Madoff's Sons Used Outsiders To Manage Foundation Funds

[babylonsister]

Unlike Dad, Madoff's Sons Used Outsiders To Manage Foundation Funds
By Zachary Roth - December 17, 2008, 2:15PM


We've seen a lot about the philanthropic organizations, many of them focused on Jewish issues, that have taken huge hits after entrusting their money to Bernard Madoff. And Madoff's own philanthropic foundation was managed by its proprietor's investment firm, of course.

But Madoff's sons had their own foundations -- and it looks like they did things differently. Rather than entrusting the money to their father, Mark and Andrew Madoff appear to have relied on Neuberger Berman and Lehman Brothers to manage the funds, according to documents dug up by the blog Cityfile New York. (Until September, Lehman was Neuberger's parent company.)

Even with Lehman's collapse -- which led to Neuberger being taken over by two private-equity firms, Bain Capital Partners and Hellman & Friedman, this fall, the brothers appear to have made a very wise decision.

more...

http://tpmmuckraker.talkingpointsmemo.com/2008/12/unlike_dad_madoffs_sons_used_o.php

[tblue]

1. Then they knew?

[w4rma]

2. The probably did. They may have even tried to turn him in earlier as others tried to do. (nt)