Bintel Blog

Billion-Dollar Foundation To Shutter Amid Madoff Woes

By Gabrielle Birkner

  • Print
  • Share Share

A billion-dollar foundation that gave to a wide array of Jewish causes is the latest charitable organization to announce that it is closing in the wake of Bernard Madoff’s financial collapse.

The 19-year-old, Palm Beach, Fla.-based Picower Foundation, which distributed more than $23 million in 2007 — including gifts to about two dozen Jewish organizations — announced Friday that it will shutter, the New York Times and other news organizations are reporting.

According to its 2007 tax return, the foundation gave $225,000 to the Limmud NY conference of Jewish learning; $185,000 to the Jewish Outreach Institute, which provides support services to interfaith families; $109,278 to the Foundation for Jewish Camping, and $100,000 to a program that aids children and families living in Sderot, Israel. Picower also made five-figure gifts to such organizations as the Jewish Coalition for Service, AVODAH, Hillel, Jewish Family & Life, the Jewish Television Network, and the JCC in Manhattan.

Medical research institutions, after-school programs, and human rights organizations also benefited from foundation grants. Picower assets are valued at nearly $1 billion.

Notably, one gift detailed on the 2007 tax return went to the Queens College Foundation — and Madoff’s wife Ruth is listed as a contact person for that donation.

Bernard Madoff, who stands accused of running a multibillion-dollar Ponzi scheme, is currently under house arrest; his wife is under court order to hire round-the-clock security for him to prevent his “harm or flight”.

In Other Madoff News

• After the organization announced it lost $90 million in Madoff’s alleged Ponzi scheme, Hadassah’s National President Nancy Falchuk makes an online appeal for support.

JTA is reporting that the American Society for Technion – Israel Institute of Technology lost $72 million to Madoff.

•The Madoff scandal has unleashed a flood of antisemitic comments on the Internet, according to the Anti-Defamation League.


Permalink | | Share | Email | Print | Filed under: Ponzi Scheme, Hadassah, Antisemitism. Technion, Bernard Madoff, Picower Foundation

The Jewish Daily Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, The Jewish Daily Forwardrequires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and The Jewish Daily Forward reserves the right to remove comments for any reason.


Comments
Undomoillum Tue. Dec 22, 2009

Successfully I was surfing the internet today and I entirely freaked out. I literally initiate my ex-girlfriend pictures on the internet. I have no thought when she did this but my ex-girlfriend was making revealed with some other teen. Does anyone be suffering with any info on this ex-girlfriend site?

evamilL7 Fri. Jan 29, 2010

Hi Everyone,

Just found this site and thought it might be useful to chat to people who are trying to accomplish the same as me!

I spend too much of my life on the internet and look forward to chatting to you all and picking up and sharing ideas along the way!

Eva




Find us on Facebook!
  • Israelis are taking up the #IceBucketChallenge — with hummus.
  • In WWI, Jews fought for Britain. So why were they treated as outsiders?
  • According to a new poll, 75% of Israeli Jews oppose intermarriage.
  • Will Lubavitcher Rabbi Moshe Wiener be the next Met Council CEO?
  • Angelina Jolie changed everything — but not just for the better:
  • Prime Suspect? Prime Minister.
  • Move over Dr. Ruth — there’s a (not-so) new sassy Jewish sex-therapist in town. Her name is Shirley Zussman — and just turned 100 years old.
  • From kosher wine to Ecstasy, presenting some of our best bootlegs:
  • Sara Kramer is not the first New Yorker to feel the alluring pull of the West Coast — but she might be the first heading there with Turkish Urfa pepper and za’atar in her suitcase.
  • About 1 in 40 American Jews will get pancreatic cancer (Ruth Bader Ginsberg is one of the few survivors).
  • At which grade level should classroom discussions include topics like the death of civilians kidnapping of young Israelis and sirens warning of incoming rockets?
  • Wanted: Met Council CEO.
  • “Look, on the one hand, I understand him,” says Rivka Ben-Pazi, a niece of Elchanan Hameiri, the boy that Henk Zanoli saved. “He had a family tragedy.” But on the other hand, she said, “I think he was wrong.” What do you think?
  • How about a side of Hitler with your spaghetti?
  • Why "Be fruitful and multiply" isn't as simple as it seems:
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.