Subscribe to Print Edition | Wed., December 24, 2008 Kislev 27, 5769 | | Israel Time: 17:41 (EST+7)
Haaretz israel news English
web haaretz.com
Haaretz Toolbar
Diplomacy
Defense Jewish World Opinion National
Print Edition
Car Rental
Books Haaretz Magazine Business Real Estate Joy of Giving Travel Week's End Anglo File
Comments:  38
VIDEO / Hadassah Women: We lost $90 million in Madoff's Wall Street scam
By Haaretz Staff and News Agencies
Tags: Israel news, Bernard Madoff 

Hadassah, the Women's Zionist Organization of America, said Thursday that it has lost $90 million it invested with Bernard Madoff, the Wall Street investment manager who recently admitted to a years-long fraud scam totaling some $50 billion.

A statement released by the organization on Wednesday confirmed the sum lost, but said that while "[f]alling victim to this unprecedented fraud will require us to make necessary adjustments... it has not in the slightest affected our commitment to our core Zionist mission. These are indeed turbulent times, but the key pillars of Hadassah remain as strong as ever."

Madoff was accused in a criminal complaint last Thursday of defrauding hundreds of wealthy investors in a Ponzi scheme. Under a Ponzi scheme, later investors' funds are used to pay returns to initial investors. He faces up to 20 years in prison and a maximum fine of $5 million if convicted.
Advertisement
Hadassah is the latest in what is becoming a long list of prominent Jewish organizations and investors to lose substantial amounts of money to Madoff. Others to lose out include Elie Wiesel's foundation, a Steven Spielberg charity, media and real estate magnate Mort Zuckerman and the Yeshiva University.

Madoff apparently used his connections in the world of Jewish philanthropy to recruit new clients. His scam has also hit international financial institutions, including British banks the Royal Bank of Scotland and HSBC, and France's second-largest bank, Credit Mutuel.

The financier was put under house arrest Wednesday, as the chairman of the U.S. Securities and Exchange Commission again answered questions about why the alleged fraud went on for a decade.

A federal judge ordered Madoff, 70, confined to his $7 million Manhattan apartment and told Madoff's wife, Ruth, to surrender her U.S. passport by noon Thursday as part of modified bail conditions.

Madoff will be fitted with an electronic ankle bracelet and will only be allowed to leave his home for appointments prearranged with authorities.

Bloomberg reported that Ruth Madoff is being investigated by the SEC over whether she helped maintain secret records used in the alleged fraud, citing a person familiar with the matter.

On Wednesday afternoon, the Madoffs signed an agreement to forfeit their Manhattan apartment and properties in Montauk, New York and Palm Beach, Florida if they failed to adhere to the bail conditions.

Madoff was filmed by television crews leaving the federal court in Manhattan, but he did not talk to reporters. With a calm expression on his face, he sat in the front passenger seat of a black SUV that sped away.

He later was seen by news photographers getting out of a vehicle near his apartment building. Madoff walked briskly with a slight smile on his face as photographers jostled to take his picture before he entered the front door of the building.

The changes in bail conditions for the one-time Nasdaq Stock Exchange chairman were ordered as angry investors urged prosecutors to take a firmer stance.

"The investors I am speaking with are extremely upset and think he should be in jail today," said Ross Intelisano, a partner at law firm Rich i Intelisano LLP said. "They think he is a flight risk, and they are shocked that the bail is so low."

Related articles:
  • Exclusive Jewish country club feels the sting of Madoff fraud
  • U.S. Jews ponder 'catastrophic' effects of Bernard Madoff affair
  • Elie Wiesel, Steven Spielberg said among victims of Madoff Wall Street affair
    • Bookmark to del.icio.us  
     
