexes slid to their lowest levels since 2003, The event lured about 300 corporate and financial-service-industry executives, almost double the number from last year's event. The tournament raised about $75,000 in donations.

Participants included employees of Goldman, Sachs & Co., Citigroup Inc., Barclays Plc, Credit Suisse and Lightyear Capital LLC, a New York-based private-equity firm. Defying the economic gloom, the poker players joked, smiled, sipped champagne and gin- laced cocktails and munched on mini-hot dogs and burgers.

``The word has gotten out that this is a good time,'' said Anton Levy, 33, the co-chair of the event and a managing director at General Atlantic LLC, a private-equity firm. ``Now is the time that your dollar goes farther toward helping someone.''

Founded in 1997, StreetWise uses volunteers from Wall Street firms and corporations to mentor low-income individuals, help them find jobs and bolster their confidence and skills in the workplace. Assistance ranges from help working with computers, resume and cover letter writing and interview preparation.

Mentoring Support

The nonprofit organization, with a $5 million budget, targets mature adults who work with professionals in three-hour sessions for 14 weeks. Young adults also can work with mentors weekly in two-hour sessions in spaces donated by companies.

With support still coming from its Wall Street base and other donors, the organization announced at the event the launch of a campaign to raise an additional $1 million. With offices in New York, Washington and Jersey City, New Jersey, Streetwise wants to use the money to expand into Connecticut next year.

``People at a time like this want to help out,'' Allison Devore, StreetWise's executive director, said in an interview. ``It feels incredibly good when you're helping out.''

Coku, a native of Lezhe, Albania, and a member of StreetWise's young professionals group, said Lehman's woes haven't affected his commitment to the charity and continues to donate about 15 hours per month of his time.

``As Lehman was going through its bankruptcy weeks ago, I was on the phone dealing with that and also talking to a corporate sponsor for StreetWise,'' he said. ``To see someone fulfill their potential is the duty of every good citizen.''

Bloomberg

News Added: 20 November, 2008

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