Billionaire businessman Michael Bloomberg has announced that he will give away the $1 million (£590,000) he received in prize money for the Genesis Award presented to him by Prime Minister Benjamin Netanyahu in Israel.
Shortly after receiving the award, the three-time former Mayor of New York pledged that the money would be used for a new global entrepreneurship competition.
As the new Mayor of New York, Bill De Blasio, was sworn into office this week, one Jewish community stalwart took time to remember the achievements of the outgoing head of City Hall, Michael Bloomberg.
New York mayor Michael Bloomberg has weighed into the ongoing scandal involving IMF chief Dominique Strauss-Kahn.
In the four days since news broke that Mr Strauss-Kahn had been arrested in Manhattan for the "criminal sexual act, unlawful imprisonment, and attempted rape" of a 32-year-old hotel maid, a number of well-known figures have commented on the case.
The Americans arrested when buying weapons on Thursday, on suspicion of planning terror attacks on New York synagogues, were apparently angry that the world treated Muslims "like dogs".
Ahmed Ferhani, a 26-year-old said to be of Algerian descent, was heard by undercover police saying that he needed the arms "for the cause" and expressing interest in attacking the Empire State Building.