Jerusalem – In recent weeks, it’s become hard to trust anyone from the world of finance, regardless of who they may be—mainly because of the fallout from the case of Bernie Madoff, a 70-year-old American Jew who succeeded in fooling financiers, non-profits and individuals alike in the biggest Ponzi scheme in history.
Not only did the man hurt Yad Sarah and other Israeli institutions, including universities, but also the Rachemstrivker Chasidic movement headquarters in Jerusalem. According to information obtained by Ladaat.net, a grand festive dinner said to be scheduled for less than two weeks from now in the United States was cancelled at the last minute due to the Madoff scandal.
Apparently, the Jewish millionaire ensnared Rachemstrivker institutions in his net, with the dinner at which Madoff was to be guest of honor cancelled. In the wake of the cancellation, the Rachemstrivker Rebbe, shlita, also decided to cancel his planned visit to the U.S. The Rebbe is currently staying in Tiveria.
Seems that some Rebbe’s have a lot to learn from the Ponzi_Rebbe, Reb Madoff.
It seems that Bernie the Ganef is a convenient scapegoat for anyone who ever lost a dime, whether they lost it with Bernie, or never even heard of him before all this. Oh, how come you don’t have any money , if I am asked this-I just say “I had my money with Bernie”, No further questions are asked, and I get a lot of sympathy, and “nebech, you should have diversified” Bernie is the great equalizer.
The artical reads that rachmastifk was sopposed to get monie from bernie at a dinner were he would have been a guest of honor. Now that won’t happen instead a dinner for pidyon sevuyim is sceduled. There is no mention that they lost monie allready given to him.
This is the story, try not to laugh;
Of the biggest swindler in history, Bernie Madoff.
He’ll gladly take your millions and invest it carefree;
In diamonds, planes, homes and furs for Ruthie;
Bernie doesn’t care if you’re Conservative or Reform;
He loves all accounts equally, money makes his heart warm.
Even when it comes to Rabbis and Scholars;
He opens the door to their charity dollars;
But when the Rabbis learned all their fundraising was for naught;
And into Bernie’s web their “chessed dollars” were caught;
To make more melave malkas, it just doesn’t pay;
In the Hot Springs of Tiverya, I think I’ll just stay!
This is horrible! Not that the “chassidus” has lost money, but the fact that they had enough (of other people’s) money to invest in a hedge fund! Can ANYONE imagine the Ba’al Shem Tov having money in a hedge fund???!!! Are we so weak as a people that we actuallt accept this as Torah leadership?
The rebbe canceled the dinner after he was informed that Bernnie’s favorate dish was pork sasages.[Just Kidding]
I know this rebbe he knows nothing about money, he doesn’t even know zuuras hamatbeia, he is the real Baneshek the Gemorah speaks about.
Who was the rich man, & I doubt Bernie would speak, sure not in the Rebe’s presence which would be long after Bernie’s bed time.
The Rebbe had siyata Dishmaya & was saved.
Why would the heilege rebbe be speculating with his chasisims’dollars given to hime for tzedakah, not to play the market…next time they will be more careful as to how the money is invested. In these times,the rebbe should be required to be more transparent with the money he collects.
in case anyone thought that being ‘guest of honor’ means anything more than $$
This is all 100% not true they had no conection with him at all!
bernie wouldnt touch anyone wih les hen 10 mil. so how does a small dynasty rebbe accumelate 10 mil?
to all you who say you have to diversify , Bernie diversified for his clients
That is why the Lubavitcher Rebbe never invested any money in stock and told his chasidim not to invest saying to one that he enjoys having chasidim that can rest at night and not the Daagos of watching a market all day etc…
His own money he gave away and He never had any money in his Keren’s since he always gave it away..
May he ZAL be a malitz yosher for klal yisroel…..
If our lovely yidden would have given just their masser right away to the mosdos hatorah then 99% of them wouldn’t need to invest anywhere to make more money to cover the mosdos budget. It includes all mosdos hatorah worldwide with no names to be mentioned. Hatzluche to all of us together. Hopefully we the younger people will and have learned the lesson of it. To invest just in tzedakah with earnings guaranteed even past 120 years
This story requires clarification. The following information is required:
1) did the Rebbe invest any money with Madoff?
2) what is Madoff’s relationship/connection to Rachemstrivker chassidus?
3) who was hosting the dinner?
If these issues are not cleared up, everyone will be speculating for naught.
It looks like Madoff had promised money to Rachmistrivke moisdois and of course could not deliver, not that Rachmistrivke invested in Madoff.
However the whole story looks suspicious.
most likely a donor invested funds with madoff as a gift to the rachemstrivker. this is quite common. many donors donate stock to mosdos. likewise many ppl in their endowments stipulate where they want the funds invested.
People before you comment please read again slowly, the headlines in this article is misleading, by saying that rachmestrivke chasidus is a victim of madoff it was made to believe that they lost money by investing with him, but if you read the article it doesn’t mention a word about lost investments just that there was supposed to be a party with madoff as an honore (which every normal person understands that it doesn’t even make sense)and its not happening anymore that’s all, so please just everybody cool it off please
“chabad Says: That is why the Lubavitcher Rebbe never invested any money in stock and told his chasidim not to invest saying to one that he enjoys having chasidim that can rest at night and not the Daagos of watching a market all day etc…”
But what about all the Lubavitchers that invested in Joseph Gutnick’s Australian mining stocks?
briliant idea, if if they didn’t loose $ w/ bernie the ganef, but make it seem like u did, & now u’ll be able to have dinners and appeals for the $ that u supposedly lost!
To all of you!!! I am close to this rebbe…I am involved in the choseedus….they never invested a penny any where…I wish there would be money to put aside for invesments…the dinner had nothing to do with bernie madof..the trip was canceld due to the entire situation in united states….its true that one of our donnors lost money by bernie….please learn a lesson don’t belive everthing you hear and read