After The Storm: Tips For Charity Involvement In A Post-Madoff EraJuly/August 2010 – Articles ACC Docket
Reprinted with permission of the authors and the Association of Corporate Counsel as it originally appeared: Susan Bonfield and Michael J. Kline, “After the Storm -- Tips for Charity Involvement In a Post-Madoff Era,” ACC Docket volume 28, issue 6 (July/August 2010), pages 60-68. Copyright © 2010 the Association of Corporate Counsel. All rights reserved. Legal resources such as this are available to members at no charge. If you are interested in joining ACC, please go to www.acc.com , call 202.293.4103, ext. 360, or email firstname.lastname@example.org .
Since the December, 2008 arrest of Bernard L. Madoff (Madoff) for his global Ponzi scheme, the media has continuously covered the nuances of the tribulations, and embarrassment of numerous charitable organizations that invested with him. Whether these charities were alleged victims or profiteers from the scandal, the scheme has profoundly affected their operations and reputations. How did charities become enmeshed in the Madoff morass and could this have been avoided? What lessons can in-house counsel draw from the Madoff experience to address their own potentially diverse involvements with charitable organizations? Against the backdrop of the Madoff scandal and recent regulatory changes, this article examines how in-house counsel can use their skills and available tools to enhance decision-making about charity involvement, both as counsel and individually.