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Jewish foundation in LA loses $18 million in Madoff fraud
A major charitable foundation in Los Angeles has said that jailed Wall Street money manager Bernard Madoff swindled it out of US$18 million. The Jewish Community Foundation of Los Angeles reported that the foundation invested the money from a common investment pool with Madoff starting in 2004. Foundation president Marvin Schotland told AP that the loss represented less than 3 per cent of the group's total assets, which totaled about US$ 670 million at the end of 2008. The group is one of Los Angeles' 10 largest foundations.
Madoff is in jail pending sentencing for stealing billions of dollars from investors in what could be the biggest scam in Wall Street history. Foundation spokeswoman Lynn Fireside says the foundation would be able to recover at least US$ 500,000 of the lost money after Madoff's assets are liquidated.
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NPR had a story on this yesterday. According to NPR, Lara logan had a crew with her and aomslt certainly a security team as well. I don't have television, but from what I gather from public radio and blogs like this one, she was separated from her crew and security team in the confusion of the moment. This sort of thing happens even to combat veterans on occasion. Crowd dynamics are easier to judge looking down on the scene from a long perspective. In the midst there is often chaos.She was a professional doing a job that required commitment and courage, she should be respected as much as anyone else who risks their lives to do a risky but, necessary job.Of course, I will have to eat some of my words if CBS admits that there were no security elements in her crew.
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