Monday, December 15, 2008

Madoff Swindle Devastates Charities



The list of victims swindled by Bernard Madoff continues to grow as news accounts report that charities also were taken advantage of by the largest securities fraud in U.S. history.

On the 13 December, I wrote here that Madoff was a big time Democratic donor.

Huff Po reports that Democrats may return thousands in Madoff contributions.

Long Island Jewish Medical Center entrusted Madoff with
investments and at least three foundations were closed today
as a result of the $50 Billion dollar ponzi scheme.

The Chais Family Foundation which gives about $12.5 Million annually to Jewish causes mostly in Israel and the former Soviet Union, let go its staff of five after losing $8 Million dollars.

More here from Telegraph U.K.