Word: madoffã
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Jeffry M. Picower, an education philanthropist who invested billions in Bernard L. Madoff??s $50 billion Ponzi scheme, was found dead in his swimming pool after suffering a heart attack last Sunday—less than a year after his foundation pulled the plug on millions of dollars in promised funding for diabetes research at the Harvard Medical School and its affiliated hospitals...
...dubiously, but rather because the potential of backlash highlights the grim predicament that the arts currently face. Right now, we are stranded in the midst of the recession. Brandeis is liquidating its art holdings and closing its Rose Art Museum. The publishing industry is disappearing faster than Bernard Madoff??s money. And, as we descend further into economic chaos, the situation of the arts can only be supposed to get worse. We must make our case not just that we need the money now, but why we will need money in the future. We must make our case...
...financial company exists solely to make as much money as possible for its executives, employees, and shareholders. One might rightly characterize this profiteering spirit as “greed,” but, prior to the recent economic meltdown, such greed was never an issue for the public. Bernard Madoff??s investors did not care if their money fueled a Ponzi scheme as long as they received their regular returns. Shareholders of Merrill Lynch were unbothered as the company’s managers liberally applied corporate funds to beautify their offices, as long as they were paid their...
...foundation responsible for funding two Harvard programs at nearly $1 million has been forced to close amid Bernard L. Madoff??s $50 billion securities fraud. Both Harvard groups, which were supported by the JEHT Foundation, received the amount they were promised before the philanthropic organization shut down. The International Human Rights Clinic at Harvard Law School received a total of $161,261 in 2006 and 2008 for its South Africa Apartheid Litigation project. “We’ve received the full amount. The grants are completed essentially,” said Clinical Director Tyler R. Giannini...
...Madoff scheme has touched other Boston-area universities—Tufts reported $20 million in investment losses on Friday—some Harvard affiliates affected by Madoff have been more fortunate. Carl and Ruth Shapiro, the Boston couple who lost nearly half their foundation’s assets through Madoff??s fund, pledged in a statement last week to honor “all existing commitments.” Their couple’s foundation has supported many initiatives at Harvard-affiliates including the Dana Farber Cancer Institute and Brigham and Women’s Hospital...