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No local federation exposure to Madoff

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Bradley Friedman, executive director of the Denver-based Jewish Community Foundation, told the Intermountain Jewish News this week that the organization has no money invested with Bernard Madoff in any of his various investment funds.

Likewise, Friedman says, the Allied Jewish Federation — “which has almost no assets invested in anything other than mutual funds” — has no money invested through Madoff’s firm, and therefore faces no financial exposure.

As to Colorado family foundations with ties to Madoff, “I’m not aware of any,” Friedman said.

He is worried about the impact the scandal is sure to have on many other Jewish philanthropies, however.

“I keep getting little blurbs from Jewish organizations and individuals who have family foundations invested with [Madoff] and it’s very, very upsetting,” Friedman said.

“The ripple effect of his alleged deeds is just spreading throughout the Jewish philanthropic world. It’s very scary.”

Search the IJN using the term Madoff, and find all of our stories related to this financial scandal.

Last Updated ( Tuesday, 17 February 2009 03:11 )  

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