Friday, December 19, 2008

Madoff: The Pain Runs Deep - BusinessWeek

Madoff: The Pain Runs Deep - BusinessWeek: "Philanthropies Crippled

At stake are not only comfortable retirements for the wealthy but also college tuitions, jobs, and plans for retirement someday. MarketWatch columnist Robert Powell writes that when the Madoff story broke, he felt sorry for an acquaintance who had lost his investment. Then he found out that the foundation his wife worked for had invested its money—and its employee retirement accounts—with Madoff as well. The foundation is closing, and Powell's wife is out of both a job and her 401(k)."

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