2/13/09

Bloomberg: Madoff Ripped Off Exotic Catholics too

They say money has no religion. True, Bernie Madoff has decimated Jewish investors and Jewish charities. According to a new reports, he has also wiped out the accounts of some Catholics - the Redemptorists - a religious order that is not particularly well-known.
Madoff Scandal Ensnares Order of Patron Saint for Moralists
By Vernon Silver and David Glovin

Feb. 13 (Bloomberg) -- Bernard Madoff may be testing the faith of followers of the patron saint of moralists and confessors, who sank money into the investment funds of the alleged mastermind of the largest Ponzi scheme in history.

Roman Catholic priests and institutions linked to the Redemptorist society in the U.S. and Italy appear on a 162-page client list of Bernard L. Madoff Investment Securities LLC, filed in U.S. Bankruptcy Court in Manhattan on Feb. 4. The religious order follows the teachings of Saint Alphonsus Liguori who preached about ethical behavior.

“The world is very hard, particularly in the manner of money,” said Stan Wrobel, a priest and treasurer at the Redemptorist headquarters in Rome. “We can only pray for the people who have been damaged and for the family of Madoff because they may need spiritual help, too.” ...more...

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