Private Foundations – Preliminary Estimates of Madoff Exposure
Nicholas Kristoff writing in The New York Times:
Madoff and America’s (poorer) Foundations
Most of the discussion of the Bernard Madoff scandal has focused on the impoverished zillionaires who are now mere millionaires. Yet much of the money invested by Mr. Madoff was money destined for charities, and so the losers will include some good causes and truly disadvantaged people.
A few private foundations have owned up to the money they’ve lost with Mr. Madoff, but most haven’t. So let me help them out.
I’ve obtained a list of nearly all the private foundations that invested money directly with Mr. Madoff, at least at the time of their most recent tax filings. Even in the unlikely event that they cashed out since then, they may still have to repay the money to others.