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Old 12-31-2008, 03:49 AM
 
Location: Tennessee/Michigan
28,959 posts, read 49,620,408 times
Reputation: 20981

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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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Old 12-31-2008, 07:43 AM
 
Location: Great State of Texas
86,068 posts, read 76,119,599 times
Reputation: 27635
The foundation needs to take some blame itself for not doing its due diligence before investing money.
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Old 01-01-2009, 03:40 PM
 
Location: Los Angeles Area
3,306 posts, read 3,623,466 times
Reputation: 592
When you gamble....you lose.

Seriously, why are there so many people that put all their eggs in one basket? Are they stupid? What?
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