    Caught on camera
    IDF soldier arrested for allegedly shooting gun while rioting with settlers in Hebron.
    Kadima's election ploy
    New computer game pokes fun at Netanyahu's reluctance to debate Livni.
      1.   It`s becoming such a complicated issue... 13:22  |  Esther 18/12/08
      2.   $90 million Loss 14:25  |  Steven 18/12/08
      3.   Pal "peace" negotiators took lessons from Bernie 14:49  |  Alan SA 18/12/08
      4.   Caveat emptor 14:54  |  Physicist 18/12/08
      5.   Complicated? 15:01  |  Harry 18/12/08
      6.   Should have used the money for all the poor hungry people in..... 15:39  |  WakeUp 18/12/08
      7.   All the GREEDY will lose their money! 15:41  |  The Poor 18/12/08
      8.   American Justice sucks 15:54  |  Roo 18/12/08
      9.   True Esther - and Harry 16:07  |  Mark Lincoln 18/12/08
      10.   7, Greedy 16:10  |  Harry 18/12/08
      11.   All the greedy will? 16:13  |  Mark Lincoln 18/12/08
      12.   American Justice sucks 16:20  |  Canadian 18/12/08
      13.   WakeUp - why charities have trust funds 16:21  |  Mark Lincoln 18/12/08
      14.   8, Roo 16:27  |  Harry 18/12/08
      15.   Victim of a Ponzi scheme 16:51  |  Anonymous 18/12/08
      16.   RE: The poor 16:53  |  judith 18/12/08
      17.   They used to give the money directly to the beneficiary 17:04  |  Anonymous 18/12/08
      18.   Harry #14 17:28  |  Roo 18/12/08
      19.   Give charity to the needy. NOT to hoarders of charity money 17:38  |  Hal Desmond 18/12/08
      20.   Don`t let him flee to Israel!!! 18:04  |  Ibrahim 18/12/08
      21.   See no evil 18:12  |  Baz Mann 18/12/08
      22.   Dear Harry #5.... 18:35  |  Esther 18/12/08
      23.   Harry - Capitalism`s strengths - and failures 18:39  |  Mark Lincoln 18/12/08
      24.   Canadian on American Justice 18:41  |  Mark Lincoln 18/12/08
      25.   Aren`t charities suppose to give to the poor 18:44  |  Scooter 18/12/08
      26.   Anonymous - Elmer Gantry 18:49  |  Mark Lincoln 18/12/08
      27.   Judith - the wrong question 18:59  |  Mark Lincoln 18/12/08
      28.   And what next Hal? 19:09  |  Mark Lincoln 18/12/08
      29.   Ibrahim - not just an SEC offense 19:20  |  Mark Lincoln 18/12/08
      30.   RE: Mark Lincoln 19:20  |  judith 18/12/08
      31.   Scooter - investigating the charities 19:30  |  Mark Lincoln 18/12/08
      32.   Elmer Gantry economics 20:09  |  Anonymous 18/12/08
      33.   Madoff is a "piker." 20:17  |  a wandering Jew 18/12/08
      34.   Billy Sunday a conservative republican against govtl. regulation 20:18  |  Anonymous 18/12/08
      35.   Charity for whom? 20:58  |  Haim Raphael 18/12/08
      36.   Where is the money? 22:17  |  Antonio da Silva 18/12/08
      37.   # 2 22:49  |  mona 20/12/08
      38.   Reply to Antonio da Silva in Rosario (Post No. 36) 05:17  |  Johnny Weintraub 21/12/08
     Read & React
    Rocket barrage pounds Negev, burdening efforts to renew truce with Gaza
    Responses: 104
    U.S. tells Israel: Don't forsake Lebanon for peace with Syria
    Responses: 57
    Barak Ravid: International efforts against Iran are failing
    Responses: 28
    Aluf Benn: Both Israel and Syria are afraid to take the first step
    Responses: 6
    Eyal Benvenisti: The myth of the Palestinian right of return
    Responses: 42


    More Headlines
    17:11 Rescue services on highest alert as nearly 60 rockets pound Negev
    17:17 Cabinet holds urgent session on responding to rocket fire
    13:45 ANALYSIS / Hamas is playing the brinkmanship game in Gaza
    15:11 Rightist party offers Jonathan Pollard top spot on Knesset list
    17:28 Ahmadinejad invited to 'counter' Queen Elizabeth II's Christmas message
    13:49 U.S. Technion funder loses $72 million in alleged Madoff fraud
    15:03 Netanyahu pledges to topple Hamas if elected prime minister
    15:17 Thousands of pilgrims flock to Bethlehem for Christmas
    16:30 Assad: I hope Obama will pursue Middle East peace 'sincerely'
    12:21 Russia-Iran arms deal shows just how sanctions have stalled
    09:29 N.Y. investor kills himself after losing over $1 billion in alleged Madoff scam
    05:54 Bush pardons man who gave Israel arms in 1948 war
    14:21 Stormy weather sweeps across Israel, as rains fall from North to South
    08:30 U.S. tells Israel: Don't forsake Lebanon for peace with Syria
    10:34 Fugee Fridays / Left to fend for themselves on the streets of Tel Aviv
    18:31 WATCH: How do YOU celebrate Hanukkah?
    Previous Editions
    Special Offers
    Advertisement
    Summer in Israel
    Israeli style - Tzofim Chetz V'Keshet 2009
    SURF RAMBAM
    Keep current about new-wave medical care, education and research.
    Summer Camp in Israel
    The best place for your children this summer
    Academic Studies in Israel
    All the Q & A at the IDC HERZLIYA Open House, January 9,2009
    Fattal Hotel Chain
    Perfectly located hotels on best resorts of Israel.
    Car rental in Israel
    Shlomo Sixt Receive $15.00 from our low rates.
    Eldan Rent a Car
    Israel's leading car rental company offers you a 20% discount on all online reservations
    Jewish Singles Personal Ads
    Find the love of your life on JDate.com
    Hebrew Summer courses
    From $39.95
    Junkyard
    Junk a car - get free towing nationwide and a tax-deductible receipt
    Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |
    Real Estate in Israel | Travel to Israel with Haaretz | Hotels Israel | Restaurants Israel | Tourist attractions Israel | Shops Israel
    birthright Israel | Search engine marketing
    Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.
    © Copyright  Haaretz. All rights reserved