Navigation Links
North Shore-LIJ Health System Exposure With Madoff Securities Limited to $5.7M
Date:12/15/2008

GREAT NECK, N.Y., Dec. 15 /PRNewswire-USNewswire/ -- Following is a statement from Michael Dowling, president and CEO of the North Shore-LIJ Health System, in regards to its financial exposure with Madoff Securities:

The North Shore-LIJ Health System's financial exposure with Madoff Securities is limited to $5.7 million, which represented a contribution from a single donor, who stipulated that the funds be invested with Madoff. The $5.7 million equates to less than one percent of North Shore-LIJ's total investment portfolio, so donors can rest assured that their philanthropic dollars are safe and secure. The donor who contributed the funds has graciously agreed to reimburse the health system for any financial loss.

All other funds in North Shore-LIJ's financial portfolio -- including contributions from donors -- are managed by the Board of Trustees' Investment Committee, which adheres to a diversified and transparent strategy to ensure the long-term viability of our holdings.

Executives at North Shore-LIJ have no personal relationship with Bernard Madoff or members of the Madoff family. He is not and has never been a member of North Shore-LIJ's Board of Trustees, or the Board of Directors of The Feinstein Institute for Medical Research or the Elmezzi Graduate School of Molecular Medicine. Contrary to some reports, Mr. Madoff was NOT a founder of LIJ Medical Center. Over the past 36 years, Bernard Madoff has contributed $216,000 to North Shore-LIJ -- an average of $6,000 a year.

To protect its interests, the health system will take all appropriate measures to recoup as much of the $5.7 million as possible.

About North Shore-LIJ Health System

The nation's third largest, non-profit, secular healthcare system, the North Shore-LIJ Health System cares for people of all ages throughout Long Island, Queens and Staten Island -- a service area encompassing more than five million people. The health system consists of 15 hospitals, 17 long-term care facilities, The Feinstein Institute for Medical Research, five trauma centers, five home health agencies, a hospice network and dozens of outpatient centers. In addition, North Shore-LIJ is partnering with Hofstra University to develop a new medical school. Excluding its affiliate organizations, North Shore-LIJ facilities house 4,844 beds, have more than 7,000 physicians, and employ about 9,150 nurses and a total workforce of about 33,250 -- the largest employer on Long Island and the ninth largest in New York City. For more information, go to www.northshorelij.com.


'/>"/>
SOURCE North Shore-LIJ Health System
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Red Cross Shelters Hundreds as Severe Weather Hits Northeast
2. North Carolina Student Loan Program for Health, Science and Mathematics Application Will Be Available December 20, 2008
3. Nursing Data on Patient Safety in California Will Expand to Include Two Pacific Northwest States
4. Eisai Inc. and the North American Thrombosis Forum (NATF)* Introduce the DVTeamCare(TM) Hospital Award and Call for Nominations
5. HTH Worldwide Expands Convenient Access to Care at Top Hospitals in Northern Italy
6. Texas and North Carolina Students Tackle Lifesaving Research in Chemistry and Genetics, Taking Home the Grand Prize at Nations Premier High School Science Competition
7. R&J Public Relations Selected to Promote MAQUET Inc.s VARIOP Operating Room Suite in North America
8. MIB Life Index Reports North American Life Insurance Activity Off 1.9% in November
9. Health Department Reports North Central Regions First Lab-Confirmed Flu Case of the Season
10. Tragedy Focuses Spotlight on Crisis in North Carolina Mental Health System
11. Medical Imaging Northwest Selects Compressus for Enterprise Interoperability
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/19/2017)... ... February 19, 2017 , ... "At your fingertips" electronic access ... and the Delaware Health Information Network (DHIN) have partnered to improve connectivity of ... health information exchange, DHIN stores and shares real-time health data for more than ...
(Date:2/18/2017)... ... February 17, 2017 , ... Butler Mobility invited Ken Matthews ... and other Butler products. Ken was impressed with the safety and reliability of ... the product on his show. This endorsement by Ken Matthews can be heard ...
(Date:2/18/2017)... (PRWEB) , ... February 18, 2017 , ... ... today provides the latest information and contact points to easily connect elderly veterans ... care, assisted living, and elder-care funding. It also conveys material on this year's ...
(Date:2/17/2017)... ... 17, 2017 , ... Wells Pharmacy Network offers physicians WellsPx3, ... and non-controlled substances plus the ability to manage orders on their desktop or ... accept electronic prescriptions, according to the Office of the National Coordinator of Health ...
(Date:2/17/2017)... ... February 17, 2017 , ... Corrective Action ... Letter, **An FDAnews Webinar**, Feb. 23, 2017 — 1:30 p.m. – 3:00 p.m. ... action (CA) and preventive action (PA)? , The methods share techniques and tools ...
Breaking Medicine News(10 mins):
(Date:2/17/2017)... Cryoablation, Electrical, Endometrial Hydrothermal, Laser/Light, Microwave, Radiofrequency, Ultrasound, Cardiovascular, Gynaecology, Musculoskeletal, ... to grow at a CAGR of 9.4% from 2017-2022 and CAGR ... a CAGR of 9.5% from 2017 to 2027. The market is ... ... you Read on to discover how you can exploit the ...
(Date:2/17/2017)... , Feb. 17, 2017 Theravance Biopharma, ... or the "Company") today announced the presentation of ... and orally administered pan-Janus kinase (JAK) inhibitor designed ... Congress of the European Crohn,s and Colitis ... reported further data from its completed Phase 1 ...
(Date:2/17/2017)...   Risperdal lawsuits involving gynecomastia (male breast growth) ... of the atypical antipsychotic medication continue to move forward ... Common Pleas, where the state,s Risperdal docket has been ... notice posted on the Court,s website , the ... 9, 2017 at 11:00 a.m. (In Re: Risperdal Litigation, ...
Breaking Medicine Technology: