ACLU is a victim in the Bernard Madoff Ponzi scheme ... serious shortfalls.

[annabanana]

From a letter in my inbox:

As Director of Administration and Finance, it’s my job to make sure that that preparation includes prudently managing our organization’s resources. So, as you and other ACLU supporters expect, we’ve been carefully monitoring and responding to the severe financial crisis enveloping America and its impact on our ability to defend fundamental freedoms.

In the last couple of weeks, however, we’ve been hit hard in a way that no one could forecast. You have, no doubt, heard about the Bernard Madoff Ponzi scheme in which investors have been horribly defrauded of up to $50 billion. What you may not know is that two foundations that have been incredibly generous and longstanding supporters of our national security and reproductive freedom work have been victimized by the Madoff scandal -- forced to close their doors and terminate their grants.

That means that $850,000 in support we were counting on from these foundations in 2009 simply won’t exist. We’re dealing with that reality and remain committed to continuing our critical work in these areas. But, as you can imagine, the year-end donations of you and other ACLU supporters are now more important than ever.

Clearly, this estimable outfit needs our help more than ever. They are in the Courts on our behalf daily as we face the monstrous clean-up job left to us by the departing criminal enterprise generally known as "The B*sh Administration".

http://action.aclu.org/site/PageServer?pagename=FJ_donationhome&s_subsrc=top_donate_hp

If you are one of the fortunate few, please try and send a few bucks their way. If you are hurting, at least give this post a bounce or two...

Thanks.

[aquart]

1. k&r

[yardwork]

2. Note that this isn't because ACLU invested with Madoff - other grantors are failing.

A number of philanthropic charities were invested with Madoff, and they have now failed, meaning that they can't provide the grants they promised to organizations like ACLU.

A bad time for the ACLU to be facing a shortfall.

[Mike 03]

6. This is a crucial point

In many instances regular individuals, pension funds and philanthropic organizations were invested with OTHER investors (like this poor guy who just committed suicide in New York) who invested for them in "funds of funds" which too often were invested with Madoff.

A lot of people are going to get caught up in this, as exemplified by some of these retired couples in Florida who were wiped out and had no clue there were invested with him in the first place.

[entanglement]

19. A question no one's asking - why did philanthropies dealing with donated money make investment

decisions based on ethnicity? This is 2008, not medieval times when people could only trust someone of their own tribe / ethnicity / community with their money. The evidence strongly suggests that these charities failed to exercise due diligence before investing. They should be held accountable by their donors for this - it was not their money!

Not to mention that the losses for these charities would have been much lower had they not built up such enormous reserves, by actually using the funds for their intended charitable purpose(s).

/disclaimer: I must mention that I have strong political disagreements with the motives of some of these charities, but that is another story.

[MH1]

20. Whoa...

I'll admit my main source on this is NPR, but from what I've heard, people didn't just invest with Madoff because of ethnicity! The guy was former head of NASDAQ, right? He had tons of credibility. That's why the SEC didn't take the tips about him seriously.

I think you're off on the wrong angle to say they invested because of ethnicity.

(just curious - is there any site with a list of foundations that are closing or curtailing their operations because of the Madoff debacle?)

[TomInTib]

3. Here's what we are going to do

In the worst retail year in memory heads down the track, we are going to give today's and tomorrow's sales to ACLU. At this point, that's really all we can do.

This is just awful news.

[yardwork]

7. I'm going to contribute more to the ACLU right now. Thanks, Tom.

[Hekate]

17. ((((Tom)))) You're a good egg, you know

:hug:

Hekate

[Danascot]

4. You beat me to it

but I'm happy to be the 5th rec

[kenny blankenship]

5. Crap.

This country is being run by thieves. Was run by thieves, and still is. The crookedness starts at the top and maims us all the way down.

This is not a time for "reform" around the edges of a fundamentally sound system. The system is a swindle. This is a time for kicking asses.

[lonestarnot]

8. Damn!

[Bolo Boffin]

9. Well, I'll give what I can.

K and R.

Maybe together we can stem that kind of hole.

[marmar]

10. Thanks for posting this anna......I'm writing out a check as I type.

Because the ACLU ROCKS!

:yourock:

[tblue37]

18. Wow! How many hands do you *have*?! nt

[madfloridian]

11. Thanks, I was going to post that email. That's a huge loss for a good group.

We donated a lot to them during the Democrats' FISA capitulation. Guess we will have to give more.

[mirrera]

12. You can do an "Honor Donation"... Makes a great gift. Do it...k&r

[FloridaJudy]

13. That sucks

Just as I watched my own retirement savings go South. I'd love to donate, but I'm tapped out at this point.

But I'll kick it.

:kick:

[pitohui]

14. i honestly don't know what to do

i can't afford to give of my very limited resources only to learn that the money was "invested" in a failing stock market or in swindles like this hedge fund

w. no ill wished toward the aclu, no one benefits when i throw away my money and right now i've pretty much made a decision that i'm only giving my money directly to people who are using it for the purpose intended, rather than investing it, researcher actually going out in the field and buying some equipment or a few days supplies with the money = yes, large organization that puts the money in a bucket to invest = no (from this you can probably guess that i generally donate most to the conservation efforts)

i've also just given $$$ directly to a student i know, this is not tax deductible but i'm not doing it for a deduction, i'm doing it to "try" to do some good, you know?

[annabanana]

15. Please note that it wasn't the ACLU that invested with the guy...

It was some of their larger DONOR Foundations whose money got stuck in the mess...

[Luminous Animal]

16. I just renewed but I'll kick in a bit more. (n/t)