In light of the damages and losses post-Sandy, Sovereign Global Advisors made it a point to aid those devastated by the storm this past weekend. Much of the New York City and the tri-state area continue to remain powerless against the destruction Sandy imposed upon thousands of homes. Even the New York Stock Exchange was forced to close for three days, citing safety as a top priority in preparation for the superstorm. Weather-related closures in fact, are rare occurrences.
The last time the stock exchange closed for more than a day due to weather was in 1888, the year over 40 feet of snow fell over Manhattan. The impact of the closure was not nearly as severe as some predicted though. However, those in lower and downtown Manhattan were still in need.
Sovereign Global Advisors made the trek into the affected areas of the city, bearing heavy gifts of the Costco variety. Diapers, socks, water and dry food items were among the most essential donations. The list of churches and organizations in need was long. “It was chaos making sure the donations got where they needed to be,” said John Dragotta, CEO and president of Sovereign Global. “After a hectic morning of running around from church to charity, I’m just glad the items got to those affected by the storm.”