Jewish Journal


December 17, 2008

Another Madoff domino falls: Hadassah loses $90 million



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.

JTA reports:

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.

JewishJournal.com is produced by TRIBE Media Corp., a non-profit media company whose mission is to inform, connect and enlighten community
through independent journalism. TRIBE Media produces the 150,000-reader print weekly Jewish Journal in Los Angeles – the largest Jewish print
weekly in the West – and the monthly glossy Tribe magazine (TribeJournal.com). Please support us by clicking here.

© Copyright 2016 Tribe Media Corp.
All rights reserved. JewishJournal.com is hosted by Nexcess.net
Web Design & Development by Hop Studios 0.1887 / 52