Thursday, December 25, 2008

Elie Wiesel Foundation Loses Everything to Madoff

http://www.newsmax.com/insidecover/wiesel_losses_madoff/2008/12/24/165157.html?s=al&promo_code=7656-1

The Elie Wiesel Foundation For Humanity lost "substantially all" of its modest $15.2 million assets to the Bernie Madoff pyramid scheme. I know I'm supposed to be very angry at Madoff (and I am, furious-- he obviously should never be a free man again, and he makes me hope/wish there is a hell) and very sympathetic to the charity and those that it helps that now may have to do without (and I am), but I'm also pretty ticked at the imbecile(s) who put all of their money into one person's hands. Why on earth would you do that? Now look, its a small charity, so I don't expect them to spread their money to 8 different people. And there's only so much due diligence that a small charity can do. But 3 different people? So if one's a crook you have 2/3 of your money?

Am I being too harsh here? This isn't the United Way losing billions, or anything remotely like that. Still, didn't your momma teach you never to put all your eggs into one basket?

1 comment:

Bryan said...

lots of people put all their money with Madoff. He must've been a smooth operator. I agree with you. You always diversify your risk. Diversify the what, the how, and the who. It's hard to feel too bad for all the rich people who lost some of their money, but it is easy to feel bad for those who benefits from the charitable organizations who lost so much.