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December 12, 2008

EXCLUSIVE! YU Sanitizes Website – New York Times Falls For YU Deception

He is the treasurer of Yeshiva University's Board of Trustees. He is also the chairman of YU's Sy Syms School of Business.

Yesterday he was arrested for a $50 billion dollar securities fraud.

Today…

Madoff Web
Photograph of Bernard l. Madoff found through a Google image search on Yu's website. The photograph does not appear on any YU web page that displays naturally, and is only visible through a Google image search or Google cache.

…his name and photograph are missing from their prominent spots on YU's website, almost as if they had never been there.

And the New York Times, which reported Bernard L. Madoff's connection to YU, removed that information from its online story about his arrest.

But Bernard L. Madoff is the chairman of YU's Board of Trustees, and he is the treasurer of YU's Sy Syms School of Business.

Here is proof:

All images that follow can be clicked to enlarge.

YU's Board of Trustees as displayed live on its website at 3:30 am 12-12-08:

Yu Board Of Trustees Live Site

Below is that same page with my browser's "search within this page" function used to search for "Madoff."

What you see is that YU changed the color of the type for his name and the word treasurer to white to make Madoff's name 'disappear.' Apparently the page formatting was too complex for a quick, complete excision of his name:

Yu Board Of Trustees With Madoff Same Page Search

Below is the Google cache of the same page, dated Dec 3, 2008 03:54:15 GMT.

This is a 'picture' of the webpage taken by Google at that date and time. Highlighted text is the term I searched for, "Bernard L. Madoff."

(Note "Madoff" appears in the exact same location as it does on the screenshot immediately above.)

Yu Board Of Trustees (Google Cache)

Here is YU's Sy Syms School of Business annual dinner chairman's welcome page as it displayed live at 3:30 am 12-12-08. It is blank:

Yu Syms School Dinner (Live 12-12-08)

Here is the Google cache of that same page as it displayed Dec 3, 2008 13:11:18 GMT:

Yu School Of Business Dinner (Google Cache 1)

Here is a screenshot of the Google cache with the full text showing:

Yu Syms School Of Business Dinner (Google Cache)

In happier times; Madoff at YU's 79th Hanukkah Dinner in 2003:

Madoff, Syms, Weston Yu

The Times fact checkers – not known to be adept at catching Internet scams like this – apparently pulled references to Madoff's YU connection.

Here is what the Times article originally said:

…The company had around $300 million in assets in 2000 at the height of the Internet bubble and ranked among the top trading and securities firms in the nation. Mr. Madoff ran the business with several family-members including his brother Peter, his nephew Charles, his niece, Shana and his sons Mark and Andrew.

Reached at his office, Peter Madoff declined to comment.

The alleged scheme apparently involved an asset-management unit of Madoff Securities, which Mr. Madoff started after the market-making business became difficult once stocks started being quoted in decimals instead of fractions

Mr. Madoff is currently on the board of Nasdaq OMX Group, formerly the Nasdaq Stock Market, and serves as the chairman of the Sy Syms School of Business at Yeshiva University. His son Mark Madoff served as the vice chairman of the Board of Directors of the National Association of Securities Dealers Inc., from 1993 to 1994 and was also an board member of brokerage firm A.G. Edwards.

His firm, which at one point was the largest market maker on the electronic Nasdaq Stock Market, employed hundreds of traders.

But this entire close of the article is now missing, and the now article ends this way:

…By the early 1980s, his firm was one of the largest independent trading operations in the securities industry. The company had around $300 million in assets in 2000 at the height of the Internet bubble and ranked among the top trading and securities firms in the nation.

Mr. Madoff ran the business with several family members, including his brother Peter, his nephew Charles, his niece Shana and his sons Mark and Andrew.

The text of the original article:

Prominent Trader Accused of Defrauding Clients
By DIANA B. HENRIQUES and ZACHERY KOUWE

Bernard L. Madoff, a legend among Wall Street traders, was arrested on Thursday morning by federal agents and charged with criminal securities fraud stemming from his company’s money management business.

The arrest and criminal complaint were confirmed just before 6 p.m. Thursday by Lev L. Dassin, the acting U.S. attorney in Manhattan, and Mark Mershon, the assistant director of the Federal Bureau of Investigation.

According to the complaint, Mr. Madoff advised colleagues at the firm on Wednesday that his investment advisory business was “all just one big lie” that was “basically, a giant Ponzi scheme” that, by his estimate, had lost $50 billion over many years.

Related accusations were made in a lawsuit filed by the Securities and Exchange Commission in federal court in Manhattan. That complaint accuses Mr. Madoff of defrauding advisory clients of his firm and seeks emergency relief to protect potential victims, including an asset freeze and the appointment of a receiver for the firm.

“We are alleging a massive fraud — both in terms of scope and duration,” said Linda Chatman Thomsen, director of the S.E.C. enforcement division. “We are moving quickly and decisively to stop the fraud and protect remaining assets for investors.”

