US News reports: Tufts, Yeshiva, New York Law School, and Harvard Hurt by Madoff.
The Bernard Madoff story has clawed its way into college news, with Tufts, Yeshiva, and New York Law School funds tied to Ascot Partners, a Florida hedge fund with nearly all its $1.8 billion invested with Madoff.
Yeshiva is by far the worst off, reporting it likely lost $110 million of its endowment to the giant Ponzi scheme, which is about 8 percent of its assets.
Tufts has also reported it lost $20 million through Ascot Partners, and New York Law School reports similarly large losses. The loss is 2 percent of the university's endowment and officials say they are participating in the investigation and will attempt to recover the losses.
A number of Harvard Medical School researchers, meanwhile, have lost their grants, thanks to ties to Madoff's firm. All grants from the Florida-based Picower Foundation, which was funding millions in diabetes and medical research, were cut off after the foundation—which has a nearly $952 million portfolio—announced it would close its doors because of Madoff-related losses.
"Experience keeps a dear school but fools will learn in no other."
- Benjamin Franklin
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