Madoff costs Columbia Law $3,000,000

It has recently been reported that Columbia Law School lost $3 million to Bernie Madoff’s investment scheme.  Here is an excerpt from Columbia Law loses $3 million to Madoff, Yale Daily News, Jan. 22, 2009:

The money lost was not invested as part of Columbia’s “merged endowment pool” — which holds the bulk of the University’s endowment and is invested by the school’s investment management company — but rather as an independent gift to the school made in 1980. * * * The loss makes Columbia the first Ivy League school to report losses in the wake of Madoff; Yale has said it had no exposure to his firm.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.