The zoning lawyer in Miami trusted him because his father had dealt profitably with him for decades. The officers of a little charity in Massachusetts respected him and relied on his advice.
Wealthy men like J. Ezra Merkin, the chairman of GMAC; Fred Wilpon, the principal owner of the New York Mets; and Norman Braman, who owned the Philadelphia Eagles, simply appreciated the steady returns he produced, regardless of market conditions.
But these clients of Bernard L. Madoff had this in common: They chose him to oversee much of their personal wealth.
And now, they fear, they have lost it.
While Mr. Madoff is facing federal criminal charges, accused by federal prosecutors of operating a vast $50 billion Ponzi scheme, many of his clients are facing an abrupt reversal of fortune that is the stuff of nightmares.
“There are people who were very, very well off a few days ago who are now virtually destitute,” said Brad Friedman, a lawyer with the Milberg firm in Manhattan. “They have nothing left but their apartments or homes — which they are going to have to sell to get money to live on.”
From New York to Palm Beach, business associates of Mr. Madoff spent Friday assessing the damage, the extent of which will not be known for some time. Many invested with Mr. Madoff through other funds and may not know that their money is at risk.[...]
Mr. Madoff has resigned from his positions at Yeshiva University, where he was treasurer for the university’s board and deeply involved in the business school.
“Our lawyers and accountants are investigating all aspects of his relationship to Yeshiva University,” said Hedy Shulman, a spokeswoman for the university.
The most recent tax filings for the university show that its endowment fund, a separate charity, was heavily invested in hedge funds and other nontraditional alternatives at the end of its fiscal year in 2006.
Just curious, why are you blogging on this? What are you trying to achieve?
ReplyDeleteFreelance Kiruv Maniac said...
ReplyDeleteJust curious, why are you blogging on this? What are you trying to achieve?
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Let me ask you - isn't it obvious? What is your question?
We have a case where a person - who is a mainstay of financial investment of major tzedkas - who has literally destroyed them.
This is a major figure at Yeshiva University. He is one of us.
Not only has he destroyed the life and welfare for many people - this also constitues a major fallout in the issue of chilul HaShem. It is important for Jews to acknowledge and condemn this man's activities.
We are in the midst of a world wide financial crises - thousands are losing jobs and livelihood everyday - and some well connected and respected Jew rips off $50 billion dollars - and you think it should be ignored?
"We are in the midst of a world wide financial crises - thousands are losing jobs and livelihood everyday - and some well connected and respected Jew rips off $50 billion dollars - and you think it should be ignored?"
ReplyDeleteIt should not be ignored and you are courageous.
Is Maddow Orthodox? Why is it our fault if he didn't follow Torah ethics?
ReplyDeleteIt is the fault of the institution that chose him that does not represent mainstream Orthodox philosophy.
Not only has he destroyed the life and welfare for many people - this also constitues a major fallout in the issue of chilul HaShem. It is important for Jews to acknowledge and condemn this man's activities.
ReplyDeleteYou think that a blogger such as yourself who blogs mainly on scholarly research topics facing the Orthodox world has an obligation to acknowledge and condemn every chilul Hashem that turns up in the press?
There are a dozen other "popular" Jewish bloggers who are doing the same thing already. I think its redundant for a blog of your caliber to do it also.
If its something that you personally feel strongly about and are using your blog to express your personal outrage, I would understand.
ReplyDeleteBut then don't just paste the press article as is. Express your outrage!
I've been thinking a great deal about this and one thing must be considered:
ReplyDeleteHow much did Mr. Maddow give to tzedakah? Because from the ancillary news of all the charities that are now going under because of his downfall, it seems that giving tzedakah was a major part of his activities.
Yes, that does not justify what he's done. But I think the thought: that what he did was to give to others, must be considered.
What takes a person with such an important impulse and make him decide that the ends justify the means?
Freelance Kiruv Maniac said...
ReplyDeleteIf its something that you personally feel strongly about and are using your blog to express your personal outrage, I would understand.
But then don't just paste the press article as is. Express your outrage!
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I don't understand why this issue bothers you?
Why do I have to express my outrage - isn't the problem obvious?
Pehaps what you are saying is that you don't find it outrageous - please explain why?
Its just that simply posting news reports with no comment leaves me uncomfortably up in the air as to what message you are trying to convey.
ReplyDeleteOne might suspect that you are aping the many J-blogs which relish the exposure of Jewish public scandals in order to highlight our failures exclusively.
Request:
If you have a constructive purpose in posting these press items, please state them clearly with each post.
Freelance Kiruv Maniac - If you have a constructive purpose in posting these items, please state them clearly with each post.
ReplyDeleteDear Karaite:
ReplyDeleteIf you are a true Karaite, you should *read* the text of my comment more carefully.
I referred only to posts that simply paste press items with no additional commentary or opinion.
All my comments are a commentary or an opinion on a post.
Garnel,
ReplyDeleteEvery hoodlum gives charity. Read about Jesse James. Rubashkin supported yeshivos an dthe family runs a soup kitchen.
"Lo yikach shochad". Sins are not bought out with mitzvos. You know the Talmud about "hagozel sooh .. Hare zeh nietz" and mitzvah haboh beaverah. So, cut out looking for good. There is none.