The Science Careers Blog has a good summary of what we know to date about the impact Bernard Madoff scandal on scientific institutions and philanthropies that give scientific research. Many organizations have invested in the Madoff hedge fund, which prosecutors allege was a scam of $ 50 billion. The blog reads:
Yeshiva University in New York, home to Albert Einstein Medical School, apparently took a major hit. Sources ... [say] that the school has lost at least $ 100 million of its endowment. ...
Technion-Israel Institute of Technology in Haifa, Israel, invested in securities of Madoff, according to the Israeli daily Ha'aretz, which estimates its losses at about 25 million NIS (6, $ 5 million). The victims of apparent fraud Madoff include foundations run by familiar names such as Nobel laureate Elie Weisel prices, Senator Frank Lautenberg, and director Steven Spielberg, and many smaller family foundations and institutions that serve Jewish communities in North America, Europe and Israel. Madoff managed most Wunderkinder Foundation investment income of Spielberg, who has donated some $ 3.3 million for medical research at Cedars-Sinai Medical Center in Los Angeles. ...
The Madoff scandal has still shaken an already nervous environment philanthropies. John Ruskay, executive vice president and CEO of the UJA-Federation of New York [said] "Already in the context of a very difficult economic environment this will present another major challenge. We do not know yet the extent of the wreckage. "
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