The financial scandal that has rocked American Jewish charities has also claimed a Canadian victim – though not to the extent felt in the United States.
The Jewish Foundation of Greater Toronto took a $486,000 (Cdn) hit as a result of an investment that was indirectly linked to alleged fraudster Bernard Madoff.
“Although any loss is regrettable, and we are by no means minimizing its significance, our exposure is very small compared to other individuals and organizations,” said Howard English, vice-president of corporate communications for UJA Federation of Greater Toronto. “On any given day, considering the size of Jewish Foundation assets and the amount that we invest, market fluctuations of $486,000 either up or down, would not be unusual. In other words, when market conditions are good, we can just as easily make $486,000.”
The nearly half a million dollars referred to by English is the income that would be generated by a $5.4 million (Cdn) investment in a fund of funds, which included an investment vehicle managed by Madoff. A fund of funds invests in a basket of other investment funds rather than directly purchasing stocks, bonds or other securities. One of the funds was run by Madoff, a financial guru who managed massive amounts of money invested with him by many American Jews and Jewish charities.
Read on.
Update: Madoff Case Set to Start Wednesday
Update 2: Mark January 5, 2009 on your calendar. In the latest twist in the Bernard Madoff scandal, a member of congress said the U.S. House Financial Services subcomittee will hold a hearing on January 5 on how the Securities and Exchange Commission failed to detect Madoff's alleged $50 billion investment fraud.
The Jewish Foundation of Greater Toronto took a $486,000 (Cdn) hit as a result of an investment that was indirectly linked to alleged fraudster Bernard Madoff.
“Although any loss is regrettable, and we are by no means minimizing its significance, our exposure is very small compared to other individuals and organizations,” said Howard English, vice-president of corporate communications for UJA Federation of Greater Toronto. “On any given day, considering the size of Jewish Foundation assets and the amount that we invest, market fluctuations of $486,000 either up or down, would not be unusual. In other words, when market conditions are good, we can just as easily make $486,000.”
The nearly half a million dollars referred to by English is the income that would be generated by a $5.4 million (Cdn) investment in a fund of funds, which included an investment vehicle managed by Madoff. A fund of funds invests in a basket of other investment funds rather than directly purchasing stocks, bonds or other securities. One of the funds was run by Madoff, a financial guru who managed massive amounts of money invested with him by many American Jews and Jewish charities.
Read on.
Update: Madoff Case Set to Start Wednesday
Update 2: Mark January 5, 2009 on your calendar. In the latest twist in the Bernard Madoff scandal, a member of congress said the U.S. House Financial Services subcomittee will hold a hearing on January 5 on how the Securities and Exchange Commission failed to detect Madoff's alleged $50 billion investment fraud.
1 comment:
Let's see if Madoff shows up he might have gone away by then. So much for the Jewish people being the chosen ones. Afther Madoff robbery and Israel mass murdering of Palestine men/woman/ children it doesn't seem like something God would approve. I guess all those prayers Jewish people do for forgiveness is just lip service.
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