Another regulator, Andrew M. Calamari, the associate director of enforcement in the New York Regional S.E.C. Office, said the case involved “a stunning fraud that appears to be of epic proportions.”

Although not a household name among consumers, Mr. Madoff’s firm has played a significant role in the structure of Wall Street for decades, both in traditional stock trading and in the development of newer electronic networks for trading equities and derivatives.

The S.E.C.’s complaint, filed in federal court in Manhattan, alleges that Mr. Madoff informed two senior employees on Wednesday that his investment advisory business was a fraud. Mr. Madoff told these employees that he was “finished,” that he had “absolutely nothing .”

The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the principal received from other, different investors. Mr. Madoff admitted in this conversation that the firm was insolvent and had been for years, and that he estimated the losses from this fraud were at least $50 billion, according to the regulatory complaint.

Mr. Madoff, 70, founded Bernard L. Madoff Investment Securities in 1960 and liked to recount how he had earned his initial stake by working as a life guard at city beaches and installing underground sprinkler systems. By the early 1980s, his firm was one of the largest independent trading operations in the securities industry.

The company had around $300 million in assets in 2000 at the height of the Internet bubble and ranked among the top trading and securities firms in the nation. Mr. Madoff ran the business with several family-members including his brother Peter, his nephew Charles, his niece, Shana and his sons Mark and Andrew.

Reached at his office, Peter Madoff declined to comment.

The alleged scheme apparently involved an asset-management unit of Madoff Securities, which Mr. Madoff started after the market-making business became difficult once stocks started being quoted in decimals instead of fractions

Mr. Madoff is currently on the board of Nasdaq OMX Group, formerly the Nasdaq Stock Market, and serves as the chairman of the Sy Syms School of Business at Yeshiva University. His son Mark Madoff served as the vice chairman of the Board of Directors of the National Association of Securities Dealers Inc., from 1993 to 1994 and was also an board member of brokerage firm A.G. Edwards.

His firm, which at one point was the largest market maker on the electronic Nasdaq Stock Market, employed hundreds of traders.

The text of the edited article, as it appeared at 4 am 12-12-08:

Prominent Trader Accused of Defrauding Clients
By DIANA B. HENRIQUES and ZACHERY KOUWE

On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman for the traders who are the hidden gears of the marketplace.

But on Thursday morning, this consummate trader, Bernard L. Madoff, was arrested at his Manhattan home by federal agents who accused him of running a multibillion-dollar fraud scheme — perhaps the largest in Wall Street’s history.

Regulators have not yet verified the scale of the fraud. But the criminal complaint filed against Mr. Madoff on Thursday in federal court in Manhattan reports that he estimated the losses at $50 billion. “We are alleging a massive fraud — both in terms of scope and duration,” said Linda Chatman Thomsen, director of the enforcement division at the Securities and Exchange Commission. “We are moving quickly and decisively to stop the fraud and protect remaining assets for investors.”

Andrew M. Calamari, an associate director for enforcement in the S.E.C.’s regional office in New York, said the case involved “a stunning fraud that appears to be of epic proportions.”

According to his lawyers, Mr. Madoff was released on a $10 million bond. “Bernie Madoff is a longstanding leader in the financial services industry,” said Daniel Horwitz, one of his lawyers. “He will fight to get through this unfortunate set of events.”

Mr. Madoff’s brother and business colleague, Peter Madoff, declined to comment on the case or discuss its implications for the Madoff firm, which at one point was the largest market maker on the electronic Nasdaq market, regularly operating as both a buyer and seller of a host of widely traded securities. The firm employed hundreds of traders.

There was some worry on Wall Street that Mr. Madoff’s fall would shake more foundations than his own.

According to the most recent federal filings, Bernard L. Madoff Investment Securities, the firm he founded in 1960, operated more than two dozen funds overseeing $17 billion.

These funds have been widely marketed to wealthy investors, hedge funds and other institutional customers for more than a decade, although an S.E.C. filing in the case said the firm reported having 11 to 23 clients at the beginning of this year.

At the request of the Securities and Exchange Commission, a federal judge appointed a receiver on Thursday evening to secure the Madoff firm’s overseas accounts and warned the firm not to move any assets until he had ruled on whether to freeze the assets.

A hearing on that request is scheduled for Friday.

Regulators said they hoped to have a clearer picture of the losses facing investors by that court hearing.

“We have 16 examiners on site all day and through the night poring over the records,” said Mr. Calamari of the S.E.C.

The Madoff funds attracted investors with the promise of high returns and low fees. One of Mr. Madoff’s more prominent funds, the Fairfield Sentry fund, reported having $7.3 billion in assets in October and claimed to have paid more than 11 percent interest each year through its 15-year track record.

Competing hedge fund managers have wondered privately for years how Mr. Madoff generated such high returns, in bull markets and bear, given the generally low-yielding investment strategies he described to his clients.

