economy
Group dedicated to ethics in finance funded by top Bernie Madoff associate
An organization founded to ensure that investment firms conduct themselves ethically counts a charity funded by a close associate of fraudster Bernie Madoff as one of its largest donors, tax filings show.
TL;DR
- The Private Equity Stakeholder Project (PESP), founded to ensure ethical conduct in finance, has received substantial donations from the Freedom Together Foundation.
- The Freedom Together Foundation is funded by the estate of Jeffry Picower, who profited significantly from Bernie Madoff's Ponzi scheme and later repaid the money.
- Picower's estate continues to fund the foundation, with his widow serving as its chairwoman.
- PESP has criticized private equity firms for various unethical practices, including enabling fraud and misleading consumers.
- The Freedom Together Foundation holds significant financial stakes in several private equity firms, including the Carlyle Group and Brookfield Corporation, which are frequently criticized by PESP.