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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 donor
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SOURCE 1199SEIU United Healthcare Workers East
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