Subscribe to Print Edition | Wed., November 18, 2009 Kislev 1, 5770 | | Israel Time: 06:45 (EST+7)
Haaretz israel news English
web haaretz.com
Jewish World Haaretz Toolbar
Diplomacy
Defense Opinion National
Print Edition
Car Rental
Focus U.S.A. Strenger than Fiction Business Travel Magazine Week's End Anglo File Books
Share |
Last update - 09:36 14/12/2008
Madoff Wall Street fraud threatens Jewish philanthropy
By Gabrielle Birkner and Anthony Weiss, The Forward
Tags: israel news, Jewish World 

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."
Advertisement
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

Related articles:
  • State Prosecutor closes Bank Leumi probe against Olmert
  • Stanley Fischer reportedly on shortlist to lead New York Fed
  • Even Uncle Sam can make a mistake
    • PROMOTION: Mamilla Hotel
    Bookmark to del.icio.us  
     
    Kosher vampires
    Popular books and movies Twilight and New Moon are making vampirism more Jewish
    Most popular names
    If you were born in 2008, you're likely to be named one of these...
      1.   boomerang 22:59  |  moral sub-achiever 13/12/08
      2.   Bernie Madoff made a select/priveleged group 23:20  |  Erastus CoupeDeVille 13/12/08
      3.   Another Mark Rich 23:29  |  dennis Loh 13/12/08
      4.   HA! 23:29  |  William 13/12/08
      5.   Some Israeli`s goning to suffer like Hamas beneficiaries? 23:44  |  Palestinian Brit 13/12/08
      6.   Pali "Brit" 00:28  |  Kevin 14/12/08
      7.   Dear Silly Kevin 00:45  |  David James Vickery 14/12/08
      8.   Will only increase suspicions...... 01:00  |  David James Vickery 14/12/08
      9.   Shades of Jack Abramoff?? 02:02  |  Mark of Lewiston 14/12/08
      10.   #7 and #8: whitewash terrorists, vilify Jews 02:07  |  Chris 14/12/08
      11.   re: Palestinian Brit 02:09  |  UsedToPostHere 14/12/08
      12.   Ha!-William 02:19  |  Nick 14/12/08
      13.   to #7,8 02:22  |  hannah 14/12/08
      14.   Chris 2 02:58  |  David James Vickery 14/12/08
      15.   RE: Ha! 04:30  |  American 14/12/08
      16.   criminals are everywhere 04:39  |  sWeis Melbourne 14/12/08
      17.   Fraud 05:09  |  Disgusted 14/12/08
      18.   Ashamed and furious 05:33  |  David G 14/12/08
      19.   It`s Just A Scandal 06:24  |  Yosemite 14/12/08
      20.   David James Vickery you`re so right, the ingredients you describe 06:30  |  PK 14/12/08
      21.   Bernie Madoff, A Jewish Nazi? 06:31  |  Scott 14/12/08
      22.   American Jews can do without the "Bernard Madoffs" 07:04  |  Sarah 14/12/08
      23.   Crooked And Cheap 07:07  |  ted 14/12/08
      24.   An embarrassing problem 07:34  |  Ahimaaz 14/12/08
      25.   What a nice bit of... 07:39  |  Maureen Ann 14/12/08
      26.   Arafat and Co 07:52  |  guy 14/12/08
      27.   Damn Good Movie Atonement! 07:54  |  Yosemite 14/12/08
      28.   a disgusting human 08:07  |  Cipora Julianna Kohn 14/12/08
      29.   madoff 08:18  |  moris 14/12/08
      30.   You can win for losing . . . 09:21  |  Zev Davis 14/12/08
      31.   #8 Antisemites will remain antisemites 10:56  |  Liliane 14/12/08
      32.   A criminal. Jail for life 10:57  |  semsem 14/12/08
      33.   More Collective Punishment 11:09  |  Steven 14/12/08
