One man's imperative to give

[babylonsister]

It's nice to have my faith in mankind restored occasionally. :loveya:


One man's imperative to give
Move to restore workers’ losses came as little surprise


“They feel very grateful and happy, which makes me feel very happy,’’ says Robert I. Lappin of his workers. (Deborah Parker/The Salem News/File 2008)


By Sean Sposito
Globe Correspondent / July 18, 2009


Robert I. Lappin used to be a familiar sight on Lafayette Street in Salem, where he would rollerblade to work from his home in Swampscott. The ponytail made him unmistakable. But Lappin is 87 now, and gave up the skates about a year and a half ago.

The former vacuum cleaner maker now drives a 21-year-old Mercedes to his office in Shetland Park, an old mill he converted into a bustling business center that transformed the Salem waterfront.

This week, Lappin honored a promise. He and his family donated $5 million to restore the retirement savings of about 60 employees of various family enterprises, including the Robert I. Lappin Charitable Foundation. The charity was almost wiped out when the Ponzi scheme run by Bernard Madoff collapsed. Lappin and his family had invested all of their employees’ 401(k) retirement plans with Madoff more than a decade ago.

“I am absolutely thrilled,’’ said Amy Powell, a former publicist for the foundation and one of the employees whose savings were restored. “I really knew in my heart, all my heart, that Mr. Lappin would do all he could do for his em ployees.’’

Lappin had invested so heavily with Madoff that it cost him much of his personal fortune. The foundation lost $8 million when Madoff’s assets were frozen last December, and for a time was forced to shut its doors. Lappin said that now, after Madoff and the payment to employees, his personal net worth is less than $5 million, about a tenth of what it was before the scandal broke.

Yet giving his own money to the employees was simply the right thing to do, he said. “At least from the feedback, they feel very grateful and happy, which makes me feel very happy,’’ said Lappin. “So far no kisses, but I have had some hugs.’’

more...

http://www.boston.com/business/articles/2009/07/18/one_mans_imperative_to_give/

[liberalmuse]

1. More of these types of humans, please.

I know I'm like everyone else in that I love stories like this. It's nice to know that there are still a good number of beautiful human beings like this out there, especially after bearing witness to the Republican hellhole/trainwreck/freakshow display this week (who am I kidding? We've been witness to this shit for over 20 years straight now.)

[MADem]

2. What is it about Massachusettsian businessmen? We have some good ones.

Remember the hero of Malden Mills? http://www.cbsnews.com/stories/2003/07/03/60minutes/main561656.shtml