“The numbers were too good to be true, for too long,” said Girish Reddy, a managing director at Prisma Partners, an investment firm that invests in hedge funds. “And the supporting infrastructure was weak.” Mr. Reddy said his firm had looked at the Madoff funds but decided against investing in them because their performance was too consistently positive, even in times when the market was incredibly volatile.

But the essential drama is a personal one — one laid out in the dry language of a criminal complaint by Lev L. Dassin, the acting United States attorney in Manhattan, and a regulatory lawsuit filed by the S.E.C. According to those documents, the first alarm bells rang at the firm on Tuesday, when Mr. Madoff told a senior executive he wanted to pay his employees their annual bonuses in December, two months early.

Just days earlier, Mr. Madoff had told another senior executive he was struggling to raise cash to cover about $7 billion in requested withdrawals from his clients, and he had appeared “to have been under great stress in the prior weeks,” according to the S.E.C. complaint.

So on Wednesday, the senior executive visited Mr. Madoff’s office, maintained on a separate floor with records kept under lock and key, and asked for an explanation.

Instead, Mr. Madoff invited the two executives to his Manhattan apartment that evening. When they joined him there, he told them that his money-management business was “all just one big lie” and “basically, a giant Ponzi scheme.”

The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the cash received from other investors.

In that conversation, according to the criminal complaint, Mr. Madoff “stated that he was ‘finished,’ that he had ‘absolutely nothing.’ ”

By this account, Mr. Madoff told the executives he intended to surrender to the authorities in about a week but first wanted to distribute approximately $200 million to $300 million to “certain selected employees, family and friends.”

On Thursday morning, however, he was arrested on a single count of securities fraud, which carries a maximum penalty of 20 years in prison and a maximum fine of $5 million.

According to the S.E.C., Mr. Madoff confessed to an F.B.I. agent that there was “no innocent explanation” for his behavior and he expected to go to jail. He had lost money on his trades, he told the agent, and had “paid investors with money that wasn’t there.”

Although not a household name, Mr. Madoff’s firm has played a significant role in the structure of Wall Street for decades, both in traditional stock trading and in the development of newer electronic networks for trading equities and derivatives.

In building those new trading networks, his firm had formed partnerships with some of the largest brokerage businesses on Wall Street, including Goldman Sachs and Merrill Lynch.

Mr. Madoff founded Bernard L. Madoff Investment Securities in 1960 and liked to tell interviewers about earning his initial stake by working as a lifeguard at city beaches and installing underground sprinkler systems.

By the early 1980s, his firm was one of the largest independent trading operations in the securities industry. The company had around $300 million in assets in 2000 at the height of the Internet bubble and ranked among the top trading and securities firms in the nation.

Mr. Madoff ran the business with several family members, including his brother Peter, his nephew Charles, his niece Shana and his sons Mark and Andrew.

Vikas Bajaj and Gretchen Morgenson contributed reporting.

So, why the changes?

What is missing from the new version are for the the most part Madoff's connection to YU, and other family associations.

While it could be argued his son's connection to the National Association of Securities Dealers should be removed because the son is not charged with a crime and the association listed is 15 years old.

But Bernard L. Madoff's associations are news, especially if they pertain to business or training for business. That is especially true if those associations are current. And this would be even more heightened if those associations are intertwined with religion or morality.

(Imagine if Bernard L. Madoff was affiliated with Oral Roberts University, or an Evangelical school of business, or if Madoff was the chairman of the Board of Trustees oft Catholic University – or if he were the chairman of the Board of Trustees of the American Society of Atheists.

The connection would be news.)

Either the Times was duped, or the Times has a lot of explaining to do.

Previous Post.

[Hat Tip for the Times "edit": Yoel B.]

Comments

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YOU are rediculous shmarya. Lost a lot of whatever credibility you had with me...

YU should certainly take him off the website. Its what any insitution would do. Perhaps they made a decision to remove him from his post, and therefore do not have a formal connection to him anymore.

I dont see the big deal in YU removing him from the website. Its a common thing to do

There you go again finding fault with the New York Times - the flgship of pro Charedi/orthodox journalism.

Your prrof is tha the NYT dropped mention of Mr. Madoff's association with YU in web story. That is trur but id only half true.

The web storyy dropped mention of all of Mr. Madoff's and hi son's personal associations YU, Nasdax OMX and J.D. Edwards.

Maybe it was NASDAQ or J.D. Edwards that got to the Times.

Sorry, they're in a no-win situation. If they take him down, you rip them. If they leave him up, you'd rip them 20 new ones.

Your prrof is tha the NYT dropped mention of Mr. Madoff's association with YU in web story. That is trur but id only half true.

The web storyy dropped mention of all of Mr. Madoff's and hi son's personal associations YU, Nasdax OMX and J.D. Edwards.

I mention that in y post and point out the son – who has not been charged or arrested, and whose connections to one of those orgs is 15 years old – should not be mentioned.

Madoff's connections to YU are current and Madoff IS arrested and charged.

orry, they're in a no-win situation. If they take him down, you rip them. If they leave him up, you'd rip them 20 new ones.

