Navigation Links
Beth Israel Deaconess Urged to Investigate Member of Board of Overseers Who Raised Millions for Madoff
Date:2/18/2009

Dozens of Massachusetts charities have been hurt by scandal, including major BIDMC donors

BOSTON, Feb. 18 /PRNewswire-USNewswire/ -- Beth Israel Deaconess Medical Center has been urged to investigate a member of its Board of Overseers who raised millions of dollars for Bernard Madoff in what is alleged to be the biggest Ponzi scheme in history, which may have a devastating impact on dozens of charities and non-profit organizations throughout the Commonwealth. BIDMC Board of Overseers member Robert Jaffe was a broker and vice president of Cohmad Securities Corp., which was based out of the same Manhattan office building as Bernard Madoff's firm.

Jaffe twice failed to appear after being subpoenaed by Secretary of State William F. Galvin, who has moved to shut down Cohmad Securities because of its connection to the Madoff scandal. On February 4, Jaffe finally testified before the Massachusetts Securities Division, though he refused to answer questions.

However, it is not clear if Beth Israel Deaconess has conducted its own investigation into Jaffe or requested his resignation from the Board of Overseers. Yesterday, 1199SEIU United Healthcare Workers East sent a letter (attached) to the BIDMC Board of Directors, urging them to investigate Jaffe's conduct and remove him from the Board of Overseers if appropriate.

"It's a sad irony that someone who raised millions for the what may be the biggest Ponzi scheme in history is on the BIDMC Board of Overseers," said 1199SEIU Executive Vice President Mike Fadel. "In the interest of patients and the hospital's charitable mission, we hope this BIDMC Overseer's conduct is fully investigated."

The Board of Overseers of BIDMC is charged with supporting the charitable endeavors of the organization and acting as goodwill ambassadors to the community. Given the high profile nature of the scandal, and its effect on several of BIDMC's largest donors, the primary duties assigned to the Board of Overseers may be hindered by the presence of Mr. Jaffe. 1199SEIU sent the letter as part of an overall commitment to holding health care providers accountable to their patients, communities and caregivers, as well as to their charitable and fiduciary duties.

As an indication of the far-reaching impact the Madoff scandal has had on local charities, one Massachusetts philanthropic organization recently sent a letter to 80 nonprofits stating that it will make no new grants this year.

Representing more than 340,000 healthcare workers throughout Massachusetts, New York, New Jersey, Maryland, and the District of Columbia, 1199SEIU United Healthcare Workers East is the largest and fastest growing healthcare union in America. Our mission is to achieve affordable, high quality healthcare for all.

February 17, 2009

To BIDMC Board of Directors:

1199 SEIU is committed to holding health care providers accountable to the communities they serve and to their charitable missions. We write to raise a concern about Robert Jaffe, a member of the Beth Israel Deaconess Medical Center (BIDMC) Board of Overseers. The Board may wish to determine whether these concerns potentially interfere with his ability to perform his duties as an overseer of BIDMC.

Overseers are charged with acting as goodwill ambassadors on behalf of BIDMC and are supposed to "demonstrate significant interest in and support for [BIDMC] and its charitable mission."(1) If an individual is unable to fulfill such a role, it raises questions about whether he or she should continue to serve on the board.

Hundreds of Massachusetts investors, including several major donors to BIDMC and members of the BIDMC Board of Overseers,(2) may have been victims of Bernard Madoff's alleged Ponzi scheme.(3) According to the Boston Globe, Jaffe raised millions of dollars for Madoff.(4) Jaffe worked for Cohmad Securities, a firm that Massachusetts Secretary of State William Galvin has moved to shut down because of its ties to Madoff.(5) Moreover when Jaffe was called to testify before the Secretary of State, the Boston Globe reported that he twice failed to appear to testify and that when he appeared to testify, he invoked his Fifth Amendment right.(6)

While Jaffe's role in the alleged scheme is yet to be determined, you may wish to conduct your own investigation to determine whether the allegations are true and, whether, regardless, they adversely impact his ability to effectively serve as an Overseer of BIDMC.

Given current scrutiny of nonprofit hospitals, as fiduciaries of BIDMC entrusted with overseeing the charitable mission of the institution, if you determine that these allegations adversely affect Jaffe's service, you may wish to remove him from the Board of Overseers if he has not already resigned.

Please feel free to contact me at (617) 284 -1199 to further discuss this matter.

