The ongoing Bernie Madoff tragedy – a Ponzi scheme now in the $50 billion range – is one of the most bizarre Jewish stories of the ages.
Here you have a Jewish guy who targeted Jews as clients. Those Jews who made a lot of money (on paper at least) from Madoff then used it to found and fund countless good charities serving Jews and non-Jews. The end result in this very sad chapter in modern America is that some operations have already been forced to shut their doors (such as the Robert I. Lappin Foundation in Boston) and others (such as Hadassah and Yeshiva University) have lost more than $90 million each.
Unlike what many talking heads are jabbering about, this is not just all about the alleged greed of Madoff and key colleagues. Rather, it’s also about a handful of very wealthy Jews taking huge earnings and giving it away for good causes. In fact, I’ve seen some of those investors on TV talking about their sense of personal devastation over the reality that more people will go hungry and not be helped in countless ways because of those tidal wave of financial fraud.
Thus, we have a bizarre silver lining to all of this: American Jewish charitable largesse is being exposed to the nation once again. Of course, the anti-Semites won’t get that. But we should.
So say what you want about Madoff – and if convicted (how can he not be?) 50 billion life sentences is what I say for him and his alleged colleagues – but this all reveals a very good side about American Jews. May we continue to find such angels and may those damaged – particularly those who were being helped by all of these charities – gain new sources of income.
