Wednesday, December 24, 2008

Wiesel Foundation Caught In Madoff Ponzi Scheme

The scheme keeps collapsing.

This story literally makes me sick to my stomach. Sourced from Yahoo! News:

The Elie Wiesel Foundation for Humanity lost more than $15M — nearly all of its assets — in the alleged fraud scheme run by Wall Street baron Bernard Madoff.

Wiesel, 80, a Nobel laureate and prolific author who survived the Holocaust, created the foundation some 20 years ago to foster international dialogue and youth programs to teach tolerance and combat anti-Semitism.

He is among dozens of wealthy Jews to have lost substantial amounts of money in Madoff's scheme. Prosecutors say Madoff confessed to losing upwards of $50B (with a B) over years of running a pyramid scheme where new investors were secretly fleeced to pay returns to earlier investors.
I couldn't imagine his life during the Holocaust as depicted in his book Night, an accounting of man's inhumanity to man.

2 comments:

anythingbutsad said...

The whole situation is sad from beginning to end. It's been a regular topic of discussion around my household. Thanks for the tip on the book. I haven't read that one!

michael sean morris said...

Madoff is the ideal name for him, as he made off with all those people's money. Stealing from pensions and charities? He'd better be glad he's under house arrest, because if he ever shows his face in public again there'll be a lineup of people to rip it off.