"A spokeswoman for the Shapiro Foundation, Geri Denterlein, said the restatement was to recoup excise taxes it now believes it overpaid"
Meanwhile, "its insurance fund might be depleted by the Bernard Madoff scandal alone"
Yeah, YOU are BAILING them out, taxpayers!
"Shapiro tax filing shows a steep loss; Foundation writes down $140m for ’05 after Madoff fraud" by Beth Healy, Globe Staff | August 5, 2009
The family foundation of Carl Shapiro, one of Bernard Madoff’s longtime friends and investment clients, has amended its taxes to reflect more than $140 million in losses to the convicted swindler....
A spokeswoman for the Shapiro Foundation, Geri Denterlein, said the restatement was to recoup excise taxes it now believes it overpaid....
FLASHBACK:
"Uneasy times for the Shapiro family; Ties to Madoff could spur effort to recover investment gains" by Beth Healy and Steven Syre, Globe Staff | July 6, 2009
Eleven days ago, while Bernard Madoff was in a Manhattan jail cell awaiting his 150-year sentence, his old friend Carl Shapiro was enjoying a family dinner at the Four Seasons in Boston. He and his wife, Ruth, were celebrating their 70th wedding anniversary with their children and grandchildren at the luxury hotel, where they often dine.
Yeah, he's really hurting.
The festive affair belied the uneasy times for the Shapiro family. Three days before attending the party, Shapiro son-in-law Robert Jaffe was accused by federal regulators of delivering $1 billion in client funds to Madoff, reaping $150 million in improper payments in return. Shapiro, who has lost at least $545 million to Madoff, is one of numerous large investors who are under investigation by US authorities.
Yeah, money that was allegedly never there now -- although this guy lived larged and funded his racist Zionist projects the whole time.
And now, as a client who has known Madoff for five decades, Shapiro has to worry if the court-appointed trustee recovering funds for victims will try to seize any profits he or his charitable foundation received from him over the years....
Awww, the POOR STEALER SHAPIRO!
Un-f***ing-believable!
THIS is why you are TANKING, GLobe! The RANK JEWISH SUPREMACISM doesn't go over well with the rest of us!
In some ways, life continues as usual for two of the men closest to the Wall Street swindler. They have returned from Palm Beach to the Boston area for the summer, as they typically do. There was the recent wedding of the Jaffes’ son Steven, and they recently attended the bar mitzvah of the child of some friends.
But in other ways, life is changing in ways big and small. Jaffe will not be a regular at the Pine Brook Country Club in Weston this season; he’s taken a year off from the golf club “for financial reasons,’’ his spokesman said.
Oh, the pain! This is "journalism" in AmeriKa? New England's largest paper?
Meanwhile, Shapiro, 96, has been pained to see a large part of his personal fortune wiped out, along with half of the charitable foundation that has donated in his family’s name to hospitals, art museums, and schools in Greater Boston and Palm Beach.
But HE'S STILL EATING at the FOUR SEASONS and life is STILL GOOD!! Just DIE ALREADY, you stink-f***!!!
96, huh? I smell life extension technology! Ever notice these cretinous monsters seem to live forever?
And check out this SELF-SERVING LOOTING the Jewish War Daily calls "charity."
The family uses another entity to sometimes direct contributions to the foundation: Wellesley Capital Management Inc. It has a small staff, and its officers are Shapiro’s three daughters: Linda Waintrup, listed as president; Rhonda Zinner, and Ellen Jaffe, Robert’s wife.
Oh, the STENCH of JEWISH INCEST!!!
On Madoff’s customer list - flawed and error-ridden though it is - no entity is mentioned more times than Wellesley Capital Management. The firm, or the address and suite number of its office, appears 129 times, with clients that include Shapiro family trusts and two of the Jaffes’ sons.
Other investors with longtime relationships with Madoff also appear multiple times on the list: Jeffrey and Barbara Picower and their foundation, which Picard has alleged took billions more in money out of Madoff accounts than they put in, show up 10 times, and New York money manager Ezra Merkin, who funneled $2.4 billion in client money to Madoff, shows up eight times. Stanley Chais, the Beverly Hills money manager charged with fraud by the Securities and Exchange Commission, is listed 68 times.
