Cityfile NY reports:
Although the millions in Bernie’s foundation were managed by his own investment firm, neither son entrusted their charitable trusts to their dad. Mark Madoff’s $5 million account was parked at Lehman Brothers. Andrew’s $2 million trust was in an account at Neuberger Berman. Nice to know that unlike, say, Yeshiva University or Mort Zuckerman, both sons’ foundations will come out unscathed by the mess their father created!
They knew that if you park your money at a firm which declares the biggest bankruptcy in history, you’re fine. But letting Dad at it? Not so much.