http://ilind.net/2008/12/24/wednesdaynot-much-christmas-cheer-for-charities-hit-by-madoff-scam-news-aggregation-issues-and-car-sharing/ Ian Lind • Online daily from Kaaawa, Hawaii Tue, 14 Feb 2012 05:21:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://ilind.net/2008/12/24/wednesdaynot-much-christmas-cheer-for-charities-hit-by-madoff-scam-news-aggregation-issues-and-car-sharing/comment-page-1/#comment-1222 IslandNotes Wed, 24 Dec 2008 20:23:55 +0000 http://ilind.net/?p=1638#comment-1222 I don't doubt that "nonprofit" organizations such as JEHT have been supporting worthwhile causes. However, what is also worthy of consideration is the apparent fact that while an organization such as JEHT was supportive of societal improvements - at the same time it was relinquishing its fiduciary and social responsibility of demanding that its capital was invested in similarly right ways. To the contrary, it would seem that these organizations (and Madoff's individual investors) conveniently, and frankly, greedily, let the bottom profit-line be the determining factor. So while the ACLU frames it as having "been victimized by the Madoff scandal", it might be useful (albeit less reported) to consider that "nonprofit" organizations had better well reject an ethic, that in the name of "profits", turns a blind eye to socially responsible investing. I don’t doubt that “nonprofit” organizations such as JEHT have been supporting worthwhile causes. However, what is also worthy of consideration is the apparent fact that while an organization such as JEHT was supportive of societal improvements – at the same time it was relinquishing its fiduciary and social responsibility of demanding that its capital was invested in similarly right ways. To the contrary, it would seem that these organizations (and Madoff’s individual investors) conveniently, and frankly, greedily, let the bottom profit-line be the determining factor. So while the ACLU frames it as having “been victimized by the Madoff scandal”, it might be useful (albeit less reported) to consider that “nonprofit” organizations had better well reject an ethic, that in the name of “profits”, turns a blind eye to socially responsible investing.

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