When it comes to sending international aid abroad, Israel and its citizens give less than most other developed free-market economies, according to a new report.
"It's all just one big lie."
With those words Bernard Madoff confessed to senior executives of Bernard L. Madoff Investment Securities that the $17 billion hedge fund he founded was nothing more than a Ponzi scheme. Madoff is at the center of "the largest investor swindle ever blamed on a single individual."
The news that broke today on the front pages of the New York Times and the Wall Street Journal reverberated in Jewish communities across the world. "A lot of Jewish charities had investments with him," one prominent investor told The Jewish Journal. "So did a lot of Jews."
UPDATE: Among the victims was the Jewish Community Foundation of Los Angeles.
While economists fret over how the falling U.S. dollar will affect global markets, Jewish charities that rely heavily on U.S. fundraising to support programs outside the United States are facing serious budget crunches.
While Chabad has tapped into perhaps the fastest-growing sector in the philanthropic world, many sectors of the Jewish world have been slow to catch on to the Internet era. "Some Jewish organizations have been more successful than others," said Gary Tobin, president of the Institute for Jewish and Community Research, which studies Jewish philanthropy. "But you don't see many who are very successful, other than the Jewish National Fund [JNF]."
The all-new, completely updated "Joys of Yiddish" (Crown, 2001) by Leo Rosten will be released soon, and thumbing through an advance copy yesterday I couldn't stop smiling at the language's ability to capture an action, an emotion and a worldview -- all in one word.