American Jewish Congress Hit Hard By Madoff Fraud

One of the nation's most important voices on church-state issues, the American Jewish Congress, has been hard hit by the Bernard Madoff fraud according to a report yesterday by the Forward. Some $21 million of the organization's $24 million endowment was invested with Madoff. Endowment funds accounted for about 25% of AJCongress' annual budget of $6.2 million. Marc Stern, the organization's acting co-executive director, called the losses "a serious blow", but "not fatal." One of the first cuts is likely to be the group's monthly magazine, Congress Monthly. (See prior related posting.)