Foundations Face Losses in Alleged $50-Billion Ponzi Scheme

Charities are likely to face huge losses as a result of the investment scandal involving Bernard L. Madoff. The alleged Ponzi scheme has already stressed global financial markets and is expected to bring about nearly $50-billion in losses to investors, including many foundations, reports The Wall Street Journal.

A list of investors and foundations whose investments were managed by Mr. Madoff can be found at Bloomberg.com.