The number is almost too big to comprehend. It’s not quite as much as the $110 million that Yeshiva University lost in the Bernard Madoff investment scheme. But I’m not sure Hadassah has $90 million to spare. That’s right: $90,000,000.
Hadassah, the Women’s Zionist Organization of America, said it had invested $90 million with Bernard Madoff.
“We are currently in the process of investigating the exact amounts and their impact, but it appears that at the time of his arrest, Hadassah had approximately $90 million invested with his firm,” the organization said Wednesday in a statement. “Falling victim to this unprecedented fraud will require us to make necessary adjustments, but it has not in the slightest affected our commitment to our core Zionist mission. These are indeed turbulent times, but the key pillars of Hadassah remain as strong as ever.”
Hadassah already was facing tough times because of the economic downturn, adopting cuts in its operating budget and expecting additional reductions in the coming months. The details of the yet-to-be-determined cuts are likely to become clearer following a board meeting next month.
“Now the Madoff situation compounds and accelerates the matter,” said a source close to the situation.