the Madoff effect - on Foundations

Nicholas Kristof just published an opinion piece at the NY Times on the Madoff scandal. This is apparently the most comprehensive list currently available. As he points out, most of the media coverage is about the evil genius of Madoff and all the fat cats he suckered. The real story though is how the scheme has been bankrupting foundations - 147 and counting - many that you care about.

Kristof:

Mr. Madoff attracted a large share of investments from foundations and non-profits. If you’re running a Ponzi scheme, you might want to manage foundation money — the principal is likely to stay invested for the long term.

I’m posting the list because this is a matter of public concern: These foundations serve the public interest, and if the non-profits that rely on them have been financially crippled we should get a heads up.

Do click the link above for the pdf. Incredible really, just makes you slack jawed.