Yeshiva Says Losses to Madoff Scandal Far Less Than Previously Reported
Yeshiva University has downgraded it exposure to Bernard Madoff-related losses, reporting that much of the reported $110 million was based on "fictitious" profits. The university now estimates its losses are closer to $14.5 million.
Two thoughts: $14.5 million is still a ton of money, and don't fake profits still count if the school based projects, salaries, and financial aid programs on what it thought it had?
Tags: colleges | investing | Bernard Madoff
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i want improve my English,can you help me and give me some advise,please?
they're ducking of course
I presume they're minimizing their involvement so that CIPC doesn't realize the extent of their routine withdrawals over the years (aka fraudulent conveyance).
Uh, excuse me. Question here.
How did any kind of trustee or administrator manage to invest institutional funds in something that was not supported by regular CPA audits?
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