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Kislev 17, 5769

((That's the calendar date, 5769 is the number of years since Jeboo Sr.
did whatever thing it was....))

Israel Time: 07:54 (EST+7)

Haaretz israel news English



web haaretz.com



Madoff Wall Street fraud threatens Jewish philanthropy

By Gabrielle Birkner and Anthony Weiss, The Forward


"The arrest of Wall Street trader Bernard L. Madoff, who federal agents
say defrauded investors of an estimated $50 billion, has had immediate
consequences in the Jewish philanthropic world.

Madoff was arrested Thursday for allegedly defrauding his clients of $50
billion in a massive pyramid scheme over the course of several years. He
was released on a $10 million bond.

A lawyer for Madoff told the Wall Street Journal: "Bernard Madoff is a
longstanding leader in the financial-services industry with an unblemished
record. He is a person of integrity. He intends to fight to get through
this unfortunate event."
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One charity already closed and insiders are worried that the ramifications
of Madoff's financial demise may extend to the many organizations he
supported and the wealthy Jews he advised.

On Friday, Madoff resigned from Yeshiva University, where he served as the
chairman of the Sy Syms School of Business and treasurer of the board of
trustees. Madoff and his wife, Ruth, had also endowed a "Presidential
Fellowship" at the university.

In a statement, Yeshiva University spokeswoman Hedy Shulman said that news
of Madoff's arrest had "shocked" university officials, adding: "Our lawyers
and accountants are investigating all aspects of his relationship to
Yeshiva University. We reserve our comments until we complete our
investigation."

The same day, the Boston-based Robert I. Lappin Charitable Foundation,
which had the bulk of its money invested with Bernard L. Madoff Investment
Securities, closed its doors and terminated its seven staff members. A
16-year-old charity, the organization's stated goal had been "reversing
the trend of assimilation and intermarriage."

It had funded teen trips to Israel, enrichment programs for Jewish
educators, and interfaith outreach initiatives. According to a press
release issued Friday by the foundation, all of its assets had been frozen
by the federal courts. "The money needed to fund the programs of the Lappin
Foundation is gone," the statement read.

"It's with a heavy heart that I make this announcement," the
organization's trustee, Robert I. Lappin, said. "The Foundation's programs
have touched thousands of lives over many years in our efforts to help keep
our children Jewish."

Madoff also made charitable donations to other Jewish organizations,
including the 92nd Street Y, where he and his wife were listed as
"Benefactors" having given a gift of between $2,500 and $4,999 to the
2006-2007 annual campaign. He had also chaired a gala fundraiser on behalf
of Gift of Life, a Jewish bone marrow registry and cord blood bank.

In addition, the Madoffs were such significant contributors to
UJA-Federation of New York that the charity placed a death notice in the
New York Times, extending sympathies to the Madoff family following the
death of a family member. The notice mentioned Bernard Madoff, and
referred to the family as "cherished friends and leaders whose deep
commitment to the New York Jewish community profoundly impacts millions of
lives."

The investor was close to a number of prominent Jewish donors, both on
Wall Street and elsewhere. The Wall Street Journal reported that members
of the Boca Rio Golf Club in Boca Raton and the Palm Beach Country Club in
Palm Beach were heavily invested with Madoff's firm. Both clubs are heavily
Jewish."

Courtesy of www.forward.com

http://www.haaretz.com/hasen/spages/1046187.html


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