Each day we get new revelations about banks, funds and individuals who had money with Bernie Madoff. The list has grown so long that we’re tempted to say the relevant question isn’t “who was with Bernie” but “who wasn’t?”
As it turns out that question reveals a very interesting answer. Despite the Madoff firm handling the money of very prominent charities and educational institutions, it didn’t manage the funds of two charitable trusts run by Madoff’s sons. We can’t wait to hear what the allegedly innocent explanation for this could be.
Here’s Cityfile on the two lucky dogs who somehow managed to avoid the scam:
But Bernie, it turns out, isn’t the only member of the family with a charitable trust. Both of his sons, Andrew and Mark, had them, too. And there’s an amusing sidenote to the Madoff sons’ non-profit activities, particularly as investigators examine how much Madoff’s sons knew about the scheme if anything at all.
Although the millions in Bernie’s foundation were managed by his own investment firm, neither son entrusted their charitable trusts to their dad. Mark Madoff’s $5 million account was parked at Lehman Brothers. Andrew’s $2 million trust was in an account at Neuberger Berman.