Tufts and Bernard Madoff - News Article - bernard madoff, tufts university, lawrence s

The Best Savings Rates, CD Rates, and More

	Email to friend
	Print

Other writing by soczie

Tags

Investing, Stocks, Income, Dividends, Value, Buffett, Passive, Economy, Dividend, Retirements, Retirement, Bank, Money, Recession, Stock, Stock market, Banks, Market, Personal finance, Investment, Inflation, Credit, Checking, Savings, Bonuses.

Tufts and Bernard Madoff

Article Submitted by: soczie
News

Tags: Bernard madoff, Tufts university, Lawrence s, Bacow, Madoff.

Along with every alumni of Tufts University, I received the following email yesterday. The email raises many simple questions, such as: why does the President of Tufts not follow simple capitalization rules and capitalize the word University? Or, why is the University's endowment so small? But, it also raises a host of much more troubling issues about a heard mentality that involved blindly chasing returns. Particularly, how could so much of the University's money be placed with a single fund without simple due diligence that would have uncovered the fact that Madoff's accountants weren't real? Seems like a lot of money was blindly thrown in one man's direction without the simplest investigation by any investors.

Submitted: Dec 20, 2008 Views: 383 Comments: 2 Likes: 1

December 19, 2008

Dear Friends:

I have promised to keep you informed when the economic news of these extraordinary times has special significance for Tufts. The news this past week has been dominated by a financial scandal of unprecedented scale and scope. I am sorry to report that Tufts is one of a growing number of victims of the crimes allegedly committed by Bernard Madoff.

In 2005, the university’s Investment Committee authorized an investment with Ascot Partners, which in turn invested the entire sum with Madoff Securities. We have written off the value of this investment, which totaled $20 million, or slightly less than 2 percent of our endowment. This write-off will not significantly affect our operations. We will cooperate with any investigations of this fraud and will work to recoup as much of our investment as possible.

It is personally painful for me to communicate this information to you. We deeply appreciate the trust and confidence that each donor places in the university. We also have an obligation to our students and faculty to manage these resources wisely for their benefit. You have my word that we will look closely at our experience in this case so that we can strengthen our investment process for the future.

I will continue to keep you informed as we work our way through these difficult times. For now, I send all the members of the Tufts community my very best wishes for the holiday season ahead.

Sincerely,

Lawrence S. Bacow
President

Sponsor Updates and Offers

Related Articles:

Bernard Madoff's Giant Ponzi Scheme is the First of Many to be Exposed by JRodgers - Dec 12, 2008
Bernard Madoff's Giant Fraud Raises Lots of Questions by JDonahue - Dec 13, 2008
How We Knew Bernie Madoff Was a Fraud by JRodgers - Dec 21, 2008
Bernard Madoff Story Leaves Front Pages, But Becomes Still More Amazing by JRodgers - Jan 03, 2009
2009 Could be the Year of the Exposed Ponzi Scheme by JRodgers - Jan 03, 2009
Madoff Stays out of Jail by JRodgers - Jan 06, 2009.

1

Email this story Email to someone | Print Content | Add to reading list

Comments Received:

Rubinstein
(Unregistered)

I have been terribly upset to see that many organizations that I have supported with my money and my time have done irreparable damage to themselves by allowing their money to be invested with this crook without the slightest due diligence.

Posted: Dec 21, 2008

Sad
(Unregistered)

Here's a list of all the other known charities, banks, and individuals who lost money. It's very sad. Whole charities have been wiped out:

http://projects.nytimes.com/creditcrisis/madoff_clients/table

Posted: Dec 21, 2008

© Copyright 2009 soczie All rights reserved. soczie has granted BestCashCow.com, LLC non-exclusive rights to display this work on Bestcashcow.com.

Financial products of all nature bear inherent risks and this website is not a financial advisory service; it is a forum for users to share and to compare notes and observations on financial publications. The website provides, free of charge, the technical and logistical apparatus and the medium for users to share and to publish financial information and to comment on publications. As such, the website’s operator can not and does not take responsibility for information, observations or opinions of any sort or nature provided by third parties with whom it is not affiliated who use the website to publish, to comment or as a means of solicitation. Users are specifically warned against following any advice related to specific instruments, including, but not limited to, equity securities, that may be provided by other users directly on this site or on web pages to which other users have provided links on this site. BestCashCow.com can not and does not check or verify the qualifications and credentials of users who publish or comment on this site or on linked pages. Users should seek personalized advice from qualified professionals regarding all personal financial issues and evaluate the risks and applicability to their own circumstances of each financial product discussed regardless of who the publisher is or purports to be. Should you, through your use of this site, identify an individual or organization purporting to offer personalized advice, you bear all responsibility to ensure that the individual or organization has the qualifications that they may represent on the website, and that their advice is appropriate for your circumstances. On certain webpages, BestCashCow.com provides information related to rates on US-based savings accounts, CDs, short-term government bonds, and other US cash equivalent securities, also free of charge to internet users for their independent use. The accuracy of this information is not guaranteed, and the information, like all other information on this website, should not be construed to provide investment advice, nor to endorse a financial product of any sort.

© 2009 BestCashCow.com, LLC. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy.