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As Jews reel over Madoff scam, Abe Foxman sees dollar signs for himself!


CofCC.org News Team

The Los Angeles Jewish Journal called a list of Madoff investors “Swindler’s List,” and reports that many Jewish non-profits in LA have been wiped out by Madoff’s arrest. The California based Chais Family Foundation, which had donated $12.5 million annually to Jewish causes in Israel and the former Soviet Union, suffered such a substantial loss that it closed its doors Sunday.

From Forbes Magazine…

I don’t say this lightly. How can Madoff be worse than Lehman Brothers (nyse: LEHMQ – news – people ) or AIG (nyse: AIG – news – people ) or the travails of Detroit’s Big Three? It’s because what he did was so simple. And he duped so many smart, conservative people for so long. And he did it in plain sight.

Look at the list of those who lost money. Swiss private banks. Jewish family foundations. Retirees in Palm Beach. Not exactly the Fast Eddies of finance. But therein lay the brilliance of Madoff’s scheme. He didn’t promise the usual Ponzi manna from heaven–double or triple your money with Bernie Madoff’s surefire, get-rich quick scheme! No, he promised and delivered 10% returns. So consistent were his returns in good times or bad, an investment in Madoff came to be called the “Jewish Bond.” His investment strategy was a “black-box” model, one to which no one but him had access. And yet when the returns were good, no one bothered to ask how he was making them.

Madoff also moved easily in the familiar power networks of New York. He was chairman of the co-op board at his fancy Upper East Side building. He was chairman of the board of Yeshiva University’s Business School. A member of exclusive country clubs in the Hamptons and Palm Beach. Strange as it may seem to people beyond this claustrophobic social world, these are not positions assigned lightly.

Madoff had earned the trust of individuals forged in the fires of New York finance, law and government, supposedly some of the toughest, smartest, savviest people in the world. He fooled them all over many years, and his reputation among them probably protected him from scrutiny.

According to reports, Madoff only took money from investors who could pony up a minimum quarter million. Some had tens of millions with in. This increased Madoff’s mystique and made investors only want to invest with him more.

Madoff roped in dozens of Jewish non-profits, several of which he was personally involved with. His investors drew heavily from wealthy Jewish circles in New York City, Hollywood, and Florida.

Dozens of prominent individuals have lost millions such as Senator Frank Lautenberg, Mets owner Fred Wilpon, Mortimer Zuckerman, Jeff Katzenberg, Eliot Spitzer’s family, and more. Numerous prominent landlords and commercial real estate brokers in New York City have lost millions a piece.

Many schools and organizations have taken crippling hits. Yeshiva University of New York, Technion-Israel Institute of Technology, Jewish American Congress, Elie Wiesel Foundation, and many more.

There were also massive investment pools that put their money with Madoff. One, the Los Angeles Jewish Community Common Investment Pool had placed $18 million with Madoff that is now wiped out.

However, not all Jews are devastated by the Madoff ponzi scam! The Anti-Defamation League, a radical left-wing fifty million a year fundraising hustle seems to be enjoying it. Abe Foxman, chief executive conman, is making his rounds to the media claiming that the Madoff ponzi scam will “fuel antisemitism.” Of course the only way to fight antisemitism would be a large donation to the ADL.

Once again Abe Foxman views the suffering of fellow Jews as a chance to raise more millions for his own scheme!