January 9, 2009

Madoff Debacle Hits Colleges and Raises Questions About Trustee Conflicts

By PAUL FAIN

Several colleges and universities lost millions in the alleged $50-billion Ponzi scheme run by the Wall Street trader Bernard L. Madoff. The losses include institutions' endowment holdings in hedge funds that were invested with Mr. Madoff as well as hits taken by supporting foundations and donors.

Yeshiva University, with $110-million in assets that vanished, was hardest hit. Moody's Investors Service last month put Yeshiva on watch for a possible downgrade in its credit rating. Also

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