Respectfully,

Mike Fadel

Executive Vice President

cc: Board of Overseers

NOTES:

(1) BIDMC Bylaws, section 13.1 and 13.4.2 dated June 19, 2003.

(2) Madoff Victim List, The New York Post, February 4, 2009, accessed online at http://www.nypost.com/seven/02042009/news/madoff_victim_list.pdf.

(3) "Mass. Financiers on Madoff client list," Boston Globe, February 6, 2008; "Boston donors bilked out of millions: Trader accused of $50 billion con game; One nonprofit closes; others may suffer," Boston Globe December 13, 2008.

(4) "Bernie Madoff's man to see," Boston Globe, December 21, 2008.

(5) "In The Matter of Cohmad Securities Corporation: Administrative Complaint and Ex Parte Motion for an Order Summarily Suspending Registration as a Broker-Dealer," Docket No. 2009-0015, Commonwealth of Massachusetts Office Of The Secretary Of The Commonwealth, Securities Division, February 11, 2009.

(6) "Jaffe appears for Mass. Securities inquiry," Boston Globe, February 5, 2008. "Galvin seeks to shut down firm with Madoff ties," Boston Globe, February 11, 2009.


'/>"/>
SOURCE 1199SEIU United Healthcare Workers East
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Elbit Medical Imaging Ltd. Announces Publication of a Prospectus in Israel
2. Pharmos Restructures Operations in Israel
3. Beam of Light is ray of hope for Israeli-Jordanian cooperation
4. The development of a language in space -- Israeli Sign Language
5. Scientists from Europe, Israel and the US develop robotic rats to aid in rescue missions
6. VCU Massey Cancer Center to partner with Israeli biotech firm
7. CDC Urges Travelers to Israel to Protect Themselves from Measles
8. Pulmonary Fibrosis Patients Meet With Top Lung Doctors at Beth Israel Deaconess Medical Center
9. Israeli study finds obstructive sleep apnea is health factor from day 1
10. US-Israeli-Palestinian collaboration to advance Alzheimers disease research
11. Canadian, German, Israeli, New Zealand, U.K and U.S. Companies Selected to Make Company Presentations at AdvaMed 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... ... ... has struggled to quit smoking, a man who has struggled with hair loss – Craig ... problems – and he did. Now Nabat, a serial entrepreneur featured as the October 2015 ... the world and better people's lives. His own experience with nicotine addiction led to the ...
(Date:2/8/2016)... ... February 08, 2016 , ... Tingley ... into Canada to provide its range of unique and advantaged protective solutions ... City that will provide bilingual customer service and marketing support. A new distribution ...
(Date:2/8/2016)... ... February 08, 2016 , ... Local insurance agency Dennis Fuller ... area, has initiated a fundraiser for a two year old little girl named ... Christmas. To support this beautiful child who is facing life’s journey without her ...
(Date:2/8/2016)... ... February 08, 2016 , ... Remember the old saying ... , According to Perry A~, author of “Calcium Bentonite Clay” the health benefits of ... in balancing and detoxifying the body. , A former motivational speaker, Perry A~ has ...
(Date:2/8/2016)... (PRWEB) , ... February 08, 2016 , ... Discover the ... visit over 1,400 booths and 700 companies. Attendees also get to see the ... Colorado Garden & Home Show , at the Colorado Convention Center - 700 ...
Breaking Medicine News(10 mins):
(Date:2/8/2016)... Feb.8, 2016 Alzheimer Diagnostic Tests - ... Medical Devices sector report , "Alzheimer Diagnostic ... an overview of Alzheimer Diagnostic Tests currently in ... on the pipeline products with comparative analysis of ... report reviews major players involved in the pipeline ...
(Date:2/8/2016)... Feb. 8, 2016 CBG Technologies, a ... Series Solvent Recycling Systems, specifically designed for precision ... with new and existing vapor degreasers, parts washers ... solvent through continuous recycling and recovers 100% of ... --> Precision parts manufacturers benefit ...
(Date:2/8/2016)... February 8, 2016 --> ... research report "Ablation Technologies Market by Product (Radiofrequency, Ultrasound, ... Management, Cosmetic Surgery, Ophthalmology, Gynecology) - Global Forecasts to ... market over the forecast period of 2015 to 2020. ... 2020, at CAGR of 10.5% from 2015 to 2020. ...
Breaking Medicine Technology: