As the community looks forward, it is imperative that the oversight of investments be executed in a manner that meets the highest fiduciary standards.
Talking investment strategy might not top everyone\’s agenda for a bright Sunday morning, but about 75 local residents gathered at Young Israel of Century City on Dec. 21 to do just that.
I wish Jews believed in hell, because then I could take comfort that Bernard Madoff will go there.
\” . . . We thought we were investing in Ezra, and now find out we were invested with Madoff. We feel duped and outraged . . . \”
Steven Spielberg suffered some losses in the Bernard Madoff fraud scandal, though apparently nowhere near a rumored $300 million. However, the famed filmmaker\’s private Wunderkinder Foundation had some investments with Madoff, though Spielberg spokesman Marvin Levy said he was unable to detail the assets or losses of the foundation.
At least two foundations have been forced to close because they had invested their funds with Madoff. The Robert I. Lappin Foundation in Salem, Mass., announced Dec. 12 that it would shut down after losing $8 million — all of its money. And the Chais Family Foundation, which gives out some $12.5 million each year to Jewish causes in Israel, the former Soviet Union and Eastern Europe, announced its closing Dec. 14.
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