Related: The GMAC-Madoff Connection
The Zionist Gang that Bankrupted General Motors
One possible explanation for the large number of Shapiro family accounts on the client list is that Carl Shapiro’s relationship with Madoff dates back to the 1960s. People who know Shapiro said he thought of Madoff as a son. In the days before the collapse of his scheme in December, Madoff asked Shapiro for $250 million, which his friend gave him. Shapiro was as stunned by Madoff’s confession as anyone, say people who know him.
I've quit believing lying Jews, sorry.
Known for an exacting attention to detail, Shapiro has kept a firm hand in the workings of his charity and his finances, according to people who know the family. He takes a personal interest in many of the nonprofits the foundation funds.
But he had NO IDEA the whole thing was a looting fraud!
He set up Wellesley Capital rather than hire an outside firm to manage his affairs.
Yeah, so he could set his daughetrs up with a nice salary while directing the damn thing! Remember, folks, this is ALL GOING TO JEWS, one way or another!!!
And for years he used a New York accounting firm run by a friend of Madoff’s to prepare the foundation’s taxes, which often were filed late.
If he even paid any.
The question many are asking is this: How could Shapiro or other Madoff investors have failed to see that something was amiss when they received returns that beat the market so consistently?
We already know the answer: he was in on it.
Boston attorney Harry Miller said part of the answer lies in human nature. “If things were really good, you might look the other way and not look into what was going on,’’ he said.
It appears the Shapiros are cutting their Madoff ties one by one. The foundation has fired the accounting firm Konigsberg Wolf & Co., the family’s spokesman said. Neither Shapiro nor Jaffe attended Madoff’s court appearances, nor did they submit character references to the judge who sentenced Madoff. Indeed, not a single person did so on his behalf.
I hate to say it, but the stab-you-in-the-back, cut-you-loose characteristic sure seems like a Jewish one.
And today?
The Shapiro Foundation’s restatement of taxes comes as New York authorities are examining whether the family and other significant, long-term Madoff clients received more in supposed “profits’’ from the convicted swindler than they originally invested....
The Shapiros have acknowledged losing at least $400 million in personal funds, on top of the foundation losses; it’s unknown how much of that was false profits versus the principal amount that Carl Shapiro and his family entrusted to Madoff....
Awwwww! See: Reason Number Two Why No One Reads the Boston Globe Anymore
Accounting specialists said the writedown is an aggressive move, given that the IRS has yet to issue guidance to nonprofits on how to handle their Madoff losses. Bruce R. Hopkins, an attorney who specializes in nonprofits at the law firm Polsinelli Shalton Flanigan Suelthaus in Kansas City, Mo., said it’s unclear whether foundations that lost money with Madoff can go back and reconstruct their financial condition over multiple years of tax filings; it’s more typical to reflect such losses in the year in which they are discovered - in this case, 2008.
“It’s an aggressive approach to preparing the returns,’’ Hopkins said of the Shapiros’ amended filing. It makes sense for foundations to refile the returns, he said, if they want to show they paid out more than the required 5 percent of assets in donations, given that they didn’t really have as much money as they thought.
The IRS hasn’t helped the post-Madoff confusion for nonprofits, Hopkins said: “They’ve been completely silent on that.’’
Yeah, because the feds and the papers are covering that up!
The IRS acknowledged as much. Spokesman Bruce Friedland said the tax agency has received numerous questions from the nonprofit world since Madoff’s $60 billion scam became public in December. The Shapiro Foundation hired a new accountant to handle the amended return - Caras and Shulman in Burlington. The Shapiros recently fired their previous accounting firm, Konigsberg, Wolf & Co., a firm Madoff recommended to many clients.
--more--"Also see: The Russian-Israeli Mafia: Off-limits to FBI, US intelligence
Madoff, Mossad and the AmeriKan MSM
See how the Zionist MSM of AmeriKa never really tells you anything?
How many other things do they keep hidden, readers?
"Berkowitz, whose family founded Legal Sea Foods in Cambridge."
Legal Jew Food?
