Local Madoff News

In case you were wondering, I have hearsay from a fairly reliable source that the University of Miami had no money invested in the Madoff funds.

Of course, what one hears — always third hand — is that lots and lots of people in the Miami Jewish community seem to have lost a packet.

This entry was posted in U.Miami. Bookmark the permalink.

4 Responses to Local Madoff News

  1. PHB says:

    The problem with these scams is that the second and even third and fourth order effects can still be serious.

    Quite a few charities have been sunk by Madoff as their benefactors have gone under.

    And this one act of embezzlement has probably sunk the legitimate hedge fund industry with it. Which may not be a bad thing of course. With hedge funds and real estate out for the time being, Investors seeking above average gains are going to be forced to look at the VC route in the near term.

    Might see some money going into vulture funds looking to buy up all the properties and businesses that are suddenly becoming cheap.

  2. jo casson says:

    Re U of Miami . I hope you are right that they had no funds with Madoff, but seems like it would be a miraculous escape. Esp for Bascom Palmer which has received alot of funding from Palm Beach residents.

  3. Karl says:

    Check your sources again? I hear from sources in the know, that UM has lost a fair amount via donations and investments.

  4. michael says:

    It’s important to distinguish between (1) money UM has in its pocket and invests (no Madoff issues, I have heard from independent sources, but all 2nd hand) and (2) money that UM was hoping to receive from donors, or perhaps even had pledged by donors. I wouldn’t be a bit surprised to hear there were major local donors or would-be donors with Madoff issues. So if this is right, UM may not escape the effects Madoff problem in the end — but through no fault of its own. But so far the story — all hearsay, I admit — is that the university didn’t have any money invested directly with him, and I’ve heard nothing to the contrary from anyone who ought to know.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Notify me of followup comments via e-mail. You can also subscribe without commenting.