NEW YORK - One of the nation's leading educational philanthropies announced that it would close in the coming months, brought down by the alleged financial fraud orchestrated by Bernard Madoff.
Barbara Picower, who along with her husband, Jeffry, established the Picower Foundation in 1989, said in a statement on Friday that the foundation's grant-making would cease "effective immediately" and that it would "close its doors in the coming months."
Foundation to shut down, blames Madoff - U.S. business- msnbc.com
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News, Foundation to shut down, blames Madoff.
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