April 9, 2009
Feeling the Loss
Grant recipients are still reeling from the closure of two big foundations entangled in the Madoff scam
Amid the difficult environment for charities, groups that focus on causes like human rights, criminal justice, and reproductive health are enduring an especially grim period, as two of the biggest grant makers to such causes were forced out of business by the Bernard L. Madoff fraud.
The JEHT and Picower Foundations — the two largest foundations to succumb to the giant Ponzi scheme — made grants that combined were worth more than $50-million per year. Much of the
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