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Madoff Scandal Hits Jewish Philanthropy
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by polylogue | December 19, 2008 at 08:33 pm
108 views | 2 Recommendations | 2 comments
The collapse of Bernard Madoff's investment group is being called "the atomic bomb in the world of Jewish Philanthropy." Since Madoff's arrest a number of Jewish charities have suffered hundreds of millions of dollars, according to a December 18 article in the Jewish Daily Forward. Organizations, such Yeshiva University in New York, which is estimated to have lost $110 million, and Hadassah, estimated to have lost $90 million, are among the groups facing staggering losses as a result of Madoff's collapse, according to information in the Jewish Daily Forward.
In just the week since Bernard Madoff was arrested and accused of running one of the largest Ponzi schemes in history, hundreds of millions of dollars in losses to Jewish foundations and social service organizations have been totaled; two charities that backed mostly Jewish and Israeli causes have been shuttered.
The ripple effect of the alleged fraud could be felt for decades to come — as venerable Jewish foundations, organizations, day schools and synagogues find their operating funds and grant-making pools depleted, and their largest donors with newly shallow pockets.
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Most RecentMost Recommended Comments (2)
at 05:55 on January 1st, 2009
very sad for those unfortunate people who have been affected by capitalists and <a href=http://www.swan-bathrooms.com>greed</a> of individuals like Madoff.
at 06:11 on January 1st, 2009
It is a sad situation. What hurts the most for me is that good charitable trusts have been devastated by this character. I can't believe that one human being can be so sick and full of himself to do this to his own community let alone the entire investment world.