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• The charity the Picower Foundation was forced to close after losing hundreds of millions of dollars in the stock market decline of 2008 and the Bernard Madoff Ponzi scheme investment scandal.NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008) The foundation gave money to education, the medical field, libraries and many other areas of interest.Idealist.org: The Picower Foundation

• Fast Facts

  1. Assets were at one time $1 billionNY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  2. Was the 71st largest foundation in the U.S.NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  3. Gave away $70 million from 2004-2007NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  4. Closing announced December 19, 2008 in an e-mail NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  5. Founded in 1989 by Barbara Picower and Jeffry M. PicowerIdealist.org: The Picower Foundation NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  6. Foundation president: Barbara PicowerNY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)
  7. Based in Palm Beach, FloridarIdealist.org: The Picower Foundation
  8. Gave $50 million gift to MITNY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008)

• Other Closings

  The Picower Foundation is one of several charities expected to close their doors due to the losses incurred by investing with Bernard Madoff. Already the charity the JEHT Foundation has announced it will be closing. To date, however, the Picower Foundation is the largest charity to announce it is shutting down. NY Times: Foundation That Relied on Madoff Fund Closes (December 19, 2008) New York Times: Madoff Scandal Forces JEHT Foundation's Closure (December 15, 2008)

• Quotes

  "It is with great sadness that I write to inform you that the Picower Foundation has ceased all grant-making, effective immediately, and will close its doors in the coming months." — Barbara PicowerThe Boston Globe: Major foundation falls to Madoff fraud (December 20, 2008)

• Related Pages on Mahalo

  Bernard Madoff | NASDAQ | Ponzi Scheme | SEC | Andres Pimstein | New York Stock Exchange | | Sterling Equities | Mort Zuckerman | Ezra Merkin | JEHT Foundation | Shana Madoff | Eric Swanson | Meaghan Cheung | Marc Mukasey | Michael Mukasey | Rene Thierry Magon de la Villehuchet

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