September 17, 2009
An Affair to Remember: When Conflicts Get Personal
The Madoff scandal continues to provide very useful governance lessons for nonprofit groups.
Hadassah, the Jewish volunteer organization, learned this summer that a woman who had served as the charity's chief financial officer had a long-term affair with Bernard Madoff, who is now serving a jail term for running a Ponzi scheme. During that time, the charity put $40-million into Mr. Madoff's accounts. While Hadassah reportedly earned an average 11-percent return on its Madoff
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