They could take it down openly and honestly. Instead YU did it to HIDE the original connection.

Shmata,

They could take it down openly and honestly-

No matter what they do -youll find something wrong with it-

Yes !!!!

If YU was honest and transparent to the public, it would have issued an announcement stating that Mr. Madoff has been fired from all of his connections with YU, having being charged with a criminal offense.

Any idea if Madoff is orthodox?

You don't have to be orthodox to be an officer of YU or even Artscroll.

Mind you, the impact of this fraud is absolutely staggering.

There was a big deal about the Bayou hedge fund fraud but that was only $400 million - this is $18 billion.

How did Madoff sleep at night? Shmarya is just scratching the surface and seems to have no idea how many charitable organizations & other funds are being taken down by this.

Madoff was a fund of funds and access to him was like the proverbial gold card. His trick was to provide a 600% return in 10 years. A lot of investors paid taxes outside the shelter and are going to try to get a refund from the IRS because the profits never actually existed.

Archie, only realized gains are generally taxed, so anyone who received cash for their investment will not get a refund and anyone who did not receive cash never paid a tax. I'm not sure what you are talking about when you say : "A lot of investors paid taxes outside the shelter and are going to try to get a refund from the IRS because the profits never actually existed."

I predict Madoff kills himself before he gets to jail.

"only realized gains are generally taxed"

According to the Faber Report, Madoff created the illusion of gains which everyone thought was the real thing.

According to the WSJ Madoff's sons, Andrew and Mark, turned in their father.

Dear Shmarya,

This is excellent analysis. Thanks for being bold and diligent enough to do this. Clearly, YU absolutely did not handle this in the right way, and your sleuthing helps expose that. Keep up the good work.

Menachem

Sage is correct. YU attempted to obscure its association for a number of reasons, including ties to their own stability. I predict he will pay for 24 hour guard service, surrender his passport, but manage an excape to Israel, where he will live out the remainder of his life opposing extradition atempts. Long live the law of of return!

Maddof is accused of swiping $50 billion and is released on $10 million bond. Rubashkin can't get bail under any circumstances. Does this make sense?

$50 billion is probably not the final figure of how much was leveraged off the original $18 billion.

This is probably the biggest Ponzi scheme in history.

Many excitable individuals here will of course claim there is no connection but Madoff was a MAJOR donor to the Democrats and seemingly NO Republicans.

Shmarya, you're such a fool. What the hell do you expect YU to do? They dumped the guy, plain and simple. Kol HaKavod to them. You want public breast beating for something they weren't even involved in? What planet do you live on?

Nachum,

The YU failure to issue a public statement is along the same lines as the horrible OU response to the Agri Schechitah Scandal of 2004, which claimed that all of the meat ever produced by Agri, up until that time, was Kosher.

When you dismiss a board member for cause it is a public action, and reputable organizations make a sanitized statement, not hide it in the dark of the night. Step up to the plate admit your error, they were conned like everyone else, or is there more to it as their actions suggest?

Sage, you cannot compare YU to the OU. The OU was aiding & abetting Rubashkin. YU was not assisting Madoff and may even have been defrauded by him.

God, you people are hopeless:

Sage, it's nothing along those lines. YU isn't claiming the guy is innocent.

Justice seeker, you don't issue a public statement saying why you fired him unless you want to risk a libel suit.

I wonder as well, given all the tuition money many of us on this posting board have pumped into YU, why can't it afford a half-decent web-design staff to properly hide something like this?

I agree with what's been said above. Taking the name down would've been fine with an explanation, that could have been as simple as: Mr. Madoff is no longer part of the Yeshiva community, and YU completely disassociates itself from him moving forward.

Fuck me. When are they going to put up the streaming KA$H-R-U$ shanda panel?

I wonder how much YU money was with Madoff.

Someone on Bloomberg commented that a lot of Palm Beach fat cats may loose money.
Wonder if Sy Syms was enough of an "educated investor" to avoid getting taken.

I happen to know which hedge fund is holding much of YU's money but that is confidential information. It's not Madoff's but the fund may have itself invested with Madoff.

I posted this earlier on UOJ's blog:

2 accountants in Monsey named Friehling & Horowitz who work out of rented cubicles in a 15 square foot space are being accused by due dilligence advisor Aksia of helping Madoff conceal the fraud. Aksia was suspicious of Madoff's gains of up to 80% per year and staked him & the Monsey clowns out for 18 months. They then started telling all their clients to stay the hell away from him.

This is all very shocking to anyone on Wall St who knew him. Madoff was probably the most seemingly honest trusted figure to come to mind.

David Friehling is a Cornell grad who is a trustee and on the board of the Rockland JCC-Y.

