8/21/09

Will Picard claw back funds from charities that reaped a net profit with Madoff?

The question that strikes horror into the hearts of the Jewish non-profit world, including organizations like Hadassah, Yeshiva University, Ramaz, the Elie Wiesel Foundation for Humanity, and the Riverdale Jewish day school SAR.

Will Irving Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Securities, LLC seek to claw back funds from charities that reaped a net profit over the lifetime of their investments with Madoff?

The writer for the Forward this week, "Charities Hurt by Madoff May Have To Return Funds," by Josh Nathan-Kazis, appears to have concluded that yes indeed, this could happen.

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