A Silver Lining in the Terrible Madoff Ponzi Scheme?
Point of Law carries a news item called “Left-Wing Legal Groups Reeling from Madoff Affair.” Bernard Madoff, the architect of a $50 billion ponzi scheme, was entrusted by left-wing “public interest” groups and law firms with their endowments. (Madoff himself gave generously to liberal causes and liberal politicians). As a result of the collapse of Madoff’s Ponzi scheme, the left-wing JEHT Foundation will soon close its doors, reports the National Law Journal.
Unfortunately, many of the non-profits defrauded by Madoff are not left-wing. Sadly, the defrauded charities also included many worthwhile charities for the needy, including some for critically ill people needing transplants or other life-saving medical treatment.
And the left-wing groups that have lost money as a result of Madoff will continue to receive money at the expense of taxpayers and consumers. As I noted in the Washington Post, class-action lawsuit proceeds are routinely diverted to left-wing groups by liberal state judges under doctrines such as cy pres and “fluid recovery.”