We are trying to determine the names of the 9 Felony Sexual Assault Cases Pending by the Brooklyn DA in the Orthodox community. Can anyone assist? My updated list is the following:

see also: http://failedmessiah.typepad.com/failed_messiahcom/2008/12/nyc-channel-11.html

1) Yona Weinberg
2) Martin Vegh AKA Boorich Mordechai Vegg (recently convicted, is he part of list?)
3) Rabbi Avrohom Mondrowitz
4) Stephen Colmer
5) Yakov Kramer
6) Arye Ickovits

YU endowment has 42% (!) invested with hedgefunds.

See:
http://farm4.static.flickr.com/3151/3103031080_a89ed586f7_o.jpg

I wonder what percentage with Madoff...

also headed Nasdaq--not just a Jewish scandal.

Why look for leaders? Why try to replace them? Why try to be them?

Everyone wanders around being shocked shocked shocked all the time-but of course our own feet are of gold and not clay.

4 days and 4 rabbonim later????????

1) "The girl told her mother about her ordeal. But relatives waited four days before reporting the attack to cops, seeking rabbinical approval from neighborhood religious leaders about speaking to investigators, the spokesman said."

http://www.nydailynews.com/ny_local/brooklyn/2008/12/12/2008-12-12_hasidic_girl_molested_by_59yearold.html

2) "According to State Assemblyman Dov Hikind, who has championed the cause of abuse victims in recent months, the family first reported the incident to his office. They then contacted four community rabbonim to ask whether they were halachically permitted to report the perpetrator to the authorities. Three rabbonim allegedly said they didn't want to get involved. The fourth, in contrast, permitted them, and apparently strongly urged them to proceed."

http://www.vosizneias.com/24091/2008/12/11/borough-park-ny-charedi-girl-molested-on-way-to-school-hiknd-kudos-to-family-for-reporting-it-to-law-enforcement-hynes-speaks-out

YU would have accepted money from hitler, they have no soul,all they care about is money.

unlike nasdaq which is dedicated to poetry

Is it credible that his own son's turned him in?

http://online.wsj.com/article/SB122895356506696347.html

Obama Was Mute on Illinois Corruption

What's odd is that because of the Aksis investigation, the Feds got letters a while back complaining about Madoff but they sat around and didn't do anything about it.

http://online.wsj.com/article/SB122903010173099377.html

By AMIR EFRATI, TOM LAURICELLA and DIONNE SEARCEY

Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called "a giant Ponzi scheme."

The complaint did not name the two senior employees. But according to people familiar with the matter, they are Mr. Madoff's sons, Andrew and Mark. Mark Madoff is the firm's senior managing director and chief compliance officer. Andrew Madoff is its director of trading.

A call to the sons' attorney was not returned.

Both complaints say Mr. Madoff told his sons he believed losses from his fraud exceeded $50 billion.

Such a scheme would dwarf past Ponzi schemes. It would also be nearly five times larger than the accounting fraud that drove telecom company WorldCom into bankruptcy proceedings in 2002.

The criminal complaint said that when Mr. Cacioppi and another agent went to Mr. Madoff's apartment Thursday, Mr. Madoff told them: "There is no innocent explanation." Mr. Madoff told the agents that "he paid investors with money that wasn't there," adding that he was "broke" and had decided "it could not go on." He said he expected to go to jail.

Mr. Madoff told one of his sons that "clients had requested approximately $7 billion in redemptions, that he was struggling to obtain the liquidity necessary to meet those obligations." On Tuesday, the complaint alleges, Mr. Madoff added that he wanted to pay bonuses to employees this month, which was earlier than usual.

The next day, the sons met with Mr. Madoff at his office to ask about the bonus situation because he had appeared to be under "great stress" in prior weeks, they told the FBI. Mr. Madoff refused to answer their questions and arranged to meet them at his Manhattan apartment, the complaint says.

Mr. Madoff "wasn't sure he would be able to hold it together" if they continued to discuss the issue at the office, the complaint quotes one of the sons as saying. At the apartment, Mr. Madoff confessed that his business was a fraud and that he was "finished." He said he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." He told them the firm was insolvent, according to the complaint.

Mr. Madoff told them he planned to surrender to authorities, but first, he wanted to pay certain employees portions of the $200 million to $300 million dollars that was left.

According to a person familiar with the firm, the sons brought the matter to the attention of their attorney, who notified federal officials Wednesday night.

Since its inception almost a half-century ago, the Madoff firm has been a family affair. Mr. Madoff started his company with $5,000 he saved from a lifeguarding at Rockaway Beach in Queens and a job installing underground sprinkler systems, according to a 2000 report in a trade magazine, "Wall Street + Technology."

Mr. Madoff's brother, Peter Madoff, joined the firm around 1970 and is the senior managing director. Peter Madoff did not return calls for comment.

The two sons, Andrew and Mark, have worked for the securities firm since graduating from college 20 or so years ago. Neither is involved in the asset-management business that their father runs, according to a person familiar with the situation.

According to a 1986 report in a monthly financial magazine, Financial World, titled "The Highest Paid People on Wall Street," Mr. Madoff owned three homes and kept a yacht moored in the Bahamas. The report said he earned $6 million in 1985. Property records show at one point he owned a home in Montauk, N.Y., and paid more than a $1 million in annual taxes. He has made major donations to Democratic candidates and organizations.

