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Posen Foundation hit by Madoff fraud By Lior Dattel Tags: israel news The huge fraud perpetrated by Bernard Madoff has claimed another financially savvy victim. Felix Posen, a former business partner of commodities trader Marc Rich, has reportedly lost part of his Swiss-based philanthropic fund through investment in funds linked to Madoff. Posen, who lives in Britain, is deeply involved in philanthropic activities in Israel, and is considered one of the central contributors to Jewish culture worldwide. He serves as the president of the Posen Foundation, which is managed by his son Daniel. The fund, which is financed by the family, donates millions of dollars to educational institutions in Israel every year and to projects that promote the concept of Jewish secular culture all over the world. The Posen Foundation continues to operate, but has suspended some payments for new projects until March, when its directors will meet to assess the situation. Posen's wealth was estimated in 2008 by the Sunday Times at some 150 million pounds sterling. Posen is believed to have lost a large portion of his own money invested in the foundation, both through investment in funds related to Madoff and as a result of the economic crisis. Advertisement Nevertheless, his son Daniel Posen told TheMarker that although sadly, many philanthropic efforts had been adversely affected, the losses incurred by the Posen family's foundation are not crippling. He added that the family was not considering suspension of the foundation's activities altogether, but it would be taking time to consider how to continue operations in the current difficult times. Some of its activities originally planned for 2009 may be delayed until 2010, and the fund may have to cut down its activities for a few years until the problem is resolved, he said. Among its may projects in Israel, the Posen Foundation has contributed to funding the establishment of the Center for Study of Anti-Semitism at the Hebrew University and was one of the founders of Alma Hebrew College in Tel Aviv and Meitar in Jerusalem, which operates school programs for the study of Jewish identity. Bookmark to del.icio.us   Fallen hero Relatives mourn Maj. Roey Rosner, 27, killed Wednesday by Gaza militants. On the northern front Hezbollah denies responsibility for two rockets fired at Israel from Lebanon.

Read & React Red Cross: Israel breaking int'l law, letting children starve in Gaza Responses: 114 Two Lebanon rockets hit North; Hezbollah denies involvment Responses: 68 Yossi Melman: Excellent intel on Gaza shows Israel learned from Lebanon errors Responses: 21 Yoav Stern: Rocket fire on North may be realization of Iran threat Responses: 25 Gideon Lichfield: So, why isn't Israel winning the PR war? Responses: 74 More Headlines 23:04 Third IDF soldier killed in Gaza over past 24 hours 22:37 Draft UN Security Council resolution doesn't call for immediate Gaza truce 02:23 Report: Obama ready to talk to Hamas after taking office 02:24 'This country exists because of people like him' 22:35 Israel to present complaint to UN over Lebanon rocket fire 01:24 European Jews to hold rallies supporting Israel's Gaza offensive 22:10 'I pray that he will watch over us, he died a hero' 22:38 At least two Lebanon rockets hit north Israel; Hezbollah denies involvment 02:06 UN: Army admitted school shelling was by mistake 18:20 Get up to the minute coverage of the warfare in Gaza directly to your email 22:05 IDF Chief of Staff Ashkenazi tours Gaza battlefields 23:11 WATCH: Olmert spokesman says Israel never sought war in Gaza 18:12 ANALYSIS / Rocket fire on North may be realization of Iran threat 19:57 UN says halting aid to Gaza, citing danger to staff from IDF 15:01 ANALYSIS / Excellent intel on Gaza shows Israel learned from its errors in Lebanon 19:07 Palestinians: 35 found dead in rubble of Gaza battle zone 17:07 Olmert: IDF has not yet achieved all its goals in Gaza offensive 20:35 WATCH: U.S. Senate voices strong support for Israel's Gaza battle against Hamas 18:53 Sarkozy: Halt to arms smuggling is key to Gaza cease-fire 16:08 Red Cross: Israel breaking int'l law, letting children starve in Gaza 21:49 Iran bans volunteer suicide bombers from traveling to Israel 17:18 Palestinian shot dead after trying to blow up settlement gas station Previous Editions Select Day 08 jan 07 jan 06 jan 05 jan 04 jan 02 jan 01 jan 31 dec 30 dec 29 dec 28 dec 26 dec

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