Foundations Invested with Madoff Gave Away $73M in 2007
Filed under: Big Givers
Each morning's papers yield new names and devastating losses of those invested in Bernard Madoff's Ponzi scheme, including hundreds of prominent U.S. nonprofits and foundations. While many betrayed investors lament the disappearance of their nest eggs, it seems that foundations that benefited from Madoff's time bomb of lucrative returns gave much of their profits away, leaving them with little to continue operations and grant-making.
In a report compiled by Bloomberg from last year's tax returns listed on Guidestar.org, foundations who have disclosed their investments with Madoff gave away a total of $73 million last year.
Several foundations have been forced to close their doors as a result, including the JEHT Foundation, which blamed its investments with Madoff in a heartfelt letter to supporters, and the Picower Foundation, which had previous assets of $1 billion, from which it gave generously to institutions such as M.I.T. and the New York Public Library.
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