Wiesel Foundation loses nearly everything in Madoff scheme

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WASHINGTON (AFP) – The Elie Wiesel Foundation for Humanity lost more than 15 million dollars -- nearly all of its assets -- in the alleged fraud scheme run by Wall Street baron Bernard Madoff, the fund said Wednesday.

"We are writing to inform you that the Elie Wiesel Foundation for Humanity had 15.2 million dollars under management with Bernard Madoff Investment Securities," said the foundation, which aims to combat anti-Semitism, on its website.

"This represented substantially all of the Foundation's assets," it said.

http://news.yahoo.com/s/afp/20081224/ts_al...on_081224163605

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American Jews hard-hit by Madoff scandal

LOS ANGELES, Dec. 24 (Xinhua) -- American Jews, including the sprawling Jewish community in Los Angeles, are among those hard hit by the Madoff scandal, it was reported on Wednesday.

"The list of Jewish organizations and philanthropies harmed in Madoff's alleged investment fraud features revered names on both coasts: Jewish Family Service of Los Angeles, Yeshiva University in New York, the Manhattan-based women's organization Hadassah," the Los Angeles Times said.

The scandal has hit Jews particularly hard because it connects to two deeply felt emotions: reverence for Jewish charity and anxiety about what the rest of the world thinks of Jews, the paper noted.

...

Many Jews worry about the Madoff allegations providing fodder for extremist rants about Jews being greedy, the paper noted.

In fact, the Anti-Defamation League has reported an uptick in anti-Semitic material on the Internet since the Madoff story broke last week, according to the paper.

[Lansbury 19]

Many Jews worry about the Madoff allegations providing fodder for extremist rants about Jews being greedy, the paper noted.

If they hadn't been greedy the people wouldn't have fallen for his scam. Their religion is hardly relevant to their greed

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Many Jews worry about the Madoff allegations providing fodder for extremist rants about Jews being greedy, the paper noted.

If they hadn't been greedy the people wouldn't have fallen for his scam. Their religion is hardly relevant to their greed

Their religion isn't relevant... but you are saying that "they" are greedy, are you not?

[Lansbury 19]

Many Jews worry about the Madoff allegations providing fodder for extremist rants about Jews being greedy, the paper noted.

If they hadn't been greedy the people wouldn't have fallen for his scam. Their religion is hardly relevant to their greed

Their religion isn't relevant... but you are saying that "they" are greedy, are you not?

I'm saying the people who fell for the scam are greedy.

Several potential investors over the years who looked properly decided that in fact the returns could not be explained.

One investment house running checks for a potential investor found that the accounts of Madoff's company was audited by a firm in up State New York that consisted of a retiree living in Florida and 2 fall time employees in a 13ft x 8ft office.

Greed was the cause of people investing huge sums of money without due diligence and in quite a few cases their total capital. Plain greed and stupidity.

Edited December 24, 2008 by Lansbury

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Several potential investors over the years who looked properly decided that in fact the returns could not be explained.

One investment house running checks for a potential investor found that the accounts of Madoff's company was audited by a firm in up State New York that consisted of a retiree living in Florida and 2 fall time employees in a 13ft x 8ft office.

Greed was the cause of people investing huge sums of money without due diligence and in quite a few cases their total capital. Plain greed and stupidity.

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So....the Elie Wiesel foundation....is being called greedy?

O...

K.

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Why would they put "substantially all" (their words, not mine) of their assets under the management of Madoff?

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I don't know why.

"Substantially all" is a legal term. I wish I didn't know that, but I do from my job.

[Lansbury 19]

So....the Elie Wiesel foundation....is being called greedy?

O...

K.

and stupid

[mawilson 2,133]

So....the Elie Wiesel foundation....is being called greedy?

O...

K.

and stupid

and Weaselly?

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I don't know why.

"Substantially all" is a legal term. I wish I didn't know that, but I do from my job.

This is a tangent, but it boggles my mind so I must ask - why do you wish you didn't know that???

[Alex+R 0]

Law stuff is kind of boring. It would be nice to edit stories about more interesting subjects. However, I'm very grateful to have a job still in this climate.

I will sell my left kidney if Mark will meet me for a drink in January.

[mawilson 2,133]

I will sell my left kidney if Mark will meet me for a drink in January.

Hey Alex

Are you back in NYC?

[Alex+R 0]

I'm in Minneapolis right now, but just for this week. I was only out of NYC for the summer, but then I went back in August.

Time for Chinese food and a movie. Merry Xmas!