The Madoff fraud is destroying a big chunk of philanthropic foundations

[cali]

NEW YORK (AP) - One of the nation's leading educational philanthropies announced that it would close in the coming months, brought down by the alleged financial fraud orchestrated by Bernard Madoff.
Barbara Picower, who along with her husband, Jeffry, established the Picower Foundation in 1989, said in a statement on Friday that the foundation's grant-making would cease "effective immediately" and that it would "close its doors in the coming months."

She wrote in the statement that Madoff's "act of fraud has had a devastating impact on tens and thousands of lives as well as numerous philanthropic foundations and nonprofit organization."

Madoff is accused of swindling investors of $50 billion in a massive Ponzi scheme. He was ordered on Friday to remain in his Manhattan home under 24-hour surveillance and to hire security guards for protection.

The Picower Foundation has given millions to the Massachusetts Institute of Technology, Human Rights First and the New York Public Library. It also funded diabetes research at Harvard Medical School. It is based in Palm Beach, Fla., and has offices in New York.

<snip>
http://www.breitbart.com/article.php?id=D956CCS80&show_article=1&catnum=0

This is by no means the only philanthropic foundation that has or will close its doors due to that pig Madoff.

[Uben]

1. They gambled their money.....

...instead of putting it into safe investments. Buncha friggin dumbasses!

[natrat]

2. hmmm....house arrest in a 7 million dollar apartment seems a little lenient

[cali]

3. way lenient.

he should be on Riker's right now.

[lonestarnot]

5. Those are release conditions for people above a certain income level.

:evilgrin:

[tsuki]

10. Maybe he should have eaten a french fry on the subway. nt

[Fumesucker]

4. Good..

Maybe now someone will actually do something about the rampant fraud throughout our financial industry.

Only when the powerful and connected get hurt will anything happen.

If something sounds too good to be true, it probably is, the people running these philanthropic were greedy and foolish.

[cali]

7. It's not good.

Some of the foundations that will be closing their doors are vital.

[Fumesucker]

8. Maybe they should have thought of that before they got involved in obvious fraud..

Like I said, this is the fault of the managers of the funds, they were greedy and ignored many warning signs.

[stillcool]

6. there go the tax shelters...

[madokie]

9. You reckon this is all in the plan to bankrupt the whole of the USA

us and the government so as to ultimately reduce us peons to the status they want us at like slaves etc. Will bush pardon this guy on his way out? I would say from my read of things the likely hood of that is pretty big and growing. America has a cancer and its growing real fast right now today and if we don't quit fighting among us we'll never have any chance of having what anyone, except for the ruling class that is, wants to see. bushco stole us blind on all fronts for eight years now and the plan is to set fire to what if anything is left. They need to be locked up.

divide and conquer comes to mind

[natrat]

11. yea it's the end game people don't want to believe but is looking more obvious

[madokie]

12. I'm a little tinfoily, I like shiny :-)

and I know that but I do see a big get rid of the middle class effort and I've been aware of it for a long long time. If a person can't see that having more never has enough then they will never see any of this. Evidenced by these huge salaries ceo's are knocking down right now. All at the expense of you and I, I might add.

[earth mom]

13. I'm wearing my hat too...

:tinfoilhat:

The plan is to destroy the country and puts us all in the poor house so we will have no choice but to work for pennies on the dollar.