Russell Simmons' Fundraiser Raises Almost $1 Million

Russell Simmons held a fundraiser for various

educational charities at his East Hampton, NY home on July 27. The event, which

was hosted by Rosie Perez, honored Black Enterprise founder Earl Graves, Radio

One founder and chairwoman Kathy Hughes, "Sex In The City" star Cynthia

Nixon & Martha Stewart for their social achievements.

Simmons drew heat from various mainstream media

outlets for honoring Martha Stewart, due to IMclone stock debacle. Stewart has

been accused of insider trading, because she allegedly sold her IMclone stock

to buyers, after the CEO of the company told her a drug they were working on

would not meet an FDA approval and that the stock price would drop dramatically.

"F*ck fair weather friends," Simmons

told She has been a good friend to me personally and has done

more for underprivileged kids in exposing them to the arts than she gets credit


The event cost $1000 a plate to attend and according

to Simmons, the event raised almost $1 million dollars. Simmons said that while

hip-hop moguls Jay-Z and Dame Dash didn't attend, they dropped $10,000 in for

the cause of education. Other notables that attended were Katie Couric, Tyra

Banks & Dick Gregory.