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American Jewish Congress Hit Hard By Madoff Fraud

By Howard M. Friedman

One of the nation's most important voices on church-state issues, the American Jewish Congress, has been hard hit by the Bernard Madoff fraud according to a report yesterday by the Forward. Some $21 million of the organization's $24 million endowment was invested with Madoff. Endowment funds accounted for about 25% of AJCongress' annual budget of $6.2 million. Marc Stern, the organization's acting co-executive director, called the losses "a serious blow", but "not fatal." One of the first cuts is likely to be the group's monthly magazine, Congress Monthly. (See prior related posting.)

Full post as published by Religion Clause on January 09, 2009 (boomark / email).