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)... ... 26, 2016 , ... PawPaws brand pet supplements owned by Whole ... enhance the health of felines. The formula is all-natural and is made from Chinese ... PawPaws Cat Kidney Support Supplement Soft Chews are Astragalus Root Extract and ...
(Date:6/26/2016)... Birmingham, Lake Orion, Clarkston, Michigan (PRWEB) , ... ... ... their direction with respect to fertility once they have been diagnosed with endometriosis. ... for tolerable intercourse but they also require a comprehensive approach that can help ...
(Date:6/25/2016)... ... 2016 , ... Austin residents seeking Mohs surgery services, can now turn to ... Dr. Russell Peckham for medical and surgical dermatology. , Dr. Dorsey brings specialization to ... fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was under the direction of ...
(Date:6/25/2016)... California (PRWEB) , ... June 25, 2016 , ... "With ... fit their specific project," said Christina Austin - CEO of Pixel Film Studios. ... customizable and all within Final Cut Pro X . Simply select a ProHand ...
(Date:6/25/2016)... CA (PRWEB) , ... June 25, 2016 , ... As ... with Magna Cum Laude and his M.D from the David Geffen School of Medicine ... and returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 2016 Research and Markets has ... by Type (Organic Chemical (Sugar, Petrochemical, Glycerin), Inorganic Chemical), ... Parenteral) - Global Forecast to 2021" report to ... The global pharmaceutical excipients market is projected to reach ... 6.1% in the forecast period 2016 to 2021. ...
(Date:6/23/2016)... Capricor Therapeutics, Inc. ... company focused on the discovery, development and commercialization ... in its ongoing randomized HOPE-Duchenne clinical trial (Halt ... its 24-patient target. Capricor expects the trial to ... 2016, and to report top line data from ...
(Date:6/23/2016)... and INDIANAPOLIS , June 23, 2016 ... Lilly Diabetes Tomorrow,s Leaders Scholarship is any indication, the ... announced today online at www.diabetesscholars.org by the ... diabetes stand in the way of academic and community ... Foundation,s scholarship program since 2012, and continues to advocate ...
Breaking Medicine Technology: