Jewish Journal


December 26, 2008

Wiesel Foundation lost ‘substantially all’ of its savings



Shortly after the Madoff scandal broke, the name Elie Wiesel was mentioned in the discussion of notable Jews who’d lost a ton of cash as a result of the massive Ponzi scheme. It wasn’t Wiesel personal money, but that of the Nobel Peace Prize winner’s foundation. Yesterday, the Wall Street Journal reported just how much money the Elie Wiesel Foundation for Humanity lost: “substantially all.”

“We are deeply saddened and distressed that we, along with many others, have been the victims of what may be one of the largest investment frauds in history. We are writing to inform you that the Elie Wiesel Foundation for Humanity had $15.2 million under management with Bernard Madoff Investment Securities. This represented substantially all of the Foundation’s assets.”

Somehow, the foundation said in a statement that it will carry on and won’t be distracted from its mission. Not sure how they’re going to pay the rent.

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