Spring Break
BREAKING NEWS: Shapiro construction projects, Univ endowment not affected by Madoff fraud.
by Jillian Wagner
News Editor
News | 12/9/08
Posted online at 10:02 PM EST on 12/26/08
The Carl and Ruth Shapiro Family Foundation will fulfill its obligations to complete the funding of the University's science center and admissions building projects despite losing $145 million of its funds due to its involvement in the $50 billion Bernard L. Madoff Ponzi scheme, according to Diana Pisciotta, a Foundation spokesperson.
The University's endowment, however, should not be directly affected by the Madoff scandal since the University has no investments in any Madoff funds, according to Executive Vice President and Chief Operating Officer Peter French.
Madoff, a former chairman of the NASDAQ composite, was arrested Dec. 13 and accused of running a $50 billion Ponzi scheme, a fraud operation in which investors are paid out of the money input by other investors rather than out of profits.
"Brandeis is very important to the Foundation. We're going to continue to maintain a strong level of support," Pisciotta said.
"Though this has had an impact on our family, as well as our Family Foundation, the Foundation will honor all of its existing commitments," Carl Shapiro said in a Dec. 15 public statement.
French said, "[The administration has] had conversations with Carl Shapiro. Carl has assured the University that the Foundation gift pledges will be met. They have pledges outstanding for the science center and the admissions building.
"The Carl and Ruth Shapiro Family Foundation was shocked and horrified to learn about the allegations against Mr. Madoff, who has long been considered a trusted and effective leader in the investment field," according to a Dec. 16 statement on the Foundation's Web Site. "The Shapiro Family Foundation did have significant assets invested with Mr. Madoff. We are currently reviewing the situation and assessing all options available to recover those funds."
"So far we have had no indication from any of our donors that they have been or will be affected by the Madoff fraud," French said.
The University's endowment, however, should not be directly affected by the Madoff scandal since the University has no investments in any Madoff funds, according to Executive Vice President and Chief Operating Officer Peter French.
Madoff, a former chairman of the NASDAQ composite, was arrested Dec. 13 and accused of running a $50 billion Ponzi scheme, a fraud operation in which investors are paid out of the money input by other investors rather than out of profits.
"Brandeis is very important to the Foundation. We're going to continue to maintain a strong level of support," Pisciotta said.
"Though this has had an impact on our family, as well as our Family Foundation, the Foundation will honor all of its existing commitments," Carl Shapiro said in a Dec. 15 public statement.
French said, "[The administration has] had conversations with Carl Shapiro. Carl has assured the University that the Foundation gift pledges will be met. They have pledges outstanding for the science center and the admissions building.
"The Carl and Ruth Shapiro Family Foundation was shocked and horrified to learn about the allegations against Mr. Madoff, who has long been considered a trusted and effective leader in the investment field," according to a Dec. 16 statement on the Foundation's Web Site. "The Shapiro Family Foundation did have significant assets invested with Mr. Madoff. We are currently reviewing the situation and assessing all options available to recover those funds."
"So far we have had no indication from any of our donors that they have been or will be affected by the Madoff fraud," French said.
Viewing Comments 1 - 3 of 3
Archie Anderson
posted 12/26/08 @ 11:52 PM EST
The flim flam works only on the greedy,I think it is amazing that the brightest of the brightest financial experts like the Shapiros' and others got taken for 50 billion dollars. (Continued…)
ghoochie
George Patsourakos
posted 12/27/08 @ 5:07 PM EST
Brandeis is fortunate that the Carl and Ruth Shapiro Family Foundation has agreed to fulfill its obligations to complete the funding of the science center and admissions building projects. (Continued…)
Gregg Bannett '81
posted 1/01/09 @ 1:48 PM EST
Thank G-d for people with integrity like the Shapiro family. They are honoring their commitment despite incredible losses. Our University is enhanced by both their financial support and their inspiring example. (Continued…)
Post a Comment