MetroWest: ‘No exposure to Madoff’
Monday, December 15th, 2008Unlike the Los Angeles Jewish federation, whose community foundation had $25.5 million, or 11% of its assets, parked with Bernard Madoff’s alleged Ponzi scheme, the MetroWest federation here in New Jersey says it has “no exposure to Madoff investments.” (Their release is below.)
We’re still looking into the impact on Frank Lautenberg’s family foundation, which, significantly invested in Madoff’s hedge fund, gave UJC MetroWest $300,000 and more each year.
Here’s the UJC MW release:
Recent news that investor Bernard Madoff allegedly mishandled client investments has created an avalanche of victims throughout the world. His clients include some of the most charitable families and major organizations in the Jewish community.
United Jewish Communities (UJC) of MetroWest NJ and our Jewish Community Foundation (JCF) of MetroWest NJ have not been directly affected by Madoff’s activities. We have performed our due diligence and spoken with all of our investment managers. The result is that UJC and JCF have no direct exposure. (more…)


JustASC is written by Andrew Silow-Carroll, Editor-in-Chief of the 