Subscribe to The Jewish Standard free weekly newsletter

 
font size: +
 

Aftershocks of Madoff scandal

‘Taken by a maestro’

 
|| Tell-a-Friend || Print
 
 

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.

Burt Ross

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

Ross — an Englewood resident, former mayor of Fort Lee, and well-known Bergen County real estate developer — told The Jewish Standard that he lost about $5 million, both through Ascot and through direct investments with Madoff.

Still, he said, “I’m fine. I feel blessed for many reasons. I’ve got love, my health, and a wonderful support system.”

Ross, a stockbroker in the early 1970s, said he “went public” about his personal losses “to help me cope with them.” Some people deal with difficult situations through humor or talking — his chosen response — “while others jump out of windows,” he said.

When you speak out, “it allows people to come forward and be there for you.” Paying tribute to the many old and new friends who have offered him comfort in recent weeks, he said, “I wouldn’t trade this love for all the yachts and planes Madoff had in his lifetime.”

He said that one man, a total stranger, read his story in last week’s Wall Street Journal and offered to finance the trip Ross was forced to cancel in light of his losses.

“It was so moving,” Ross said.

Regarding Madoff, whom he called an “evil genius,” Ross said, “we got taken by a maestro. Jewish philanthropy has been put back a decade. It’s a shanda, a disgrace.”

He said he hopes people of means who have not been affected by the financial disaster will “step forward and pick up the slack for those of us who have lost it.”

Most important, he said, he wants people who have lost money in the scandal to understand that they should not feel ashamed or embarrassed to speak out. In addition, he said, “there are so many good people. If Bernie Madoff makes you lose faith in humanity, he’s won.”

For himself, he said, he will “work a little harder, approach life one day at a time, and continue to recite the serenity prayer each day. Self-flagellation doesn’t work.” Nor does treating oneself as a victim or second-guessing past decisions.

“What would I say to Madoff if I saw him?” mused Ross. “Hopefully, I wouldn’t see him. But if I did, I’d say, ‘Feh.’ You look at him and you want to wash your hands,” he said, asking how anyone could “screw everyone you know and make your name one that will live in infamy.”

He said he is not angry at Madoff — “I’m beyond that,” he maintained — but he is upset that the Securities and Exchange Commission, informed that Madoff was running a fraudulent scheme, cleared him after two investigations.

“We must appoint people who do their job,” he said, citing the comment by Chris Cox, the SEC chairman, that the commission “might have blown it.”

“Just what would have had to happen for him to remove the word ‘might’ from that statement?” asked Ross.

 

More on: Aftershocks of Madoff scandal

 
 
 

‘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.

 
 

‘A legacy of shame’

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.”

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

 
 
 
|| Tell-a-Friend || Print
 
 

Stay tuned for the return of comments

Drew Feldman posted 29 Jun 2009 at 05:07 PM

If anyone doesn’t think Madoff is actually a victim of his own greed, you’re mistaken. I’m not saying he’s not entirely culpable, which he is, but this whole affair smacks of a giant cover up and conspiracy. First you have the SEC’s multiple investigations. Come on, the SEC missed this? Let’s not be fooled, the SEC claiming they “blew it” is a diversion. “Oh sorry folks, we’re just a bunch of dummies up here at the SEC, it’s a shame but this all happened because we’re too stupid.” Second, everyone knows that there’s no way he did this by himself. Using history as a guide, we know that if a criminal cooperates with a government investigation they merit a reduced sentence. Why is Madoff taking all the blame and not naming names and telling what hew knows? Does he really want to doe in prison? No, and it’s exactly because he will most likely be killed if he talks, just like the mob.  But you can’t expect the Witness Protection Program to protect you from the government. Madoff knows that if he agrees to cooperate he is a dead man so he has wisely chosen life in prison over death. This whole affair stinks and justice has not been done because there are other guilty parties, most likely in official positions, who did get away with this. Madoff is a fall guy - a reprehensible, guilty, evil fall guy, but a fall guy none the less.

justin bor posted 29 Jun 2009 at 08:13 PM

bert ross says he lost 5 million dollars   did he actually invest 5 million dollars or invested 1 million 4 years ago and it grew to 5 million   and than he lost 5 million ????????

 

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.”

 

RECENTLYADDED

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.

 
 
S M T W T F S
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31