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

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)

"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)