$600m in Jewish charitable funds lost

Jerusalem Post ^ | 12-16-08 | HAVIV RETTIG GUR AND ALLISON HOFFMAN

[iopscusa]

I have recommended that all nonprofit entities should be investigated and may not be eligible for NP categories because many are nothing more that political PACs. Now it appears that the review, investigation has started but not in the way I would have imagined.

[Anti-Bubba182]

"..As the bad news continues to pour in, some media reports are beginning to question the "disgraceful negligence" on the part of American financial regulators, who reportedly examined Madoff's investment operation several times over a 20-year period without finding any wrongdoing...."

Here we go! Let's pass on investor culpability to the regulators. All these people took higher rates than market conditions suggested should be possible and asked no questions.

[SJackson]

If you'd like to be on this middle east/political ping list, please FR mail me.

High Volume. Articles on Israel can also be found by clicking on the Topic or Keyword Israel. or WOT [War on Terror]

----------------------------

[G.Mason]

Note to all greedy losers ... please see the American tax payer. We will take it up the a ... er ... on the chin for you.

U.S. District Judge Louis L. Stanton ordered that clients of Madoff's private investment business seek relief under a federal statute created to rescue cheated investors.

[stockpirate]

This is great news, by abd large these Jewish groups are left wing.

[SJackson]

$600m per account won’t go far. Presuming the accounts were covered, it’s my understanding they weren’t.

[SJackson]

Here we go! Let's pass on investor culpability to the regulators. All these people took higher rates than market conditions suggested should be possible and asked no questions.

There's plenty of regulator culpability here, as there is in the mortgage bubble.

[kalee]

We have some extremely wealthy Jewish friends who are originally from NYC. I know they are big donors to Jewish charities and Israel, but also the Republican Party and candidates. The husband is truly an American Patriot and they are kind, generous people with their time and talents as well as their money. When I googled their name and Madoff’s they appeared together frequently on boards and donor lists. Our friends are away and we won’t see them until Feb. but my husband and I are wondering if they had any investments with Madoff. Not exactly a question one typically asks is it? Did you lose anything/everything?

[stockpirate]

Yes, I agree. I have supported Israel for my whole life. The Jewish population is about 2% of our total, but I read somewhere they donate 50% of the funds the democrats get.

So, your statement is true for me!

Becasue by and large they have screwed us!

[Just mythoughts]

Not only could Madoff's alleged dishonesty increase anti-Semitic feeling in a time of worldwide economic downturn, said many Jewish leaders, but his close involvement with the Jewish community has exposed vast amounts of Jewish communal assets to his scheme.

Well it is always nice to read this reliable pointed accusation. IT makes absolutely NO sense.

[G.Mason]

Yep ... what's another $6oo million per account?

Prolly only a half hour printing job.

[Anti-Bubba182]

There are enough big shots and financial types in this bunch to give them a big chunk of blame.

[oscars300]

” Well it is always nice to read this reliable pointed accusation. IT makes absolutely NO sense.”

Well, it’s harder to make it out to be a judo-zionist plot when a large chunk of the victims were Jewish themselves.

Indeed - it seems as if a lot of his business came from making people in the Jewish circles in New York feel comfortable with him. A bit like Mormons getting ripped off in other ‘affinity scams’.

[SJackson]

Typical of fascists, you equate nation with political party.

Do you advocate physical harm on Jews, or only financial loss?

[SJackson]

There are enough big shots and financial types in this bunch to give them a big chunk of blame.

I'm amazed at the number of European banks, four I believe in the billion plus range. Individuals, not sure I'm seeing all that many financial types, unless you presume someone who has amassed great wealth is financially sophisticated. They should be knowledgeable about scams. My point wasn't that investors shouldn't have been skeptical, but this was a fraud, so I wouldn't blame (or reimburse) the victims. And the regulators were asleep at the switch, which is why we can't depend on regulation to protect us, or advocate greater regulation as a solution.

[dennisw]

Madoff is taking the express elevator to hell.

Look for a defense from him that he is bi-polar and on numerous psych meds that made him “confused”. You see, he is a victim too! I’m saving this prediction for his trial

http://www.freerepublic.com/focus/f-news/2149509/posts

[stockpirate]

I harbor no ill feelings towards Jewish people in general. As I stated, I’ve supported the Jewish state my whole life.

But I find it a good thing that a liberal crook like Mandoff has sheated this group out of so much money.

It means they will have less money to fund the left in America.

Now as far as Jewish leftist go I do not like them. And considering that it appears that so many of Jewish people are leftist, is a sad fact.

It’s funny that anytime someone voices displeasure with any group people like you try to infer racism of some sort.

Get over yourself and notice what is happening in America. Why should I now support the Jewish state when this very group is one segment of the left that is destroying our country?

[Anti-Bubba182]

This thing was such an exclusive club and Madoff had such a good reputation, remember the investor were happy and more were lining up all the time until the end, the regulators just
gave this thing a cursory look and went on their way.