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THIS IS INTERESTING......seems Ponzi king Bernie Madoff was laundering money for a select few billionaires using “do-good foundations.”

WIKI. The Jeffry M. and Barbara Picower Foundation was created in 1989 by Picower and his wife Barbara.[17] Barbara Picower was listed as Executive Director and trustee, with both Picowers being members of the board of directors.[21] Longtime friend Bernard Madoff managed foundation assets listed at over $1 billion.[17][22] It distributed over $268 million in grants to various American organizations, including Human Rights First and the New York Public Library.[17][22] In 2002, it granted $50 million to the Massachusetts Institute of Technology neuroscience research center, which was subsequently renamed the Picower Institute for Learning and Memory.[17][23] However, the Picower Foundation was forced to close in 2009 due to losses arising from the uncovering of Madoff’s Ponzi scheme.[22]

It was reported that between December 1995 and December 2008, Picower and his family withdrew “from their various Madoff accounts $5.1 billion more than they invested.”[24]

In June 2009, Irving Picard, the trustee liquidating Madoff’s assets, filed a lawsuit against Picower in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), seeking the return of $7.2 billion in profits, alleging that Picower and his wife Barbara knew or should have known that their rates of return were “implausibly high”, with some accounts showing annual returns ranging from 120% to more than 550% from 1996 through 1998, and 950% in 1999.[25][26]

According to a June 28, 2009, MSNBC article, that would make Picower and his wife the biggest beneficiaries of Madoff’s scam, exceeding even Madoff himself.

propublica.org

THE PAUL AND NANCY PELOSI CHARITABLE FOUNDATION
SAN FRANCISCO, CA 94104-2902 | TAX-EXEMPT SINCE JULY 1992
EIN: 94-3150212
Nonprofit Tax Code Designation: 501(c)(3)

Defined as: Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn’t provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Donations to this organization are tax deductible.
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