Video - CNBC's David Faber: Firms, families, charities - Victims of Madoff

As usual CNBC's David Faber on top of the breaking story reports that financial funds, wealthy investors and charities were among the investors who were duped by Bernard Madoff's massive Ponzi scam. Victim list includes:
  • UPB
  • Banco Santander - Optimal fund
  • Tremont
  • FSG
  • Nomura
  • Kingsgate
  • Frontbridge
  • Bank Syz
  • Lombard Odier
  • Ascot Fund Limited - Ezra Merkin - Gabriel
  • Sterling Stamos - Wilpon Family - NY Mets - $300 Million
  • Maxam Capital - Sandra Manzke
  • NPB - Fairfield Sentry Fund
  • Loeb Family
  • Palm Beach Country Club - Member and charities
In Jewish philanthropy the victim list is also painful, according to the Washington Post via MSNBC:
  • The North Shore-Long Island Jewish Health System - lost $5 million
  • The Julian J. Levitt Foundation, based in Texas and focused on Jewish causes, lost about $6 million
  • Robert I. Lappin Charitable Foundation in Massachusetts closed its doors
  • Yeshiva University, a New York institution where Madoff served on the board, said it was examining how much money it invested with his firm
  • The Boston Globe added these victims -
  • The Shapiro family foundation lost almost half its money, or about $145 million
  • Avram and Carol Goldberg, a previous owner of the Stop&Shop supermarket chain
  • Stephen Fine, president of privately held Biltrite Corp.
Bloomberg has a list of victims here. Wikipedia's list of Madoff's victims adds these names:
We especially sympathize with the losses of our long time neighbors and acquaintances in Atlantic Beach and our old friends and golf partners in Minnesota who have suffered as victims of the Madoff scandal, as mentioned in the extensive WSJ article:
Mr. Merkin, the chairman of former General Motors Corp. financing arm GMAC, is also a money manager at Ascot Partners LLC in New York. Ascot, which had $1.8 billion under management as of Sept. 30, had substantially all of its assets invested with Mr. Madoff, according to a letter to Mr. Merkin sent to clients Thursday night. Mr. Merkin said as one of the largest investors in Ascot, he believed he had personally "suffered major losses from this catastrophe."

Mr. Merkin could not be reached for comment.

Mr. Madoff tapped social networks in Dallas, Chicago, Boston and Minneapolis. In Minnesota, he attracted investors from Hillcrest Golf Club of St. Paul and Oak Ridge Country Club in Hopkins, investors say. One of them estimated that investors from the two clubs may have invested more than $100 million combined.


Aaaaaa said...

I have to wonder if the Rabbis whether Orthodox, Conservative, Reform, etc. care to explain how they can tolerate their congregants who have "money" to donate through very unJewish business ethics. It's unreal. I think I have seen enough all around. Madoff is just the tip of the ice berg. The people who got burned were likely no different, not that they engage in Ponzi Schemes, but do they treat their employees correctly, their investors, business associates, partners, etc. I was on the phone once with my boss while he was talking to a potential investor, who dumped on him like he was dirt. However, he had no problem allowing others he actively advised to invest in Madoff. Even after being the successor to Peter Lynch, he still had no clue. Sounds like his success was merely being in the right place in the right time. However, his position granted to him by G-d was abused like he was some king who could step on those "beneath" him. This is one of many I am sure. You just want to puke. There's no Rabbinic leadership. There's no lay leadership. It's just corruption. Everyone figures everyone else cheats in some way, so will I.

Gail said...


Are you serious when you say Barney Frank knows what he is doing? He is at the root of the housing problem. I wish someone would take him to task and ask him if he thinks we would be where we are today in the housing crisis if he would not have mandated that everyone deserves to own a home. I own several investor properties and have seen this fiasco coming from a mile away. Please help and put Barney Frank in his place. It sickens me to see him drilling the bankers when he is at the root of the problem.


Gail in Carmel, Indiana