How Charities and Donors Fell Into Bernard Madoff’s Investment Scam
By Caroline Bermudez
Contributor
September 17, 2009 | Read Time: 1 minute
NEW BOOKS
Too Good to Be True: The Rise and Fall of Bernie Madoff
by Erin Arvedlund
Erin Arvedlund is credited as the first journalist to write a skeptical article about the extremely large returns of Bernard Madoff’s hedge fund.
She shows how Mr. Madoff was able to gain the trust of sophisticated investors, relying especially on his associate Ezra Merkin’s reputation among Jewish charities in New York.
She also explains the unraveling of the now-shuttered Jeffry M. & Barbara Picower Foundation, one of the 75 wealthiest grant makers in the nation, which lost most of its assets to Mr. Madoff’s scheme.
Publisher: Penguin Group, 375 Hudson Street, New York, N.Y. 10014; (212) 366-2272; fax (212) 366-2952; http://us.penguingroup.com; 310 pages; $25.95; ISBN 978-1-59184-287-3.
