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Fake charities hit by fake investment

Bernard Madoff’s $50-billion investment fraud wiped billions of dollars from Jewish charities. Madoff the swindler is a close friend of the Diaspora bosses and managed their organizations’ money. The fraternal, completely unsupervised atmosphere allowed Madoff access to Jewish communal coffers. Regrettably, the self-appointed Jewish leadersówho failed to exercise due diligence over the money donated to them by millions of working Jewsówon’t be jailed alongside Madoff.

The question arises: why do the charities keep huge amounts of cash when Jewish day schools and similar worthy projects close due to the lack of funding? The immediate answer is that the likes of Madoff benefit from the invested fund, and the “leaders” receive serious kickbacks. Another reason is a popular tax loophole called “planned giving,” when the property, usually inheritance, is transferred to a charity, which then repays its value over the years, allowing the “donor” to switch to a lower tax bracket and avoid capital gains tax.

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Comments

Jews fake charity simply shows who the majority of Jews really are! Jews fake charity should be stopped as soon as possible nad by any means possible.

Diane Montgomery 17 March 2010

After such events there’s no surprise that Natan Zada says that lynching Jews is not a crime. This case proves it.

Kunika Bangladesh 17 March 2010

“Jewish charities/Madoff” is a combination which simultaneously causes laughter and sympathy. “Jewish charities/Madoff” proves once again that “Jewish charities/Madoff” won’t function and it was evident from the very beginning.

Lyndsey LaPeer 01 April 2010

The point is that unfortunately Israelis can’t trust anyone and F-35 Israel news today makes it evident again.

Mason Laramie 01 April 2010

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