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 ????????

 

Praying while female at the Kotel

Women of the Wall representative to speak locally

What’s going on with the Women of the Wall now?

What’s happening with gender equality and pluralism in Israel, now that the Israeli election is over?

Women of the Wall, made up of women from across the Jewish spectrum, has fought for the right to pray at the Kotel — Jerusalem’s Western Wall, the symbolic center of Jewish life, the magnet that draws observant and non-observant Jews, non-Jews, poets, and often even skeptics, close to it, as if they were pure iron filings.

The group, which was formed in the late 1980s, has been bolstered by legal wins. Its most important recent victory was the April 2013 decision by Judge Moshe Sobel of the Jerusalem District Court, who ruled that the city police were wrong when they arrested five women for the crime of wearing tallitot at the women’s section of the Kotel.

 

Twenty years later

Stephen Flatow remembers his murdered daughter Alisa

When you ask attorney Stephen Flatow of West Orange how many children he has, his answer is immediate.

“I have five children,” he says.

Not surprising. What father doesn’t know how many children he has?

And how are they doing?

Four of them are flourishing; they are all married and all parents. Mr. Flatow and his wife, Rosalyn, have 13 grandchildren, and another one’s on the way. (And three of the Flatows’ children live in Bergen County.)

But the fifth, his oldest, Alisa, was murdered by terrorists when she was 20; her 20th yahrzeit was last week. She has been dead as long as she was alive.

“Just because she isn’t there now, that doesn’t mean I’m not her father,” he said. “I just don’t have any recent pictures of her to show.”

 

‘A do-it-yourself disease’

Before Saddle Brook walk, families of ALS patients talk about the disease’s impact

In early 2014, just shy of his 12th birthday, Eitan David Jacobi of Teaneck told his parents he was having trouble raising his arms. It was particularly hard for him to shoot basketballs.

This was a first for the youngster, said his mother, Rabbi Lori Forman-Jacobi, who described her son as an active, funny, and very social kid.

In fact, she said, he had spent the previous summer as a camper at Ramah Nyack. And when he fell off a horse in early November, “we told him to get back on.” Usually that’s good advice. But Eitan did not have the strength to stay on the horse.

“We didn’t have a clue,” Rabbi Forman-Jacobi, a past vice-principal of the Bergen County High School of Jewish Studies. “It took us until Thanksgiving to get to a neurologist.” By that time, Eitan was “unable to reach to get to the microwave or to open cabinets.”

 

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