      34.   I am ashamed that this man is a Jew 11:24  |  Richard Zatban 14/12/08
      35.   Will Abe Foxman come out strongly against Bernard Madoff ??? 13:10  |  Swiss (Dino) 14/12/08
      36.   $ 50 bln.. The Mad Off Merry-Go-Round ! 13:12  |  The Teacher/Instruct 14/12/08
      37.   Dum question, The Teacher 14:29  |  Bakatcher 14/12/08
      38.   Heavy censorship of this thread 14:32  |  Clickfool 14/12/08
      39.   Clikfool you have a selective memory, Haaretz published a lot of 14:51  |  Simon 14/12/08
      40.   Is Madoff a Robin Hood, only the super rich lost money 15:01  |  Simon 14/12/08
      41.   Zathan, you miss the point 15:08  |  Zev Davis 14/12/08
      42.   If any of the $50 billion 15:17  |  Chris Linthwaite 14/12/08
      43.   Richard Zatban re.Madoff 15:43  |  The Teacher/Instruct 14/12/08
      44.   For Simon, romanticising a common crook # 40 16:09  |  Clickfool 14/12/08
      45.   Nobel price 16:16  |  wh 14/12/08
      46.   For Clickfool 1 # 44 16:28  |  Clickfool 2 14/12/08
      47.   To Clickfool 16:35  |  Common sense 14/12/08
      48.   Record 16:44  |  Jean Di Pietro 14/12/08
      49.   Maureen Ann - your understanding of Karma 17:25  |  ChanahS 14/12/08
      50.   to all you anti-Israeli readers 18:06  |  Dov Hatzafon 14/12/08
      51.   Simon, do you grasp Clickfool`s answer? 18:25  |  Israeli cititzen 14/12/08
      52.   Time to give back the money. 18:27  |  MIKE 14/12/08
      53.   #51 Israeli Citizen 18:47  |  Chris Linthwaite 14/12/08
      54.   KYOT 18:53  |  KYOT 14/12/08
      55.   #53 Robin Hood 19:03  |  Michael T 14/12/08
      56.   For # 54 19:03  |  Clickfool 14/12/08
      57.   clickfool, and "common sense" 19:04  |  KYOT 14/12/08
      58.   Jews should learn 19:37  |  Isac 14/12/08
      59.   American dream ,"Hedge Funds". The banks did the same. 19:44  |  Stephen. 14/12/08
      60.   What do you choose, Madoff or Robin Hood? 19:50  |  Israeli cititzen 14/12/08
      61.   Double Standard redux 20:04  |  Joan 14/12/08
      62.   You Mean: Madoff Fraud Threatens Finance of West Bank Settlers" 20:38  |  Monitor 14/12/08
      63.   Madoff italian or chinese? 21:01  |  jean la salle 14/12/08
      64.   Madoff is 70 years old 21:20  |  DAT 14/12/08
      65.   Someone else trying to whitewash this criminal # 58 22:00  |  Clickfool 14/12/08
      66.   For DAT # 59 22:09  |  Clickfool 14/12/08
      67.   Vickery 14 on anti-Semitism: Arabs can?t possibly be anti-Jewish. 22:09  |  Stephen in New York 14/12/08
      68.   Fools or cheats? 22:14  |  Manny Goldstein 14/12/08
      69.   Philantropy will not suffer , my check is in the 22:18  |  TOMY 14/12/08
      70.   William, re: Ha! 22:27  |  Gideon 14/12/08
      71.   #35 Why Foxman , why not me ???? 22:44  |  TOMY 14/12/08
      72.   15. RE: Ha! 23:31  |  M.E. 14/12/08
      73.   DAT 00:00  |  tad chase 15/12/08
      74.   Although it is sad some charities have had to close 00:35  |  Chris Linthwaite 15/12/08
      75.   Responsibility 00:48  |  Dudka 15/12/08
      76.   So, what`s new? 01:35  |  Jesse 15/12/08
      77.   DAOUD VICKERY It might increase suspicion of high prices oil 02:17  |  PETER SM 15/12/08
