Remember our post, Food for Thought, a few days back? Take a look at what the Associated Press is saying this morning: Madoff ‘victims’ do math, realize they profited. One thing is sure, while many investors may have significant losses, one heck of a lot of lawyers are going to hugely benefit.
In other Madoff related news, Haaretz has added The Posen Foundation to the list of those suffering Madoff related losses.
Posen, who lives in Britain, is deeply involved in philanthropic activities in Israel, and is considered one of the central contributors to Jewish culture worldwide.
The Posen Foundation continues to operate, but has suspended some payments for new projects until March, when its directors will meet to assess the situation.
and this from The Forward:
Officials at the 90-year-old American Jewish Congress disclosed that apparent fraud at Madoff’s investment firm had cost the organization roughly $21 million of the $24 million in endowments that supported the AJCongress and its programs.