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It’s a terrible tragedy that several tzedakah organizations have been running on money that essentially did not exist. I’ve read articles from several different sources and still have trouble understanding exactly what happened to $50 million. It seems that Madoff took money his clients had invested and gave it to other clients when they tried to withdraw money. The scheme collapsed when, due to the current economic crisis, several clients simultaneously tried to withdraw large sums of money, and of course, Madoff didn’t have it.
http://www.wakeupfromyourslumber.com/node/9514
This is what comes of chilul Hashem. The above link is a blog article. l’ve read it through and it seems to be anti-Semitism disguised as anti-Zionism.
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