      78.   WHERE IS HILLEL WHEN WE NEED HIM? 02:28  |  Itamar Shabtai 15/12/08
      79.   Mr. Bernard Madoff Fraude 02:43  |  Cherif Ghalizani 15/12/08
      80.   #8 Hannah 02:49  |  LLYN 15/12/08
      81.   59 MADOFF IS 70 YRS OLD 03:01  |  Elon 15/12/08
      82.   DEAR SILLY Daoud.Vickery.French resistance did not have a charter 05:22  |  PETER SM 15/12/08
      83.   Cherif 05:40  |  sWeis Melbourne 15/12/08
      84.   It`s not $50B but $91B !!! 06:29  |  leven5 15/12/08
      85.   Socialism 06:46  |  Anonymous 15/12/08
      86.   As usual Jew haters use this to divert attention 08:26  |  John 15/12/08
      87.   Don`t fret. It`s in the mishpukhe... 10:19  |  Michael N 15/12/08
      88.   Strange "charity" 12:37  |  Norwegian 15/12/08
      89.   #88 Norwigian , you might not understand 18:18  |  TOMY 15/12/08
      90.   Micael N. 01:58  |  Connie 16/12/08
      91.   Less donations for the occupants 03:20  |  Khaled Akar 16/12/08
      92.   #5 Palestinian Brit 05:27  |  *BEN JABO 16/12/08
      93.   Maureen Ann - Making her usual contribution 05:33  |  *BEN JABO 16/12/08
      94.   Isac #58 06:45  |  David R 16/12/08
      95.   reply to : Dov Hatzafon 21:11  |  Youssef 16/12/08
      96.   #84 leven5 - 01:12  |  * BEN JABO 17/12/08
      97.   Palestinian Brit - You forgot something 01:15  |  *BEN JABO 17/12/08
      98.   not ashamed he was not religios 12:01  |  steve 18/12/08
      99.   Madoff and American Jewish Community 08:03  |  Matt Bilinsky 23/12/08
      100.   Switch to a non-Jewish financial adviser 20:38  |  Joseph 09/01/09
      101.   Not a pyramid scheme but a Ponzi scheme 08:07  |  rawad 15/01/09
      102.   Read "The Israel Test". 04:05  |  Dav Lev 18/11/09
    Special Offers
    Advertisement
    Eldan Rent a Car
    Israel's leading car rental company offers you a 20% discount on online reservations
    Date Local Jewish Singles
    Ready to meet your match? Join Jdate today!
    Junkyard
    Junk a car - get free towing nationwide and a tax-deductible receipt
    More Headlines
    04:23 Police probing MK over fraudulent West Bank outpost deal
    04:04 Netanyahu: Israel is world's 'most threatened country'
    05:37 Comment / Why Netanyahu really does want to advance peace
    06:32 ANALYSIS / IDF collaborating with rabbis who preach refusal
    06:11 ANALYSIS / Netanyahu senses Obama's weakness on Jerusalem
    05:23 Intel to employ only non-Jews at Jerusalem plant on Shabbat
    06:28 Who are Israel's ultra-Orthodox Jews?
    22:55 TV ROUND-UP: Israel disregards U.S. objections, Netanyahu criticizes refusniks
    23:37 Peres in Argentina: Ahmadinejad, Chavez will fall
    04:24 Jerusalem holds off removing rightists from building in Arab area
    04:33 Panel suggests scrapping bereaved parents' consent for combat service
    04:46 'Egyptians should read in Hebrew, to know what the enemy is plotting'
    05:20 U.S. 'dismayed' at Israel plan to build 900 homes beyond Green Line
    Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Site rules |
    | Advert: Recommended Restaurants | Makom: Engaging on Israel
    | Search engine marketing
    Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.
    © Copyright  Haaretz. All rights reserved