Madoff fallout drains funding of abortion advocacy groups

New York, Jan 9, 2009 / 06:09 am (CNA).- Fallout from the exposure of investment manager Bernard Madoff’s massive $50 billion Ponzi scheme threw many individuals and charities into financial distress. The fraud has also deprived funding from several pro-abortion rights groups and projects.
The Florida-based Picower Foundation, listed as the 71st-largest in the nation by the Council on Foundations, claimed assets of $1 billion, the New York Times reports. It was forced to close in December due to financial problems with its assets, which were managed by Madoff.
Reportedly distributing about $70 million in grants between 2004 and 2007, the Picower Foundation describes its national grant making as covering areas of “education, medical innovation and an equitable and inclusive society.”

:cool: :slight_smile: :cool:

The article doesn’t say that abortion advocacy groups were directly affected, rather that a large general foundation was forced to close, and that foundation gave money to three abortion advocacy groups.

“Picower was one of a handful of foundations willing to stick their necks out and significantly fund the three organizations that handle virtually all major reproductive rights-related litigation and legal advocacy in the United States,” the pro-abortion rights Goldstein wrote. “Now the Center for Reproductive Rights needs to make up a $600,000 shortage in 2009; Planned Parenthood is out $484,000; the ACLU’s Reproductive Freedom Project is off $200,000.”

While such amounts are significant for individuals, are the amounts significant for national organizations? Apparently so.

Vivian Lindermayer, CRR’s director of development, sounds uncannily similar talking about Picower. “They understood the critical role litigation and legal advocacy play in securing women’s equal access to quality reproductive healthcare. Picower’s closing will have a major impact on CRR and organizations like us.”

I don’t have a problem with these groups losing money at all.

Never fear. The incoming administration and the democrat-controlled congress will make up for it one way or another. Of course, you will be the one paying, but somebody has to. Right?


And this means what?

No abortion advocacy groups were directly affected. The only ones directly affected were charities that had given money in the past to abortion groups, but not a single one of them made that their primary mission. Rejoicing over this is mean-spirited.

Perhaps you can quote the part where I rejoiced over these charities, whatever they might be, losing money.

I think each of the Madoff investors will get $500k.

Mean spirited? Ha! The more of these kinds of groups that go out of business, the better! At least some good has come out of the Madoff Mess.

Whoops, I thought dotcomrefugee had responded to Matt1985. Sorry for the mixup.

Catholicism has their own laws of physics.

The Catholic Law of Gravitation: In any debate concerning anything, abortion will always, ALWAYS be brought up. Every time.

First Corollary: If abortion is not brought up, gay marriage will be brought up.

Second Corollary: The person to bring up abortion, just like in Godwin’s Law, always ends the debate with a loss to the offending party.

Serious, folks. What in God’s green earth does abortion have to do with a guy who swindled billions of dollars off of unsuspecting investors? If anything, that sounds a little more along the lines of securities fraud, not abortion!

My God…

Responding to the last question, that’s the topic of the thread. Now, if one doesn’t think abortion should be the subject of so many threads, then one might elect to avoid them.

It has to be remembered that from the Catholic Church’s point of view, there is no difference between abortion and killing a child already born. None at all. Some have accepted the validity of that point of view. If, say, 4,000 or so seven-year-olds were taken out into the city streets and daily gunned down in this country, and it was entirely legal to do it, I doubt any Catholic threads and posts would ever be about anything else. I doubt any conversations would fail to mention it. That is, until such time, if ever, that people simply came to accept that many seven year olds simply had to die of gunshot for whatever reasons the state gave for allowing it; the state perhaps even providing the bullets for the perpetrators from public funds.

I remember reading that toward the end of the Third Punic War, the Roman soldiers, virtually all of whom, in that era, were farmers with sizeable families and whose main gods were “Lares”; the gods of family, home and the land, broke the iron discipline for which they were renowned, and went on a rampage. In fighting from street to street in Carthage, they discovered the place where Carthaginians sacrificed children to their god, Moloch. Sacrificing one’s child by casting him/her into a fire was supposed to ensure the prosperity for which Carthage had, until then, been well known. Being devoted to children as they were, finding the tiny charred bones and skulls, and lacking understanding for whatever notion of sophisticated thinking Carthaginians used to justify it, the Romans went into a rage, disobeyed their officers and in their rage killed every adult Carthaginian they could find. A barbaric reaction in a barbaric age, but the reaction made the sacrifice no less barbaric; no less unacceptable than what we are seeing today.

Perhaps prolife Catholics should be commended for their restraint in the face of what is, after all, almost no different from that which the Roman soldiers found at the feet of the statue of Moloch, rather than condemned for their unconditional acceptance of what the Church teaches and feeling constrained to speak of it.

The Carthaginians were sophisticated people. I am sure they had better ways of putting their practice than we now would. Perhaps they even spoke of parental “choice”, perhaps some Hannibal or other even pledged economic benefits that would make child sacrifice “safe”, “legal” and “rare”.

After all, in affirming abortion on demand, for what really seems to be the expectation of economic reward, has our society not lowered itself to the level of barbarity to which Carthaginian society had descended? Our Church tells us that we have, and it should trouble us a great deal; enough to motivate us to at least express it.

I want to go in to the fund industry, and if a pro abortion group asked me to invest for them I would do so. But I don’t think they would keep me as their money manager for long.

No. If you took joy in their losing money, I don’t think they would.

Thank you for your eloquence. You captured some of my horror at Catholic laity’s complicity of these deaths and some of my shame for failing to do more.

I wonder if you are confusing the Picower Foundation with the three abortion advocacy organizations mentioned in the article.

The Picower Foundation did give money to abortion groups, but it also gave money to a wide range of charities, in amounts far in excess of what was given to the three abortion groups.

The foundation has given $268 million to groups like the Picower Institute for Learning and Memory at the Massachusetts Institute of Technology, Human Rights First, the New York Public Library and the Children’s Health Fund since it was established in 1989 by Barbara Picower and her husband, the investor Jeffry M. Picower, in Palm Beach, Fla.

Mrs. Picower’s statement said that the foundation had provided support for a wide array of organizations. Last year its beneficiaries included the City Parks Foundation and the School District of Palm Beach County as well as the Jewish Outreach Institute and the Metropolitan Museum of Art.

Between 2004 and 2007, it gave away about $70 million. In 2002, it made a $50 million grant to build and staff a center for brain research at M.I.T. At the time it was the biggest gift from a private foundation to that university. That gift has been fully funded.

The closing of the Picower Foundation is not something to celebrate, many people will afffected, many will be hurt.

Let’s not laugh yet.
LOTS of groups invested with Madoff and we may yet discover that many dioceses or Catholic agencies are facing large losses as well.
Some people/charities are only now finding out that they were invested with Madoff – they gave their money to Reputable Firm, Inc., who then put it all into Madoff’s Ponzi scheme.

Well we should feel the confimation that God is in control when evil gets hit by the schemes of evil, and well assured to Trust God that He will take care of the innocent that may have got caught up in the schemes not by their own fault or greed. I may be wrong, but IMHO I think many would be very happy to give all the have to put an end to the evil… many call choice, yet is the mass murder of children.

Except a lot fewer pro-lifers would ever risk themselves to fight against abortion than would fight against the killing of born children. People would run into a burning building to save 7 year olds, but not into a fertility clinic to save frozen embryos. This pretty much negates the point that most people truly feel that fetuses or embryos and born children are the same - they may say it to have a cause to get worked up for, but it seems most don’t believe it deep down. I

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