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Madoff scandal rocks Jewish philanthropic world

Area foundations take stock — or lose it

 
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A handful of local foundations appear to be unscathed by the fallout from Bernard Madoff’s alleged Ponzi scheme, but the full effects on donors have yet to be realized.

While the country’s economic downturn has taken place over the course of several months, this single instance was sudden and provided no time for those affected to make changes to limit the damage. Mark Charendoff of Englewood, president of the Jewish Funders Network, called the fallout on his organization’s members “absolutely devastating.”

“In a way, this is worse than the general economic downturn,” he said.

Unlike the unrest in the stock markets that has rocked the nonprofit donor base recently, the fallout from this scam is irreversible and, in some cases, complete.

“People understand that as much as the market went down, the market will go up. That’s not the case here,” Charendoff said. “There are some people who’ve just had all their money all in this one ‘safe place.’ That’s something that they just can’t recover from.”

One of the most notably hit organizations in New Jersey is the family foundation of Sen. Frank Lautenberg, reportedly one of the wealthiest members of Congress.

“Sen. Lautenberg was an investor in Bernard Madoff’s investment fund, primarily in the form of his family’s charitable foundation,” said Lautenberg’s spokesman, Scott Mulhauser.

According to a 2006 tax document obtained through the nonprofit tracking Website Guidestar.org, the foundation was a donor to more than two dozen Jewish and Israeli causes. Its contributions for 2006 totaled $765,509 to more than 100 organizations, including American Friends of Magen Dovid Adom, American Friends of Israel, the Anti-Defamation League, Chai Lifeline, Hadassah, UJA MetroWest, and UJA Federation of Northern New Jersey.

UJA-NNJ issued a statement on Tuesday that it has no connection with Madoff and remains unaffected.

“UJA Federation of Northern New Jersey and its Endowment Foundation did not have a relationship with Madoff, and we have confirmed with SEI, our investment manager, that no portion of the Endowment Foundation’s portfolio is invested with Madoff,” according to the statement.

Similarly, the Teaneck-based Russell Berrie Foundation had “zero exposure with Madoff,” said its president, Angelica Berrie. While the rest of the financial world takes a hit, Berrie looked at the situation as an opportunity for those who still have the means to make up for charities’ losses.

“The real emergency in the next few years is going to be the emergency in our community,” she said. “We have the opportunity to exercise our humanistic values.”

This new crisis within the fund-raising world will last years, too, said Charendoff.

“We don’t know how many years and we don’t know how severe it will be,” he said. “There are charities that are going to be affected that won’t even know about it for a year.”

While some organizations have no connection with Madoff and seemingly have been spared, they cannot yet account for all of their donors. For example, he said, a charity that received a six-figure gift from a donor this December may expect and plan for a similar gift next year.

“Next December is going to roll around and they’re going to find out the donor doesn’t have the capacity to make the gift,” he said.

The Jewish nonprofit world will eventually recover, though, he said.

“The only way we’re going to be able to minimize the damage to the charities we all care about is to work together to figure out what the needs really are — to figure out which programs can be salvaged, postponed, which organizations should merge,” he said. “We can’t avoid the damage but it is in our power to minimize it.”

 

More on: Madoff scandal rocks Jewish philanthropic world

 
 
 

‘Golden Boy’ Merkin charged with misleading Jewish investors, groups

Bernard Madoff is not the only trustee of Yeshiva University who resigned in shame last week.

While international attention continues to focus on Madoff, who faces charges for his alleged $50 billion Ponzi scheme, some leaders in the Jewish community, particularly within modern Orthodox institutions, are expressing shock and anger at the role played by J. Ezra Merkin, a prominent investment guru and philanthropist who appears to have misled at least some investors.

 
 

Massachusetts community reeling from foundation collapse

The news sifted through the Jewish community north of Boston, sparking shock, sadness, and regret.

The Robert I. Lappin Charitable Foundation, a pillar of the North Shore community and a supporter of popular programming like the Youth to Israel program, joined the mounting list of Jewish casualties of the still-unfolding Bernard Madoff financial scam.

 
 

The securities fraud of Bernard Madoff has rocked the Jewish nonprofit world — and the worst may be yet to come.

 
 
 
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Rabbi, doctor, author, shrink

Teaneck’s Rabbi Abraham Twerski, M.D.

It’s a fair bet that the most prolific author living in Teaneck — if not all Bergen County — boasts rabbinic ordination, a medical degree, and an impressive chasidic pedigree.

