NEW YORK (JTA) -- The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffrey Picower, has agreed to return $7 billion to Madoff’s victims.
The figure is the difference between the amount of cash that Picower, a Jewish investor, put into his account with Madoff and the amount that he withdrew, The New York Times reported. The deal was set to be announced at a news conference on Friday.
News this week that the American Jewish Congress has suspended activities due to financial problems is depressing, though not unexpected. The once-proud organization, founded in 1918, and long the voice of liberal Jewish activism, lost much of its distinctiveness in recent years. As its membership declined and staff was reduced, it played a diminished role in domestic affairs, though remained known for its expertise on church-state issues.
(JTA) -- The American Jewish Congress has suspended its activities after running out of funds.
The suspension of the venerable Jewish-American advocacy organization's activities, confirmed to JTA on Sunday by acting co-executive director Marc Stern, comes after months of rumors that the organization was on the verge of collapse after losing most of its endowment in the Bernard Madoff Ponzi scheme.
As of Sunday afternoon there was no mention of the suspension on the AJCongress website.