YU President Richard Joel sent out a letter Tuesday stating that the university lost $110 million, or 8%, of their endowment that had been invested with J. Ezra Merkin’s Ascot Partners; Ascot Partners had in turn invested their entire funds with Madoff. The letter also states that the school’s endowment shrunk from $1.7 billion as of January 1, 2008, to $1.2 billion, a 28% decline, vs. the S&P 500’s 38% and the Dow’s 32% decline over the same period.
The YU Commentator has an in-depth article on the fallout from the news, and what’s taking place at YU, including insight into the dealings of the board and the questions that many had in the past regarding Merkin’s management of the school’s endowment. JTA has the full-text of President Joel’s message to the school.
The Modern Orthodox community in particular is getting hit hard, with news that the Maimonides School in Boston may have lost up to $5 million of an $8 million trust, and SAR in Riverdale losing $3.7 million, about 1/3 of their funds.
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BS”D
All this because of the worship of money.
Wood and stone like silver and gold.
The idols of modern times replaced the old idols…