Guys, this is serious shit. The first to go are foundations that have to do with education and research. Take some time to read the articles below. Keep in mind that the asshat Republicans were pushing us to depend on privatizing for everything, which is why they wanted us to do away with the Social Security Funds. I want you all on DU to take a bow, because the little we have we owe to the voices who opposed the Republicans on this issue. We would all be incredibly more fucked than we are today if not for our dissenting voices.
Foundation that supported biomedical research to close, victim of alleged Madoff fraud schemeNEW YORK (AP) — One of the nation's leading educational philanthropies announced that it would close in the coming months, brought down by the alleged financial fraud orchestrated by Bernard Madoff.
Barbara Picower, who along with her husband, Jeffry, established the Picower Foundation in 1989, said in a statement on Friday that the foundation's grant-making would cease "effective immediately" and that it would "close its doors in the coming months."
She wrote in the statement that Madoff's "act of fraud has had a devastating impact on tens and thousands of lives as well as numerous philanthropic foundations and nonprofit organization."
Madoff is accused of swindling investors of $50 billion in a massive Ponzi scheme. He was ordered on Friday to remain in his Manhattan home under 24-hour surveillance and to hire security guards for protection.
http://www.orlandosentinel.com/news/nationworld/sns-ap-madoff-scandal-charities,0,6185057.storyMadoff Scandal Forces JEHT Foundation’s ClosureMore victims of Bernard L. Madoff Investment Securities continue to emerge on Monday. The JEHT Foundation, a charity that supports reform of the criminal and juvenile justice systems, said that it would stop making grants and close its doors next month because its donors, Jeanne Levy-Church and Kenneth Levy-Church, were investors in the Madoff firm.
The foundation was established in 2000 and worked mainly through grants to other non-profits whose missions included voter registration, government transparency and ensuring the U.S. adhered to the international rule of la
http://dealbook.blogs.nytimes.com/2008/12/15/madoff-scandal-forces-jeht-foundations-closure/Madoff losses ripple into Boston, shut foundationBOSTON (Reuters) - The alleged $50 billion fraud by former Nasdaq Chairman Bernard Madoff has rippled deep into Boston's wealthy elite, forcing a charitable foundation to close and triggering losses by prominent philanthropists.
The Robert I. Lappin Charitable Foundation, which financed trips for Jewish youth to Israel, said the money that supported its programs was invested with Madoff, a 70-year-old Wall Street trader arrested on Thursday.
"The money needed to fund the programs of the Lappin Foundation is gone," the Salem, Massachusetts-based foundation said on its website, adding all staff had been let go.
"It is with a heavy heart that I make this announcement," Robert I. Lappin, the foundation's trustee, said in a statement.
http://www.reuters.com/article/topNews/idUSTRE4BC1WK20081215Steven Spielberg among victims of Madoff scam: reportsLOS ANGELES (AFP) – Steven Spielberg's charitable foundation fell victim to the mammoth 50-billion-dollar fraud allegedly carried out by Wall Street heavyweight Bernard Madoff, reports said.
It is not known if the Oscar-winning film-maker had chunks of his personal fortune invested with Madoff but the director's Wunderkinder Foundation has suffered losses, according to the Wall Street Journal.
The foundation could not be immediately contacted for comment.
The newspaper reported that about 70 percent of the dividend income and interest for the foundation had been handled by Madoff's securities firm, which is now the subject of one of the biggest fraud investigations in history.
http://news.yahoo.com/s/afp/20081216/en_afp/usfinancefraudspielbergLautenberg foundation hit by Madoff scheme Forms filed with the IRS in 2007 show Lautenberg’s charitable foundation had significant assets invested with Madoff Investment Securities, money that is now as good as gone.
As of the end of the 2006 calendar year, the Lautenberg Foundation had nearly $12.8 million invested with Madoff, along with just over $1 million in other assets.
The same year, the foundation handed out more than $765,000 to charities across the country. Over the years, Lautenberg has directed millions of dollars to organizations like the Breast Cancer Research Foundation, Catholic Relief Services and the NAACP.
Scott Mulhauser, a senior advisor to Lautenberg, would not comment on the loss except to confirm that it had occurred.
http://thehill.com/leading-the-news/lautenberg-foundation-hit-by-madoff-scheme-2008-12-16.html