1/15/09

Jewish Week: Hadassah is a Madoff Winner, Not a Madoff Victim

Tangled web follow-up: The Jewish Week reports that after sending out millions of letters and press releases claiming a $90 million loss in the Madoff scandal, the organization now admits that over a 20 year period of investing with the fallen guru, they were way ahead in their Madoff accounts. Stewart Ain reports in "Hadassah Reveals $130 Million Windfall From Madoff,"
...Hadassah’s treasurer, Marci Natan, has acknowledged to donors that Hadassah withdrew $130 million over the years.

“They are not publishing it, but they are telling donors who call,” said the source. “The money went for all of our projects — a college and two hospital campuses and for the support of a number of youth aliyah programs.”

One of the callers to Natan, Stan Epstein of Santa Monica, Calif., expressed surprise when she told him of the $130 million. And he said she told him that Hadassah made another $50 million with Madoff that the organization reinvested with him.

“I object to the fact that they have never told the public that they made $180 million with Madoff while they are appealing to the public for money as though they lost $90 million,” Epstein said...more
Welcome to the world of not-for-profit-fundraising where the main talent you will need for success is the ability to speak out of both sides of your mouth.

3 comments:

Anonymous said...

I saw this on the ejewishphilanthropy.com blog.

How Sick is Hadassah?

http://ejewishphilanthropy.com/how-sick-is-hadassah/

Something is definitely not right at Hadassah, and it goes way beyond a continuing series of PR disasters the past year...

Hadassah is clearly in need of life support - and a transfusion of new blood.

My own opinion, there is no proper governance at Hadassah and there certainly is a lack of leadership.

There is only a constant flow of spin - certainly no, or very limited, transparency.

They are a superb organization with a long history of providing top notch programs and support in Israel and the U.S.

However, they need to get help and they need it quickly.

Nancy Falchuk and the entire senior leadership, lay and professional, should resign.

Today.

For, is it really possible to believe anything coming from this organization, under the present leadership, from this time forward?

Anonymous said...

Hadassah uses the opportunity to let go of staff. They have as much ethics as Madoff, their mentor.

In the future, women should invest with women. Where is Leona Helmsley when we need her?

arf.

Anonymous said...

Typical Typical Typical
Spin Spin Spin
Victim Victim Victim
Lies Lies Lies

No one is safe, thank god for the web!

Thanks for the truth!