Officially acknowledging exposure:
- The Jewish Community Centers Association of North America (endowment and pension fund) – amount not yet public
correction: Yesterday we indicated a $39 million exposure for The Jewish Funds for Justice. Following publication of our newsletter, it was brought to our attention the correct figure is $3.9 million. It was nothing more than a typo – we corrected our Website immediately and will indicate such when today’s newsletter is published. We apologize for any panic.
Federations weighing in with no known liability:
- Associated: Jewish Community Federation of Baltimore
- Jewish Federation of Greater Atlanta
- United Jewish Federation of Pittsburgh
This from JAFI:
The Jewish Agency is closely following the Madoff affair. It is still too early to reach any conclusions as to its effect on the Jewish Agency.
Finally, even Uncle Sam is taking a meaningful hit – this from the Associated Press:
Even Uncle Sam may get burned by Bernard Madoff. Investors who lost their fortunes in Madoff’s alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts. By some estimates, the Internal Revenue Service could be out as much as $17 billion in lost tax revenue.