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Week of December 21, 2008 - December 27, 2008

ACLU hit by Madoff


Today I got an email from the ACLU soliciting donations because of the Madoff Ponzi effect. Alma Montclair writes:  Ponzi scheme appears to have affected two significant sponsors.

In the last couple of weeks, however, we've been hit hard in a way that no one could forecast. You have, no doubt, heard about the Bernard Madoff Ponzi scheme in which investors have been horribly defrauded of up to $50 billion. What you may not know is that two foundations that have been incredibly generous and longstanding supporters of our national security and reproductive freedom work have been victimized by the Madoff scandal -- forced to close their doors and terminate their grants.

That means that $850,000 in support we were counting on from these foundations in 2009 simply won't exist. We're dealing with that reality and remain committed to continuing our critical work in these areas.
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RWN

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