The Bernard Madoff story has clawed its way into college news, with Tufts, Yeshiva, and New York Law School funds tied to Ascot Partners, a Florida hedge fund with nearly all its $1.8 billion invested with Madoff.
Yeshiva is by far the worst off, reporting it likely lost $110 million of its endowment to the giant Ponzi scheme, which is about 8 percent of its assets. Madoff was treasurer of Yeshiva's Board of Trustees and chairman of the board of its Sy Syms School of Business. He resigned from both positions several weeks ago.
Tufts has also reported it lost $20 million through Ascot Partners, and New York Law School reports similarly large losses. The loss is 2 percent of the university's endowment and officials say they are participating in the investigation and will attempt to recover the losses.
A number of Harvard Medical School researchers, meanwhile, have lost their grants, thanks to ties to Madoff's firm. All grants from the Florida-based Picower Foundation, which was funding millions in diabetes and medical research, were cut off after the foundation?which has a nearly $952 million portfolio?announced it would close its doors because of Madoff-related losses. The researchers are hoping their work has progressed enough for federal funds but are still worried their effort might all be for naught. Said one researcher: It really is a travesty.