Posted on 01/21/2009 8:13:59 PM PST by Lorianne
Columbia University said on Wednesday it had uncovered $3 million in losses tied to accused swindler Bernard Madoff, joining other New York universities hit by the purported fraud.
Columbia spokesman Robert Hornsby confirmed the losses, but declined to provide further details beyond saying that information in a Bloomberg News story on the losses was accurate.
Bloomberg reported that the school discovered the losses in a review of its investments. The news service said the money was tied to a 1980 gift to Columbia's law school from an unnamed alumnus who had retained the right to decide how the funds would be invested.
Madoff's lawyers have said he is cooperating with the government investigations following his December 11 arrest for what would be the biggest Ponzi scheme in history. A Ponzi scheme is a swindle in which early investors are paid with money taken in from new clients.
Other universities including Bard College, New York University, New York Law School and Yeshiva University, as well as Tufts University in Medford, Massachusetts, have disclosed losses linked to Madoff.
(Excerpt) Read more at reuters.com ...
Couldn’t have happen to a better university.
GOOD, too bad it wasn’t more.
Madoff with a lotta money.
Shame the commie rat nest didn’t have more invested.
Well, I can think of a handful of others, with Harvard topping the list.
If Madoff were any smart, he would request to enter the government protection plan. I don’t think that druglords and mafioso think too kindly of him if he lost their money. The guy is a wanted man, and not just by Wall Street.
$3MM for Colombia U? Pocket change.
tsk, tsk - and they’re supposed to be such smart people......
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