- Oct 7, 2011
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Media Matters for America accepted funding from at least three foundations whose money grew under the fraudulent stewardship of the now-incarcerated Bernard Madoff. One of those foundations was backed by a man many believe was in cahoots with the legendary financial criminal.
Madoffs Wall Street empire crumbled in late 2008 after federal authorities were tipped off to his multibillion-dollar Ponzi scheme.
Among those institutions that saw their fortunes evaporate were foundations that had placed their trust and investments in Madoffs surreal enterprise. Three of those philanthropies contributed money to Media Matters in 2008, at least one of which may have even been complicit in Madoffs scheme.
The Picower Foundation, which The New York Times referred to as one of the nations leading philanthropies, shuttered its $1 billion enterprise after Madoffs arrest. Barbara Picower, who co-founded the charity with her late husband, investor Jeffry M. Picower, told the Times in December 2008 that Madoffs act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic foundations and nonprofit organizations.
But Jeffry Picower was one of Madoffs single largest beneficiaries, and many believe he was hardly an unwitting victim of the Madoff scheme. According to Rick Stone, an attorney representing a purported class of Madoff victims, Picower could even be seen as a more nefarious actor than Madoff.
Read more: Bernie Madoff | Media Matters | Foundations | The Daily Caller
Madoffs Wall Street empire crumbled in late 2008 after federal authorities were tipped off to his multibillion-dollar Ponzi scheme.
Among those institutions that saw their fortunes evaporate were foundations that had placed their trust and investments in Madoffs surreal enterprise. Three of those philanthropies contributed money to Media Matters in 2008, at least one of which may have even been complicit in Madoffs scheme.
The Picower Foundation, which The New York Times referred to as one of the nations leading philanthropies, shuttered its $1 billion enterprise after Madoffs arrest. Barbara Picower, who co-founded the charity with her late husband, investor Jeffry M. Picower, told the Times in December 2008 that Madoffs act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic foundations and nonprofit organizations.
But Jeffry Picower was one of Madoffs single largest beneficiaries, and many believe he was hardly an unwitting victim of the Madoff scheme. According to Rick Stone, an attorney representing a purported class of Madoff victims, Picower could even be seen as a more nefarious actor than Madoff.
Read more: Bernie Madoff | Media Matters | Foundations | The Daily Caller