Rabbi Abraham Twerski has written 70 books, most shelved in the self-help/psychology sections. Some are Jewish in focus but others are not, including a series featuring his psychological advice illustrated with Peanuts cartoons. His latest, “The Rabbi and the Nuns,” is a memoir — with a strong helping of psychology, because it chronicles his career as a psychiatrist, with particular emphasis on his twenty years at St. Francis Hospital in Pittsburgh.

How does a rabbi end up heading psychiatric services at a Catholic hospital managed by nuns, let alone counseling nuns and priests?

In this case, by wanting to fill the very large shoes of his father, Rabbi Jacob Twerski.

 

From Budapest to Woodcliff Lake

Rabbi Andre Ungar’s career crossed continents, spanned streams

Rabbi Andre Ungar, a courtly man with a spade-shaped beard and impeccable manners, speaks with what seems at first to be pure and crystalline Queen’s English, precise and beautiful.

Listen carefully, though, and you hear something else underneath, something somehow both more and less familiar.

It’s a Hungarian accent, giving depth and context to his speech.

Rabbi Ungar, rabbi emeritus of Temple Emanuel of the Pascack Valley in Woodcliff Lake, is a complicated man, an intellectual with a well-earned passion for social justice and a life that took him to five countries in four continents before allowing him to settle here, in this one.

 

Blue and white moon

Israeli lunar mission makes stop in Paramus

In the May 1944, Itzhak Bash and 299 other Jewish engineers were removed from Auschwitz and taken to work at a Volkswagen factory that was assembling the V-1 flying bomb.

He had been a textile engineer in Hungary before the Nazis invaded and deported the Jews, but the Germans didn’t need his specific technical skills; they wanted slave laborers they could trust with careful work. The first V-1s from occupied France landed on London on June 13, 1944. As the Allies pushed into France, Mr. Bash was switched to work on the V-2, the first rocket to reach the edge of space. By the war’s end, more than 3,000 V-2 rockets had been launched.

Mr. Bash was one of the lucky hundred men who had survived from the original group of 300 engineers. Some were killed by Allied raids; others by the conditions at the work camps.

 

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Born to heal

Dr. Sharyn Lewin, new to Holy Name, talks about gynecological oncology, helping women, and saving lives

Ever since she was a small girl, Sharyn Lewin knew that she wanted to be a doctor.

But not just any doctor. The laser-like precision of her goal, from the time she was very young, was oddly specific.

“My earliest memory was going to school with a white coat and a stethoscope for Career Day,” Dr. Lewin said. By the time she was about 8, “I didn’t even know what an obstetrician or a gynecologist was — but I knew I wanted to be one.”

Very soon, Dr. Lewin narrowed her goals even further. She wanted to be a gynecological oncologist, studying and curing women’s cancers. She wanted to take after her grandmother, Dr. Gerda Bruno, who was a gynecologist at a time when few women were. And she succeeded. Dr. Lewin is newly arrived at Holy Name Medical Center in Teaneck, where she has begun a practice and eventually will inaugurate a full-service women’s health center. “It will be a comprehensive venue, where women can come for complete care,” she said.

 

Turning grief into action

Stephen Flatow talks about his long quest for justice for Alisa — and the fine assessed against BNP Paribas

As more and more bleak news from Israel continues to chill hearts here, the parents of all four murdered boys — the three Jews and the one Arab — will have to learn how to live without them.

It is a pain that they will feel forever, but they will learn to manage somehow, each in his or her own way.

In this country, Stephen Flatow models a way to take grief, fashion it into a lance, and wield it powerfully in his quest for justice. Ever since his daughter, Alisa — a Brandeis student who graduated from the Frisch School in Paramus and was spending her junior year abroad in Israel — was killed by terrorists, blown up, along with everyone else on board, as she rode a bus to an Israeli beach, Mr. Flatow has fought to make her murderers, and the terrorist state that supported them, pay for her death.

 

Turning grief into action

Palestinian terrorism is genocide

It’s time to say the G-word out loud.

Palestinian terrorism is not just another form of violence. It’s genocide by another name.

A word such as “genocide” should never be used lightly. If it is to have any meaning, it must not be flung about just to make some political point or to award victim status to some aggrieved group that has suffered far less than mass murder.

At the same time, we have to be willing to use the G-word when it applies—even if doing so is politically inconvenient or unpopular.

I recently spoke at the 11th National Conference of the David S. Wyman Institute for Holocaust Studies. It was the first time I have ever addressed such a forum. I was one of the speakers in a session involving people connected to genocides other than the Holocaust.

 
 
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