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:6/27/2016)... (PRWEB) , ... June 27, 2016 , ... ... for mental health professionals, announced today its affiliation with Tennessee Counseling Association. ... solutions to the network of the Tennessee Counseling Association, adding exclusive benefits and ...
(Date:6/26/2016)... (PRWEB) , ... June 27, 2016 , ... Quality metrics ... yet in many ways they remain in the eye of the beholder, according to ... a publication of The American Journal of Managed Care. For the full issue, ...
(Date:6/26/2016)... (PRWEB) , ... June 26, 2016 , ... Brent Kasmer, a legally blind and certified ... be personalized through a fitness app. The fitness app plans to fix the two major ... only offer a one size fits all type program , They don’t eliminate ...
(Date:6/25/2016)... ... ... temporary closing of Bruton Memorial Library on June 21 due to a possible lice infestation, ... aspect of head lice: the parasite’s ability to live away from a human host, and ... necessary one in the event that lice have simply gotten out of control. , As ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin Johnson has ... he has implemented orthobiologic procedures as a method for treating his patients. The ... first doctors to perform the treatment. Orthobiologics are substances that orthopaedic surgeons use ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Bracket , ... launch its next generation clinical outcomes platform, Bracket eCOA (SM) ... held on June 26 – 30, 2016 in ... first electronic Clinical Outcome Assessment product of its kind to ... #715. Bracket eCOA 6.0 is a flexible platform ...
(Date:6/23/2016)... INDIANAPOLIS , June 23, 2016 /PRNewswire/ ... Diabetes Tomorrow,s Leaders Scholarship is any indication, the future ... today online at www.diabetesscholars.org by the Diabetes ... stand in the way of academic and community service ... scholarship program since 2012, and continues to advocate for ...
(Date:6/23/2016)... -- Revolutionary technology includes multi-speaker listening to ... leaders in advanced audiology and hearing aid technology, has ... the world,s first internet connected hearing aid that opens ...      (Photo: http://photos.prnewswire.com/prnh/20160622/382240 ) , ... firsts,: , TwinLink™ - the first dual ...
Breaking Medicine Technology: