WEBVTT - Businessweek Extra-Paul Raether

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm

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<v Speaker 1>Jason Kelly and I'm Carol Masser. Welcome to the Bloomberg

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<v Speaker 1>Business Week Extra. It's a weekly podcast bringing you an

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<v Speaker 1>interview you probably won't hear anywhere else. And this is

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<v Speaker 1>really the case with this guest, because man, he's one

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<v Speaker 1>of KKR's first employees, but he definitely stays out of

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<v Speaker 1>the public eye. We're talking about Paul Raither. I have

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<v Speaker 1>gotten to know him over the past few years, and

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<v Speaker 1>I've actually been with him in Hartford, Connecticut, and that's

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<v Speaker 1>really where this story happens. Dream Camp. He created it

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<v Speaker 1>a couple of decades ago. Now as he thinks about

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<v Speaker 1>his role as a philanthropist, he's got even bigger plans

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<v Speaker 1>for what giving can look like going forward. Jason, you

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<v Speaker 1>certainly said some nice things about me. We haven't seen

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<v Speaker 1>each other for a while, but um, it's good too.

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<v Speaker 1>It's good to get reconnected. And yes, I have been

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<v Speaker 1>trying to do some things for Trinity College and in Hartford, Connecticut,

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<v Speaker 1>which is near and dear to my are well tell

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<v Speaker 1>me about that. I was lucky enough to go to

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<v Speaker 1>Hartford with you a few years ago. And you and

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<v Speaker 1>I spent the day together, and you know it's clear

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<v Speaker 1>when you're there that it is. It had a huge

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<v Speaker 1>impression on you, not just the school, but the community.

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<v Speaker 1>Tell us about dream Camp, because that feels like the

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<v Speaker 1>manifestation of a lot of what you think about, UH

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<v Speaker 1>and what you're trying to do. Okay, well, listen in

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<v Speaker 1>in in the late nineteen nineties, around nine, I had

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<v Speaker 1>the idea that we needed to do something UM in

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<v Speaker 1>the Hartford community. And when I say we, I'm talking

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<v Speaker 1>about Trinity College and UM. You know, Trinity UM had

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<v Speaker 1>always been sort of viewed by the community as you

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<v Speaker 1>know the kids up on the hill. Uh and Hertford

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<v Speaker 1>in the late nineties was a city in distress and

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<v Speaker 1>a city that was not clearly not doing well. The

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<v Speaker 1>education system UH in Hartford was broken. UH. In fact,

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<v Speaker 1>it was taken over several times by by the state

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<v Speaker 1>because they ran out of money and be lost their accreditation.

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<v Speaker 1>And and I said to myself, you know what we

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<v Speaker 1>need if we're going to really change the cycle, UM,

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<v Speaker 1>we need some education for these younger kids in particular.

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<v Speaker 1>And so I had this idea of trying to start

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<v Speaker 1>a camp for kids sort of ages six to ten,

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<v Speaker 1>because you know that that's when you really can get

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<v Speaker 1>to get to these kids, because they're obviously very impressionable

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<v Speaker 1>at that age, and you can teach them things that

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<v Speaker 1>that they don't know and things that they're not necessarily

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<v Speaker 1>going to learn in schools, particularly when the schools are

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<v Speaker 1>not operating going very well. And um, Michael Rouse who

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<v Speaker 1>runs a a company down in Philadelphia called SF Sports Camp.

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<v Speaker 1>I went to Michael and said, look, I've got this idea,

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<v Speaker 1>you know, and here's my idea. Can you do something

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<v Speaker 1>like this? And he said absolutely, I can definitely do this.

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<v Speaker 1>And not only can I do this, this is really exciting.

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<v Speaker 1>And he'd already you know, he's had he started this camp, um,

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<v Speaker 1>you know, thirty plus years ago, this camp business. Uh.

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<v Speaker 1>And he's been very successful. And he actually was running

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<v Speaker 1>a camp at Greenwich Academy, uh in the summer here. Uh.

