I’ve obtained a list of nearly all the private foundations that invested money directly with Mr. Madoff, at least at the time of their most recent tax filings. Even in the unlikely event that they cashed out since then, they may still have to repay the money to others.
What is staggering is how many of these 147 foundations had all their assets invested with Mr. Madoff and may have been wiped out as a result. For example, the Avery and Janet Fisher Foundation, which supported everything from various museums to meals-on-wheels programs, appears to have been fully invested with Mr. Madoff. And the same is true of dozens more.
The Picower Foundation of Palm Beach, Florida, with nearly $1 billion in assets and a major contributor to non-profits across the nation, has already announced that it will close down because of its Madoff investments. Its beneficiaries have included a neurological research institute at MIT, the New York Public Library and the Children’s Health Fund.
The MIT institute mentioned is the "Picower Institute of Learning and Memory" which stands opposite the Stata center on Vassar street. I pass through the building everyday on my way to the campus and I often think of taking courses there in my future semesters given my developing interest in neuroscience. Now its very survival seems to be a matter of speculation.
2 comments:
It shouldn't be surprising that so many chose Madoff as their money manager. The exclusivity presented, returns promised were absolutely real. It had become a matter of prestige to invest with madoff. Further, madoff used to throw investors out of his fund in case they inquired too much about the ability of the returns to duplicate themselves at a high level year after year. I guess if you keep crap hidden from people in a big, golden box and make it exclusive by getting at least one or two "smart billionaires" to promote it, their will be a queue of people to smell it through a small opening in the box.
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