Madoff Losses Imperil Prestigious Program for Israeli Musicians

An internationally influential scholarship program for young Israeli musicians is in danger of shutting down as a result of the Bernard Madoff fraud, The New York Times reports.

The American-Israeli Cultural Foundation’s $14-million endowment was wiped out in Mr. Madoff’s Ponzi scheme, forcing it to slash a program considered an essential stepping stone for Israeli music students. Hundreds of young performers audition for the grants annually, and past recipients include Daniel Barenboim, Itzhak Perlman, and Pinchas Zukerman.

The organization, which supports dance and visual arts as well as music, expects to award about 350 scholarships next year, compared to 800 in the past. It has raised about $1-million in emergency funds and dismissed most staff members at its New York and Tel Aviv offices in an effort to preserve the program.

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