Madoff Scandal
Hadassah invested some $40 million with Bernard Madoff Securities, beginning in 1988 with a $7 million gift from a French donor and adding $33 million over the following eight years. The investment initially proved quite profitable: through April 2007, Hadassah withdrew a total of $137 million.
Hadassah's balance of $90 million evaporated in December 2008, when the fund was revealed as a Ponzi scheme. Moreover, because Hadassah had profited from Madoff's scheme, it was targeted for "clawback" efforts by the trustee representing Madoff victims who lost money. After several months of negotiations, Hadassah agreed to contribute $45 million to a fund for Madoff's victims.
Read more about this topic: Hadassah
Famous quotes containing the word scandal:
“We must cultivate our garden.
Furia to God one day in seven allots;
The other six to scandal she devotes.
Satan, by false devotion never flammed,
Bets six to one, that Furia will be damned.”
—Horace Walpole (1717–1797)