Network Formed to Aid Madoff Victims

A new charitable network is slated to announce today the creation of a “crisis loan fund” to help nonprofit groups affected by Bernard Madoff’s alleged $50-billion Ponzi scheme, The Wall Street Journal reports on its blog The Wallet.

The Jewish Network Fund will start with $5-million to be distributed to smaller charities that invested with Madoff or lost grants from organizations that did so. “I don’t think that we have any illusions that we’re correcting the problem that was inflicted on the not-for-profit community as a result of this scandal,” the fund’s president, Mark Charendoff, said. “We’re trying in our own way to make a contribution.”