The court has not yet appointed a trustee to oversee Madoff's fund.

I wonder if Sarachek or Attorney Bernie can handle one more loser company on their plate.

He is protecting his sons. The entire family had to be in on this.

Our "tribe" has been injured and our tribal chief found to be a fraud.

The judge in this case is Stanton.

Any relation to Ronald Stanton from the YU board?

Dec. 12 (Bloomberg) -- Bernard L. Madoff, the investment adviser who allegedly called his firm “one big lie” before being arrested in a potential $50 billion fraud, squandered money from his friends and neighbors, lawyers said.

Two New York lawyers, who plan to sue Madoff as early as today on behalf of dozens of individual clients, said some of the 70-year-old manager’s once-wealthy investors are now destitute and unsure how they will pay their rent.

“Many were members of his social community -- many were his friends,” Stephen Weiss, a lawyer with Seeger Weiss in New York, said today in front of the federal courthouse in Manhattan. The “panicked” investors include doctors and retirees, he said.

Does anybody know who are their external auditors? and how this thing was going on even after Saxbane-Oxley act ?

Anyone have any info on how much money YU had in the fund? You have to assume at this point that money is completely gone. A few weeks ago David Swenson (Yale Endowment manager whose strategy almost all schools are trying to copy) made the point that even some big well known universities thought the had created a good model by simply investing in hedge funds without much oversight or long term planning re: diversification. Hate to say it, but Swenson looks to be correct in the case of YU. The YU endowment managers should take a lot of heat for this. It's one thing to say to investors the value of our holdings went down but we still have them and are working for the long term. It's entirely different to say we lost your whole donation to a con man. . .

Try to search engine with YU's home page. It finds 86 mentions of Madoff, but all pages are blank or unavailable.
YU Search Results

Type in the text you wish to find on the YU site:

Search the Web Search yu.edu
Web Results 1 - 10 of about 86 for madoff. (0.03 seconds)

Sy Syms School of Business Student Alumni Gala Dinner
Bernard L. Madoff Chairman of the Board, Sy Syms School of Business. On behalf of the board of directors of the Sy Syms School of Business, I am delighted ...
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Bernard L. Madoff Chairman Joseph Kerzner Vice Chairman Dr. William L. Silber Secretary Alan M. Silberstein Treasurer Hal H. Beretz ...
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The lobby was donated by Norman F. Levy, a friend of SSSB Board Chairman Bernard L. Madoff and his wife, Ruth, who attended the reception. ...
spider.mc.yu.edu/news/articles/article.cfm?id=100107 - 19k - Cached - Similar pages
Yeshiva University | Board Of Trustees
Bernard L. Madoff Treasurer. Joseph Wilf Trustee Emeritus. David S. Gottesman Robert M. Beren Ronald P. Stanton Chairmen Emeriti. David J. Azrieli ...
www.yu.edu/board/ - 23k - Cached - Similar pages
Yeshiva University: Hanukkah Dinner - DINNER CHAIRS
Ruth Madoff Arrangements Chair. Hyman and Ann Arbesfeld Jayne and Harvey Beker Marjorie Diener Blenden Mitzi and Warren Eisenberg Simone and David Eshaghian ...
www.yu.edu/hanukkah2008/page.aspx?id=27644 - 12k - Cached - Similar pages
Sy Syms School of Business Student Alumni Gala Dinner
GREETINGS FROM BERNARD L. MADOFF · GREETINGS FROM WARREN EISENBERG · DIRECTIONS · HONORARY DINNER CO-CHAIRS · GALA DINNER CO-CHAIRS ...
www.yu.edu/Sssbdinner/ - 17k - Cached - Similar pages
-Yeshiva University News - New Cadre of Presidential Fellows ...
Sep 3, 2008 ... Solomon Sved, the Ruth and Bernard L. Madoff Presidential Fellow in the Office of Academic Affairs, Institutional Research ...
spider.mc.yu.edu/news/articles/article.cfm?id=101665 - 24k - Cached - Similar pages

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Try to search engine with YU's home page. It finds 86 mentions of Madoff, but all pages are blank or unavailable.
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Web Results 1 - 10 of about 86 for madoff. (0.03 seconds)