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<v Speaker 1>So I've seen his work and known him well, and

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<v Speaker 1>I said, here's here's what I want to do. I

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<v Speaker 1>want to create a program that will be tuition free

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<v Speaker 1>for kids in Hertford. And I want to create a

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<v Speaker 1>program that will be racially balanced, so it'll be one

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<v Speaker 1>third African American one third Hispanic uh and one third

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<v Speaker 1>white UH. And get these kids at age six to ten,

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<v Speaker 1>bring them in UH and teach them a lot of

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<v Speaker 1>things that they really don't know. In addition to which,

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<v Speaker 1>think about this, they're going to be on the Trinity

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<v Speaker 1>College campus because I'd gone to the then president at

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<v Speaker 1>at Trinity and said, look, here's here's the idea of

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<v Speaker 1>here's what i'd like to do, um and and but

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<v Speaker 1>I need your cooperation, I need your help, and I

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<v Speaker 1>need your facilities, all of which they agreed to. So

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<v Speaker 1>that's that's Jason, how it really you know, how it

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<v Speaker 1>really got started? Um and you know, I mean here

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<v Speaker 1>we are twenty three years later, and frankly it's been

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<v Speaker 1>a huge success. Well that's what I want to ask you.

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<v Speaker 1>And I do want to get to the success of it,

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<v Speaker 1>the impact of it. But I want to ask you too, though, Paul,

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<v Speaker 1>this is about and I feel like because of the virus,

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<v Speaker 1>because of what happened about um George Floyd, what happened

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<v Speaker 1>to him in Minneapolis, we're talking about so much of

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<v Speaker 1>the inequalities and what we're discovering or really kind of

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<v Speaker 1>putting out there is that we've got to end these

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<v Speaker 1>bad cycles that don't provide everyone equally opportunities to ultimately succeed,

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<v Speaker 1>whether it's an education, whether it's professionally, and also ultimately

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<v Speaker 1>to provide some wealth and you know, generational wealth that

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<v Speaker 1>pulls everybody out of a bad situation. And I feel

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<v Speaker 1>like this is kind of what you guys are going

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<v Speaker 1>out breaking, that you know, rough cycle that unfortunately so

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<v Speaker 1>many have to endure. Yeah, well that's what we're trying

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<v Speaker 1>to do, Carol. Um. You know, look what I went

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<v Speaker 1>when I was at Trinity, which was a long time ago,

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<v Speaker 1>in the in the sixties, the neighborhood around Trinity was

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<v Speaker 1>middle class to lower middle class. UM, basically people from

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<v Speaker 1>Italian and Polish heritage who worked in manufacturing jobs in Hertford. Uh.

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<v Speaker 1>And those jobs all went away. Um, they all moved

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<v Speaker 1>basically to you know, to the south where the work

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<v Speaker 1>rules were easier for the companies and and and people.

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<v Speaker 1>The people who moved into the neighborhood were basically Hispanic uh.

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<v Speaker 1>And so the neighborhood around Trinity changed dramatically. And you know,

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<v Speaker 1>Trinity started this program under President Dobell uh in the

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<v Speaker 1>mid nineties where they created the Learning Cord or which

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<v Speaker 1>is you know, a street across the street from the

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<v Speaker 1>main part of the Trinity campus UH, and with state

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<v Speaker 1>funds and federal funds, built three new schools, a monesstory

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<v Speaker 1>lower school, a Magnet middle school, and an upper high

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<v Speaker 1>school that was for for science, mathematics, and dance in theater.

