Some well-known communal figures weigh in on the Madoff affair... Mark Charendoff, president of the Jewish Funders Network: “It’s an atomic bomb in the world of Jewish philanthropy; there’s going to be fallout from this for years.” Gary Tobin, president of the Institute for Jewish and Community Research: “The Jewish philanthropic world depends on personal relationships and personal solicitations. Many Jewish philanthropies are … [Read more...] about Worth Repeating
Jewish Philanthropy. Chronicled.
Here are some additions to our growing list of Jewish world charities being effected by the alleged Madoff Ponzi scheme. We're also seeing reports out of Israel (following the close of yesterday's markets) of private sector losses. Yeshiva University - now appears to be between $100-110 million Jewish Federation of Greater Washington - $10 million Ramaz School - $6 million The Maimonides School (Boston) - $3-$5 million Charles and … [Read more...] about The List Goes On
Here are just a few highlights from the lead story in Tuesday morning's Jerusalem Post: Jewish community braces for calamity in wake of Madoff fraud Reports are surfacing that Yeshiva University has lost far more than a reported estimate of $100m. from its endowment fund, though the university declined to respond to an explicit query about the rumor. The American Jewish Congress also declined to respond to a query about reports that a … [Read more...] about An Unprecedented Loss
The Technion has announced a NIS 25m. hit due to investments placed with Madoff (through the American Technion Society). Putting a positive spin on the loss, they say "this is a negligible sum, relative to the Technion's overall portfolio." Meanwhile, the Council of Higher Education here in Israel has scheduled a meeting for Wednesday "to consider the formation of a task force to assess the extent of the loss of funding that academic … [Read more...] about Technion Loss from Madoff: NIS 25m
This past week’s news that Wall Street trader Bernard Madoff--perhaps the world’s most successful Ponzi scheme operator of all time—had finally self-imploded, severely hurting some of the most philanthropic people and respected organizations in our Jewish community. The collateral damage from this latest story of greed, deception and hubris is yet to be fully understood, but it is clear that many will suffer its consequences. Those individuals … [Read more...] about Memo to the File: Reputation is All You Have
The Israeli nonprofit community is shell-shocked this morning as the fallout continues from Madoff's alleged scam. Yesterday, The Chais Family Foundation, established in 1985, announced it is closing its doors. Dedicated to the advancement of Educational Excellence in Israel and the deepening of Jewish Identity throughout the world, both the UJC and The Joint are two of the largest recipients of their funding. A host of smaller nonprofits also … [Read more...] about Chais Family Foundation Closes