Sy Syms School of Business Student Alumni Gala Dinner
Bernard L. Madoff Chairman of the Board, Sy Syms School of Business. On behalf of the board of directors of the Sy Syms School of Business, I am delighted ...
www.yu.edu/sssbdinner/page.aspx?id=20354 - 18k - Cached - Similar pages
-Yeshiva University News - Netanyahu Speaks at YU: Former Prime ...
Bernard L. Madoff, a member of the University’s Board of Trustees since 1996, ... Mr. Madoff is chairman of Bernard L. Madoff Investment Securities, ...
spider.mc.yu.edu/news/articles/article.cfm?id=100318 - 21k - Cached - Similar pages
-Yeshiva University News - Sy Syms 20th Anniversary Draws Alumni ...
Apr 30, 2007 ... former United States Ambassador to Israel and Egypt and a Yeshiva College alumnus; and Bernard L. Madoff, Madoff Investment Securities, ...
spider.mc.yu.edu/news/articles/article.cfm?id=101339 - 20k - Cached - Similar pages
Sy Syms School of Business Student Alumni Gala Dinner
Bernard L. Madoff Chairman Joseph Kerzner Vice Chairman Dr. William L. Silber Secretary Alan M. Silberstein Treasurer Hal H. Beretz ...
www.yu.edu/sssbdinner/page.aspx?id=19922 - 17k - Cached - Similar pages
-Yeshiva University News - SSSB Honors Josh Weston: Sy Syms School ...
Co-chairs of the luncheon are Bernard L. Madoff, chairman of Bernard L. Madoff Investment Securities, and Arthur F. Weinbach, chairman and chief executive ...
spider.mc.yu.edu/news/articles/article.cfm?id=100515 - 20k - Cached - Similar pages
-Yeshiva University News - Lobby Reception: Stern Student Leaders ...
The lobby was donated by Norman F. Levy, a friend of SSSB Board Chairman Bernard L. Madoff and his wife, Ruth, who attended the reception. ...
spider.mc.yu.edu/news/articles/article.cfm?id=100107 - 19k - Cached - Similar pages
Yeshiva University | Board Of Trustees
Bernard L. Madoff Treasurer. Joseph Wilf Trustee Emeritus. David S. Gottesman Robert M. Beren Ronald P. Stanton Chairmen Emeriti. David J. Azrieli ...
www.yu.edu/board/ - 23k - Cached - Similar pages
Yeshiva University: Hanukkah Dinner - DINNER CHAIRS
Ruth Madoff Arrangements Chair. Hyman and Ann Arbesfeld Jayne and Harvey Beker Marjorie Diener Blenden Mitzi and Warren Eisenberg Simone and David Eshaghian ...
www.yu.edu/hanukkah2008/page.aspx?id=27644 - 12k - Cached - Similar pages
Sy Syms School of Business Student Alumni Gala Dinner
GREETINGS FROM BERNARD L. MADOFF · GREETINGS FROM WARREN EISENBERG · DIRECTIONS · HONORARY DINNER CO-CHAIRS · GALA DINNER CO-CHAIRS ...
www.yu.edu/Sssbdinner/ - 17k - Cached - Similar pages
-Yeshiva University News - New Cadre of Presidential Fellows ...
Sep 3, 2008 ... Solomon Sved, the Ruth and Bernard L. Madoff Presidential Fellow in the Office of Academic Affairs, Institutional Research ...
spider.mc.yu.edu/news/articles/article.cfm?id=101665 - 24k - Cached - Similar pages

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hey i'm from roslyn just like that guy!

2 points:

Point1:
Domey said no one cared about my twisted take on shelter rock jewish center hebrew school teachings.

well actually i did learn a bit more than they taught there.

most jews in fact never learn the fundamental axiom of jewish belief which is the same in ortho and hasidic thought.

that axiom is of course the answer to the question "Why did God create the Jews?"

ask ur fav chabad reb or ask Haskell at KJ on 85th across from Ramaz and you'll get the same answer.

Point 2:

Compare the ethics of the YU guy with the actually moral ethics of the hedge fund guy from roslyn who has a ph.d and asks duh obvious questions like do hedge funds really hedge.

If what i've said here makes no sense then i say ur religiousity presents with significant comorbidities that preclude productive dialog.

oh yeah good use of web skillz there shmarya.

Wow...you are so right. People are trying to cover their tracks and of course, their asses. It's all about wiping away any connection with this guy now. But footprints, especially digital ones, are not that easy to cover up. And when u try to cover up - well - why??? what are u hiding??????????

Good job...

If they had kept him on the website, you would be slandering YU for "aiding and abetting the YU Modern Orthodox criminal financial fraudster"

Your stupidity knows no bounds. Your dirty tricks against all Judaism have become quite tiresome.

Fool, why dosnt YU give back all the money that this bum gave them?

Supposedly YU lost $100 million.

Do you have a source for that $100 mil figure?

Hey Nazi at 9:27 am,

Most of the Enron crooks are WASPs.

Shalom Weiss is not a rabbi, as a matter of fact by the time the fraud broke he was not religious whatsoever. Most of Weiss's accomplices were either Irish or Italian.

Archie,

You say you posted here and on UOJ that Madoff's accountants were from Monsey. That is not true. In fact, I have no idea where youu got the from. A simple Google search of the firm name would show that they were not from Monsey. Were you trying to imply that it was frum firm from Monsey?

Source for $100 mil is someone on Exec. board - can't comment on the name.