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<v Speaker 1>And so that was sort of the first step. And

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<v Speaker 1>then on top of that, I said, well, okay, so

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<v Speaker 1>that's great, but now what else can we do with

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<v Speaker 1>with these kids? And so that's that's why I came

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<v Speaker 1>up with the idea of you know, kids six to

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<v Speaker 1>ten because in my mind, in my mind, education is

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<v Speaker 1>the great love you were you know, really, you know,

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<v Speaker 1>lovely in terms of telling us, Paul, what this camp

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<v Speaker 1>sets out to do and how it works, I am

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<v Speaker 1>curious about the impact of the camp and the success

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<v Speaker 1>that it's having on these six to ten year olds. Well,

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<v Speaker 1>hopefully Carol is having a lot of success on these

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<v Speaker 1>six We started with six to ten UH and then

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<v Speaker 1>I think, you know, a seven years after we started

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<v Speaker 1>the camp UM there was a sports camp UH at

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<v Speaker 1>Trinity that had been there for thirty seven years, funded

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<v Speaker 1>by the n C double A and the federal government,

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<v Speaker 1>and that program was cut back and the Trinity program

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<v Speaker 1>was eliminated, and so we went to the college and said, look,

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<v Speaker 1>we can't let these kids go uh. And so we

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<v Speaker 1>merged the Sports camp into the Dream Camp and became

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<v Speaker 1>a camp of two d and fifty kids from ages

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<v Speaker 1>six to sixteen. And so the program is start with

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<v Speaker 1>a child at the age of six, um, start with

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<v Speaker 1>the five week summer program, uh, and then take these

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<v Speaker 1>kids all the way through until their fifteen sixteen years old.

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<v Speaker 1>And ninety plus percent of our kids actually go to

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<v Speaker 1>the full the full route through and then a significant

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<v Speaker 1>number of those kids at sixteen to seventeen become counselors

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<v Speaker 1>in training at the camp, so they're they're they're there

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<v Speaker 1>with us for ten plus years us and then hopefully

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<v Speaker 1>they go to college. And ninety plus percent of our

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<v Speaker 1>kids that have gone through the program have actually gone

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<v Speaker 1>on to college. So in that sense, in that sense,

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<v Speaker 1>it's really been a big success. But probably three years

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<v Speaker 1>after we started the program, Michael Rouse, who I said

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<v Speaker 1>earlier was the god that I went to to, you know,

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<v Speaker 1>to try to implement this on a day to day basis,

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<v Speaker 1>came to me and sit, Paul, we have to do

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<v Speaker 1>something besides just the fifth five week program in the summer,

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<v Speaker 1>we have to go full time. But in other words,

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<v Speaker 1>we have to create a program after school. So in

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<v Speaker 1>the summer, at the five week program, you know, we

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<v Speaker 1>picked the kids up in the morning, we bring them

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<v Speaker 1>to the campus at Trinity, we feed them breakfast, uh,

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<v Speaker 1>and then they've got a full day and then we

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<v Speaker 1>put them on the bus and we take them home.

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<v Speaker 1>And then in the fall when we started the after

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<v Speaker 1>school program, we picked these kids up then after school

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<v Speaker 1>you know, four days, four days a week, and we

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<v Speaker 1>bring them to Trinity uh and we tutor them in

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<v Speaker 1>effect after school, and that tutoring is done almost exclusively

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<v Speaker 1>by Trinity College students. So these kids are getting an

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<v Speaker 1>opportunity to interact with you know, Trinity undergraduates, and the

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<v Speaker 1>Trinity undergraduates are getting an opportunity to interface with with

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<v Speaker 1>these kids. And so it's it's a win win for

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<v Speaker 1>everybody because they really get to see things that they

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<v Speaker 1>otherwise wouldn't see it. So, um, so this is now

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<v Speaker 1>a forty five week program um after school and then

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<v Speaker 1>five weeks in the summer. So basically, you know, we've

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<v Speaker 1>become a year round program. Um. You know with with

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<v Speaker 1>these kids, and so you know, the statistics are great.

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<v Speaker 1>I mean, ninety plus percent of these kids stay with us,

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<v Speaker 1>ninety plus percent of these kids end up going to college.

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<v Speaker 1>Six of them at graduated from Trinity. That's so cool.

