Thursday, December 18, 2008

Jewish organizations that lost money with Madoff

Update: For another list, see article in the Forward. The list below has been updated from the Forward article.

The The New York Times has a list of Bernard Madoff's clients who have lost truly stunning amounts of money. They include some iconic Jewish organizations. Information below is from the NYT article and several others (see this Forward article). It is a truly grim story of betrayal of personal and institutional trust. There is a particularly horrifying detail from a story in the New York Jewish Week -
One private investor here said he was still in disbelief that all of his money was gone after he had entrusted it to a man who “over the years was a pillar of the community.”
“The whole story is so bizarre that it surpasses understanding,” he said. “I have known him for 20 years. Our relationship was close enough that when he was raising money for a cause because a family member was ill, I made a contribution and he hugged and kissed me. Knowing that relationship, it is impossible he could do this to me and all the other organizations and people he did it to. ... How a human being could turn that way on fellow human beings and charities and organizations that he respected and admired, I can’t fathom.”
In an article from the Forward, a statement on the impact on the Jewish community:
Mark Rosenblum, director of the Jewish Studies Center at Queens College said: “This is a much more Draconian hit on American Jewish philanthropy than the generalized credit crunch has been. This one man has demonstrated a capacity to radically impact American Jewish philanthropy and, even more important, elements of American civil society.”
Here's the list:

American Friends of Yad Sarah $1.5 million
American Jewish Congress (more than 2/3 of its endowment was invested with Madoff - he was treasurer of the board)
American Technion Society - $72 million
L. Bravmann Foundation $5 million
Chais Family Foundation (had assets of $178 million in May 2007)
Congregation Kehilath Jeshurun $3.5 million
Eisenberg Family Foundation $5.1 million (in 2006, donated $950,000 to Jewish Federation of Central New Jersey)
Elie Wiesel Foundation for Humanity $15.2 million
Forward Foundation $355,000
Hadassah $90 million (this is truly awful!)
Hillel Foundation $20,000 (thank God it's not more!)
Jewish Federation of Greater Washington $10 million
Jewish Foundation of Greater Los Angeles $6.4 million
Los Angeles Jewish Community Foundation $18 million
Jewish Community Centers Association of North America $7 million
Jewish Funds for Justice $3.9 million
Charles and Mary Kaplan Foundation (Rockville, MD) $29.2 million
U.S. Senator Frank Lautenberg's foundation - $12.8 million
Julian J. Levitt Foundation $6 million
Madoff Family Foundation $19.1 million
Maimonides School $5 million.
North Shore-Long Island Jewish Health System $5.7 million
Ramaz School $6 million
Robert I. Lappin Charitable Foundation $7 million
SAR Academy $1.2 million
Carl and Ruth Shapiro Family Foundation $145 million (has given money to Brandeis)
Technion-Israel Institute of Technology $6 million
Yeshiva University $100 to $125 million (Madoff also served as the board treasurer)
Mortimer Zuckerman Trust $30 million

Total known thus far: approximately $814 million

Other Jewish groups mentioned in articles that are tied to Madoff which may have lost money -

Kav Lachayim (received money from Madoff Family Foundation)
Lower East Side Tenement Museum
Gurwin Jewish Geriatric Center
Wunderkinder Foundation (Steven Spielberg) - has funded the Chabad charity Children of Chernobyl (in 2006, 70% of its dividend income and interest was handled by Madoff)
Lautenberg Foundation has given to the United Jewish Appeal of MetroWest ($352,000 in 2006)
American Committee for Weitzmann Institute (Chais Foundation donated money $1.4 million to them)
Hillel: Foundation for Jewish Campus Life (received $300,000 from Chais)
American Jewish Joint Distribution Committee (money received from Chais)
The Shapiro Family Foundation has given to Combined Jewish Philanthropies of Boston, Jewish Home for the Aged in Palm Beach, and the Anti-Defamation League
Fifth Avenue Synagogue
State of Israel Bonds

An interesting article from Business Week on the Madoff scandal.

This is, of course, only a small part of the $50 billion that is reported to be lost in the Ponzi scheme, including billions of dollars invested by banks, hedge funds, and rich individuals.

1 comment:

  1. Thanks for this brief list. I'm writing a story about this case to small christian newspaper here in Finland, Europe.

    Merry Christmass!