Two grant makers closed their doors in connection to Madoff's ponzi scheme. Real sad.
Youth work lost two major benefactors to the apparent Ponzi scheme created by now infamous financial manager Bernard Madoff.
New York-based grant maker JEHT and the Palm Beach, Fla.-based Picower Foundation abruptly closed their doors before Christmas because their primary donors' money was lost by Madoff, who has been charged with allegedly operating a scheme that bilked at least $20 billion from investors.
(Click here for a list of recent JEHT and Picower grantees in the field of youth work.)
Picower, which posted assets of nearly $1 billion on its most recent tax return, was established in 1989 and run by Executive Director Barbara Picower, who founded the foundation with husband Jeffry Picower. It has invested heavily in health research and after-school programs. Picower's largest youth-related grants in fiscal 2007 went to Boys & Girls Clubs of America ($1 million for executive leadership development) and the Harlem Children's Zone ($1 million for its middle school initiative).
Read on.
Also this from Web of Deception website: Madoff of the alleged Wall Street Ponzi scheme: The tax return of his charitable private foundation trust.
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