The Madoff Ripple thru Our Jewish World
The world of Jewish philanthropy is taking a serious hit as the fall-out from Madoff’s alleged Ponzi scam continues to reverberate. Here’s a partial list gleaned from various newspapers (that unfortunately is likely to grow):
- Los Angeles Jewish Community Foundation – $18 million of the Foundation’s Common Investment Pool (representing 11% of assets)
- The North Shore-Long Island Jewish Health System – $5.7 million
- The Texas based Julian J. Levitt Foundation – $6 million
- The Robert I. Lappin Charitable Foundation in Massachusetts lost all assets and has closed its doors
- Yeshiva University – amount not yet public (we’re hearing $50- $100 million)
- The Shapiro Family Foundation – $145 million (representing 50% of assets)
- Avram and Carol Goldberg, a former owner of the Stop & Shop supermarket chain – amount not public
- Stephen Fine, president of Biltrite Corp – amount not public
- Norman Braman, former owner of the Philadelphia Eagles and a former president of the Miami federation – amount not public
- UJA Federation New York – where Madoff is a significant donor
- The 92nd Street Y
- Gift of Life – amount not public (we’re hearing 25% of gifts in question)
- The Jewish Museum (New York) appears to have multiple donors with personal exposure; as do smaller charities and organization pension plans
- The Wall Street Journal reports that members of the Boca Rio Golf Club (Boca Raton) and the Palm Beach Country Club (Palm Beach) were heavily invested with Madoff’s firm. Both clubs are heavily Jewish.
Their are also unconfirmed press reports of losses sustained by many well-known individuals, some of whom may be donors to Jewish causes, including Jerome Fisher, the founder of the Nine West women’s shoe empire and a major donor to Brandeis University (and the University of Pennsylvania) who was said to have lost $150 million.
multiple updates: the above post was written early Sunday morning Jerusalem time. Here’s a post from the New York Jewish Week blogs posted about 8 hours later, Madoff with the Monday: Impact of Financial Scandal Could Run Deep.
More bad news: Sunday it was announced that the Chais Family Foundation was closing having lost all its assets.
Here are a few more being reported in the overnight press reports:
- New York Mets owner Fred Wilpon – a donor to (among other places) The Jewish Museum
- Joyce Z. Greenberg, a retired financial adviser from Houston and donor to The World Monuments Fund Jewish Heritage Program – amount not public
Today’s Wall Street Journal is reporting losses by Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, Sen. Frank Lautenberg and a charity of movie director Steven Spielberg – all with various ties to the Jewish world.
This from JAFI on Monday afternoon (IST):
“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.”