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December 17, 2008 | 5:55 pm
Another Madoff domino falls: Hadassah loses $90 million
Posted by Brad A. Greenberg
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A friend emailed this phonecam picture
of a NYC street newspaper rack
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.
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IF this weakens the Zionist who are sitting on Arab lands then its a good thing.
there is a god
As for a god, I am not sure. It makes the everyday person feel a lot better knowing that the rich lose money too. But as for a charity that helps fund a hospital serving the poor and the rich, the jewish, arabs and muslims, I am not sure about a god. Please tell me what arab hospital a jew or an american can go to an feel they are well taken care of and that fantastic medical and scietific discoveries are happening at each and every day? God has nothing to do with this greed and I can only hope that Madoff gets payback here on earth. As for arab land…healing the sick all over the world is a good thing for “arab land” as well as jewish land or even american land.
It would be interesting to hear comments from the dedicated Christian and Muslim Arab doctors who work for Hadassah, if they felt free to speak about it.
It is a sad day, when the coins collected by jewish women to help others has been taken by such a goniff.
Maybe investing so much in one place is not so wise.
on the other hand who knew someone would steal money form charities created by just plain people to help others. what a creep,
very sad day , god bless
Regardless of whether it is Jews or Catholics or Protestants, breach of trust arises from the same breach of trust that allows Catholic priests to take young boys camping, or allows them to become altar boys, and then rapes them. Affinity breaches occur in all forms, and the captive victim - through trust arrangements - or deceptive advertising is very much in the same boat. All are victims, all will lose, and all have every right to be upset and angry, especially when there are regulatory commissions and police functions within government to prevent such atrocities.