The List Goes On

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 Mary Kaplan Foundation (Maryland) – amount not public
  • American Jewish Congress – amount not public (thought to be substantial)
  • Morton Zuckerman – $30 million

Some of our communal organizations have announced they have no known liability including:

  • the UJC
  • The Foundation of the Greater Miami Jewish Federation (no direct investments)
  • UJA Federation New York
  • Metro West Federation
  • The Jewish Federation of Palm Beach (Madoff’s home turf)

Of course, we’ve been focused on how Madoff’s alleged Ponzi scheme has hit the world of Jewish philanthropy. As great as these losses have been, the broader community and international banks and hedge funds have also suffered. The Wall Street Journal published this list yesterday of his victims, which include a third foundation closing – the JEHT Foundation.

In Israel, in addition to the Technion loss of NIS 25 we mentioned yesterday, three private insurance companies have already announced exposure:

  • Harel Insurance – $14.2 million
  • Phoenix Insurance- $12.4 million
  • Clal Insurance – conflicting reports from $180,000 to $3.1 million

And the list goes on…

updates:

  • The Jewish Federation of Rhode Island – no known liability
  • Milwaukee Jewish Federation and their Community Foundation – no known liability
  • Helen Bader Foundation – no known liability
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