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:6/26/2016)... ... June 26, 2016 , ... Brent Kasmer, a legally blind and certified personal trainer is helping ... fitness app. The fitness app plans to fix the two major problems leading the fitness ... size fits all type program , They don’t eliminate all the reasons people ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the American Institutes ... Research Meeting June 26-28, 2016, at the Hynes Convention Center in Boston. , ... advance care planning, healthcare costs and patient and family engagement. , AIR researchers ...
(Date:6/25/2016)... Miami, FL (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton ... Plant City Observer , brings up a new, often overlooked aspect of head lice: ... The closing for fumigation is not a common occurrence, but a necessary one in the ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/25/2016)... ... June 25, 2016 , ... ... non-athletes recover from injury. Recently, he has implemented orthobiologic procedures as a method ... —Johnson is one of the first doctors to perform the treatment. Orthobiologics are ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... FRANCISCO, Calif. , June 24, 2016 /PRNewswire/ ... ), a biopharmaceutical company developing novel therapeutics for ... unmet needs, today announced the closing of its ... of common stock, at the public offering price ... in the offering were offered by GBT. GBT ...
(Date:6/24/2016)... June 24, 2016 The Academy of Managed ... recommendations that would allow biopharmaceutical companies to more ... that make formulary and coverage decisions, a move that ... new medicines. The recommendations address restrictions in ... on the drug label, a prohibition that hinders decision ...
(Date:6/24/2016)... According to a new market ... Needles, Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, ... of Purchase (Retail, Non-Retail) - Trends & Global Forecasts ... market for the forecast period of 2016 to 2021. ... by 2021 from USD 1.65 Billion in 2016, growing ...
Breaking Medicine Technology: