At a time when some Jewish groups are being accused of schnorring and taking advantage of calamities to raise funds and rabbis are being tagged as racists for their public letters, it was refreshing to me to hear that Hadassah will be returning $45 Million in proceeds they received from their investments with the convicted Ponzi scammer Bernard Madoff.
Hadassah, the Women’s Zionist Organization of America, initially invested a $7 million gift with Bernard Madoff Securities in 1988. The group invested an additional $40 Million, and over 19 years, withdrew $137 million.
Nancy Falchuk, the group’s current President, said on its website today, that “this settlement is in the best interest of Hadassah. It allows us to put this chapter behind us, and move forward with our critical life-affirming mission”
Maybe other groups will put their ethics ahead of their bank accounts? I for one will renew my subscription to Hadassah Magazine and support their October 2012 dedication of Jerusalem’s Sarah Wetsman Davidson Hospital Tower.