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<v Speaker 1>That's great. Yeah, that's that's the Grand Slam right there.

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<v Speaker 1>So it is it is the Grand Slam. Go ahead, So, Paul,

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<v Speaker 1>I do have to ask you before we run out

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<v Speaker 1>of time. You know, one of the things you've identified

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<v Speaker 1>in this is something that we've really learned a lot about,

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<v Speaker 1>unfortunately during the pandemic, which is the food and security

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<v Speaker 1>that we're facing as a nation. So talk to us

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<v Speaker 1>briefly about what you've done around that issue, because it's

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<v Speaker 1>really important, I think for people to understand. Okay, well

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<v Speaker 1>there's actually two parts of it, but let's do with

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<v Speaker 1>what happened in in you know, in March. Uh, you know, schools,

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<v Speaker 1>schools went virtual in Connecticut, and under Connecticut state law,

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<v Speaker 1>schools have to provide at least one meal a day

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<v Speaker 1>to the kids. Okay, so the kids are not in school,

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<v Speaker 1>so those meals are not being provided, and so all

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<v Speaker 1>of a sudden there's a hole in uh, you know,

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<v Speaker 1>in their daily routine in terms of in terms of

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<v Speaker 1>getting fed. And so Michael Rouse again came to me

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<v Speaker 1>and said, we need to shift gears. We need to

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<v Speaker 1>continue to do the after school program, but it's going

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<v Speaker 1>to be virtual, just like uh, you know their school

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<v Speaker 1>is during the day. What we need to create we

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<v Speaker 1>need to create a program um that will provide food

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<v Speaker 1>for for people. And so I said, well, give me

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<v Speaker 1>a budget, give me an idea, tell me how you're

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<v Speaker 1>going to do this. And he came up with a

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<v Speaker 1>program where he teamed up with chef Frankie Slenza, who

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<v Speaker 1>was in an Emmy Award winning cooking show. Uh chef,

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<v Speaker 1>uh you know somebody that he knows down in the

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<v Speaker 1>Philadelphia area. And he created a series of menus uh

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<v Speaker 1>and put together food packages and the recipes are in

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<v Speaker 1>English and in Spanish, and he's got videos and so

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<v Speaker 1>we're start. We started delivering meals in late March, uh

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<v Speaker 1>you know too, to these families in Hartford. So they

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<v Speaker 1>didn't have to come and stand in line at a

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<v Speaker 1>food bank. The food was actually delivered to them by

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<v Speaker 1>people who worked for E. S. S. Sports camps or

0:11:57.679 --> 0:12:01.880
<v Speaker 1>Trinity undergraduate students. So the food was coming up from Philadelphia,

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<v Speaker 1>coming into Hartford and then dispatched to these families. And

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<v Speaker 1>so we did that from you know, the end of March,

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<v Speaker 1>you know, right up through the beginning of camp, and

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<v Speaker 1>we delivered over ten thousand meals. And that was Paul Ray,

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<v Speaker 1>their senior advisory partner at the private equity firm kk R.

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<v Speaker 1>You've heard of that, but you might not have heard

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<v Speaker 1>about the work that he has done in Hartford, Connecticut.

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<v Speaker 1>Trinity College is so devoted to that school. Really enjoyed

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<v Speaker 1>catching up with him. Yeah, and I just love that,

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<v Speaker 1>you know, identifying a community that just needs some help,

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<v Speaker 1>especially for its younger population. What struck me he said

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<v Speaker 1>that about the kids at attend Dream Camp ultimately go

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<v Speaker 1>off to college. That was really impressive. You've been listening

0:12:40.360 --> 0:12:42.720
<v Speaker 1>to Bloomberg Business Week Extra and be sure to catch

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<v Speaker 1>us every day Monday through Friday at two pm Wall

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<v Speaker 1>Street Time. I'm Bloomberg Radio. I'm Carol Masser, and I'm

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<v Speaker 1>Jason Kelly. This is Bloomberg