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Fake charities hit by fake investment

Posted By admin On December 16, 2008 @ 12:09 am In Jewish organizations | 4 Comments

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 [1] 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 [2], 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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URL to article: http://samsonblinded.org/news/fake-charities-hit-by-fake-investment-5271

URLs in this post:

[1] Diaspora bosses: http://samsonblinded.org/morals/4jewish_diaspora.htm

[2] charity: http://samsonblinded.org/efrat/