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Aftershocks of Madoff scandal

‘A legacy of shame’

 
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State Sen. Loretta Weinberg (D-37) lost her life savings in the Bernard Madoff scam. Still, she says, “while this issue is important for me and for my family, I keep concentrating on the fact that I am probably better off than a good part of the country.”

Loretta Weinberg

“I’ve never lived above my means,” said Weinberg, who added that she has “satisfying work to do, which I plan to continue.”

Weinberg admits that the financial loss took her by surprise.

“I had never heard of Madoff before a week ago Friday,” Weinberg told The Jewish Standard. “I had no idea my IRA was invested with him.” Nor, she said, did she realize that she was in an investment group “with so many other Jewish people.”

“This is not how I planned to become well-known,” she joked.

Weinberg’s savings, along with those of many in her extended family, were invested with Stanley Chais, a Los Angeles money manager, who also fell victim to Madoff.

Among the other victims was the Elie Wiesel Foundation for Humanity — something that Weinberg said “made me angry.”

“I hope that’s something Madoff has to think about every morning when he gets up and every night when he goes to bed,” she said. “I hope he knows that’s his legacy.”

To the extent that those connected with the scam were themselves Jewish, Weinberg said, “they clearly never absorbed Jewish values.”

Weinberg said that after an account of her loss appeared in the PolitickerNJ.com Reporter, anti-Semitic comments flowed onto the site, some of which have now been removed.

“I don’t think we should be worried,” she said, calling the scandal “just another reason for these people to express themselves. They were there before and they will be there after this is long forgotten,” she said.

Weinberg said the SEC should “do its job” and regulate such financial endeavors, looking more closely at their operations.

“I was under the impression that my money manager was investing in stocks and bonds,” she said, pointing out that she got regular statements and filed detailed tax forms.

She told the Standard that she has reached out to Rep. Steven Rothman (D-9) and Sen. Robert Menendez, asking them to research “laws, rules, and regulations concerning statutes of limitation.” For example, she said, she believes that there are three-year time limits to amend tax returns.

Her hope is that groups affected by the Madoff scam will be able to amend tax returns in which they paid taxes on — it turns out — non-existent investments.

“What’s most important is what’s happened to Jewish philanthropy,” she said, citing foundations that will no longer be able to donate to Jewish causes.

Reverting to the theme of anti-Semitism, Weinberg stressed, “We can’t be afraid of it. We have to face it.” But, she added, “the little worms who want to come out should put their names [on their attacks].”

“We have to speak out and confront anti-Semites,” she said. “We have nothing to be embarrassed about. Even banks get robbed.”

 

More on: Aftershocks of Madoff scandal

 
 
 

‘Taken by a maestro’

Burt Ross has learned many things since the Madoff debacle. For starters, he said, he should have listened to his wife, Joan, when she suggested six months ago that he take some money out of the Ascot Hedge Fund, a key player in the scandal.

“I told her she was crazy. That was the only thing that wasn’t losing money,” he said.

 
 

‘It’s horrible what this man did’

While Yeshiva University was hard-hit by the Madoff scandal, to the tune of $110 million, it is not the only educational institution to suffer. The damage has spread to Israel, and the Technion Institute in Haifa is among the big losers: The university, which has been called Israel’s MIT, lost NIS 25 million (about $6.5 million), and its American fund-raising arm, American Technion Society, lost what amounts to $72 million.

 
 
 
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Reality check

Author to discuss intergenerational ‘experiment’

Katie Hafner began her professional career writing for a small newspaper in Lake Tahoe.

That didn’t last for long, though. “I worked my way up,” said Ms. Hafner, who now writes on health care for the New York Times.

A seasoned journalist, Ms. Hafner was exceptionally well prepared to chronicle an experience in her own life that she calls both an “experiment in intergenerational living” and a “disaster.” Inviting her 77-year-old mother to live with her and her teenage daughter, Zoe, in San Francisco, Ms. Hafner learned that fairy-tale imaginings are no match for emotional truths.

(In her book, Ms. Hafner calls her mother Helen. That is not her real name; her mother requested anonymity, and Ms. Hafner honored the request.)

 

Pruzansky vs. Matanky

Rabbi’s Nazi analogy draws fire

The president of the Rabbinical Council of American, Rabbi Leonard Matanky, has weighed in on the ongoing dispute between Rabbi Steven Pruzansky of Congregation Bnai Yeshurun in Teaneck and Gary Rosenblatt of Teaneck, editor and publisher of New York’s Jewish Week.

“I am pained that I have to distance myself from a colleague, but the kind of language that Rabbi Pruzansky used is unacceptable and crosses the line of decency and discourse,” Rabbi Matanky is quoted in the Jewish Week as having written. (Rabbi Matanky lives in Chicago’s West Rogers Park neighborhood — which is more or less the Teaneck of the Midwest — where he is rabbi of Congregations K.I.N.S. and dean of the Ida Crown Jewish Academy.)

 

Self-defense or unnecessary danger?

Armed self-defense is a value strongly supported in Jewish law, according to a statement issued last week by a local Jewish gun club, which is urging two of the largest Orthodox organizations in the country to reconsider their positions on gun control.

On July 16, the Rabbinical Council of America, an organization representing Orthodox rabbis in the United States, issued a statement recognizing the rights of private citizens to own weapons and engage in violence for self-defense, but also calling for the restriction of “easy and unregulated access to weapons and ammunition,” and denounced “recreational activities that desensitize participants … or glorify war, killing, physical violence, and weapons….”

The RCA resolution came just over a year after the Orthodox Union issued a similar resolution citing its longtime commitment to “common sense gun safety legislation” and calling on U.S. senators to pass legislation to ensure “a safer and more secure American society.”

 

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Israel launching drive to void Goldstone Report

WASHINGTON – Prime Minister Benjamin Netanyahu said Israel would launch an international campaign to cancel the Goldstone Report after its author, ex-South African Judge Richard Goldstone, wrote in an Op-Ed in the Washington Post that Israel did not intentionally target civilians as a policy during the Gaza War, withdrawing a critical allegation in the report.

Netanyahu said he had asked his security adviser, Ya’akov Amidror, to establish a committee focused on “minimizing the damage caused” by the report.

 

Facebook and Zuckerberg does an about-face and deletes Palestinian page calling for a Third Intifada

Following widespread criticism, a Facebook page calling for a third Palestinian intifada against Israel was removed on March 29. On the Facebook page, Palestinians were urged to launch street protests following Friday May 15 and begin an uprising as modelled by similar uprisings in Tunisia, Egypt, Morocco, and Jordan. Killing Jews en masse was emphasized.

According to the Facebook page, “Judgment Day will be brought upon us only once the Muslims have killed all of the Jews.” The page had more than 340,000 fans. However, even while the page was removed, a new page now exists in its place with the same name,  “Third Palestinian Intifada.”

 

Did heated rhetoric play role in shooting of Giffords?

WASHINGTON – The 8th District in southern Arizona represented by U.S. Rep. Gabrielle Giffords comprises liberal Tucson and its rural hinterlands, which means moderation is a must. But it also means that spirits and tensions run high.

Giffords’ office in Tucson was ransacked in March following her vote for health care reform — a vote the Democrat told reporters that she would cast even if it meant her career. She refused to be cowed, but she also took aim at the hyped rhetoric. She cast the back-and-forth as part of the democratic process.

 
 
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