By swindling clients out of up to $50 billion, hedge fund manager Bernard L. Madoff has hurt -- and in some cases fatally wounded -- scores of nonprofit groups and charitable foundations.
Through his Social Security-like Ponzi scheme that paid older investors with incoming funds from newer investors, Madoff, a heavy donor to Democratic candidates, also did irreparable harm to the liberal and far-left causes he loves.
At least two major left-leaning charities are closing their doors as a direct consequence of the record-breaking fraud.
The giant Picower Foundation had the misfortune to choose Madoff to manage its more than $1 billion in assets.
The charity has given away more than $189 million since 1999.
A sizeable chunk of its funding has gone to abortion groups, including NARAL ($3.2 million), Center for Reproductive Rights ($2.5 million), Planned Parenthood ($2.4 million), and Center for Reproductive Law and Policy ($625,000).
Picower Foundation gave $2.9 million to the Southern Poverty Law Center, a public interest law firm that uses politically skewed definitions of racism to indoctrinate children while smearing conservatives who question racial preference programs. The foundation also gave $200,000 to Project Vote (a.k.a. Voting for America), an affiliate of the radical Association of Community Organizations for Reform Now (ACORN).
More...