Yeshiva Says Losses to Madoff Scandal Far Less Than Previously Reported

Schools says losses closer to $14.5 million, not $110 million

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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?