I heard that Madoff was treasurer of YU's investment committee, they were taken like everyone else. I also heard that shaarie tzedek hospital had 10% of their endowment with him, hundreds of millions of dollars. The fall out from this is going to hit the whole community, charedi to reform, very hard. there are going to be tzedakah intitutions and scools folding as fast as banks.

The accountants are in New City. Just down beautiful route 59 from Monsey.

shmaryah, i personally know a ton of jews--uja jews-- and a ton of jewish charities who invested with bernie...picking on yu is clearly anti-ortho. they are victims like the rest

shmaryah, i personally know a ton of jews--uja jews-- and a ton of jewish charities who invested with bernie...picking on yu is clearly anti-ortho. they are victims like the rest

YU sanitized its website and tried to deny connections to Madoff. That is what I criticize YU for – NOT for losing money by investing with him.

I think YU was in a serious state of panic. I think this is understandable. I would be too if I were in their shoes. They released a statement declaring they were not going to address the issue at this time until they had finished their investigation. That means it may be very bad indeed.

A lot of people in the institutions that survive this are going to face termination.

Wrong approach totally. YU could use a lesson from the guys at Chabad. They were the victims here and this is a tremendous fund raising opportunity.

The accountants are in New City. Just down beautiful route 59 from Monsey.

Posted by: Mojo | December 14, 2008 at 07:57 PM

You cannot get to New City by driving on 59. Shows what you know about your geography.

There is nothing about New City that would make one mistake it for Monsey.

But you too proved a point.

The Faber Report said on Friday that the Madoff accountants are based in Monsey. It seems they did rent a cubicle there before moving down the road to New City.

Monsey & New City are both full of Jews. Except the ones in Monsey have beards, 20 kids, on welfare, & shop at the local Walmart.

Excuse me if I forgot about that left turn one must take at route 304 to get to New City where the Rockland County courthouse is.

Umm..
You are aware that many very wealthy and high profile people sit on many boards and have positions in prestigious places. Thats what you get for your donations.
I dont see he YU can be blamed for falling victim to the same scam everyone else did.
Why shouldnt they remove him frmo website. He is an embarrassment to the school to be sitting in a position of prestige. And, he is no longer in those positions.

Dear Mr. Shmaya Rosenberg,
I came across your website recently while searching for some information about chicken and beef products. Since then I come across the site and read articles you post here from time to time about faults among the religious Jews...
I am shocked every time again and again at the efforts that are put in for the purpose of pointing out faults in others... it brought me back to elementary school days, and reminded me childish behavior that I would prefer not to waist time even thinking about... It made me wonder how low, useless and uncivilized people can become...
You obviously enjoy putting people down and pointing out faults in others, and you get such satisfaction out of it that you spend hours digging into other peoples business and advertising your findings.
The world is full of hardships, sorrow, we need light in the world , we need positiveness, we need comfort..
With the free time it seems you have, you can do so much to bring some happiness and a bit of comfort to peoples lives instead of pointing out faults like a little kid.
Yes, people do lots of wrong moves ,people are full of sins, they mess up in many different ways , at times intentionally and at times unintentionally...people err.. many times people act stupid or foolishly .. and yes, we need society to correct its ways, we need people to become more moral, ethical, no one disagrees about that...
But who are you to go out and make things worse? why does anyone need the information you are presenting so proudly? who does it help? in what way does it improve society? Does anyone worth while really appreciate what you do? do your acts help to make this world into a better place? is this what you wish to fill up your days with? if you were to die today would you feel good about this disgraceful website?
people need encouragement and helping hands.. people are yearning for some comforting words.. some light to replace the darkness..
why add negativity? WHY ADD SALT TO THE WOUNDS OF PEOPLE? who exactly are you helping here? how in the world is this website making the world a better place?
While searching for some information about the tragedy in Bombay,I came across a nice article you posted in your site about Jacki the Indian cook who managed to escape with The Nani. I was searching for the negative theme, for the faults pointed out, but this article was different. I was pleasantly surprised.. we need to be focused on positiveness, kindness, love and peace. Not do anything that will bring more separation, hatred, chaos, and negative forces into society... We need help to transform and rebuild a society that is sensitive to all beings, ethical and moral that follows a strong value system..we need to invest more efforts in educating our youth to follow that path.. but in a positive manner. By shining LIGHT, being an example and pointing to the right direction in ways of peace. Hatred, animosity, playing G-d and pointing out faults and adding oil to burning fires will just strengthen the negative forces in the world, and lead to more destruction, contamination, suffering hatred and darkness...
I hope you decide to put your talents, strengths, abilities and time into positive acts of goodness and kindness and help bring more light and happiness into peoples lives. That will contribute individually to peoples day to day life and globally to the wolds positive powers and forces....
please...
Hope to see a drastic change for the good...
sincerely,
A concerned person who really hopes for the best for you and all people.......

Madoff should not have been on the board in the first place. It's a pure conflict of interest. When he was put on the board, the investments with him should have been liquidated immediately. YU would have saved a whole lot of $$ and embarassment.

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