While Bernie Madoff shuffles around his penthouse apartment in his designer pajamas (we imagine), a charity designed to help low-income women prepare for job interviews by giving them suits and other tools for success has lost a major benefactor because of its ties to Madoff.
WWD: Although the nonprofit organisation that gives interview suits to low-income women was not directly involved with Madoff, one of its primary benefactors, The Picower Foundation, will close immediately because almost all of its $552 million in assets were invested with Madoff…
The Picower Foundation, a Palm Beach, Fla.-based charity founded by Barbara and Jeffry Picower, has supported Dress for Success for eight years, [Dress for Success CEO Joi] Gordon said. The foundation’s funding sponsored the organisation’s outreach to the fashion community, creating a staff position to target the apparel-beauty-accessories sector for in-kind donations.
“Annually, this concerted effort would garner DFS about $4 million worth of product that was then redistributed to our affiliates around the globe,” Gordon said. “Hundreds of thousands of women over the past seven years have received new clothes, shoes and beauty products because The Picower Foundation allowed us to focus our energies on creating and cultivating relationships.”
We’ve already told you about Picower’s contribution to brain research but it turns out the foundation helped people in a variety of ways.