Zuckerman on Ponzi Scheme: 'This Breaks My Heart'
Mort Zuckerman, the real estate investor and media mogul, just told CNBC that about 11 percent, or $30 million, of his charitable trust has been lost in the alleged ponzi scheme orchestrated by Bernard Madoff.
Zuckerman's trust money was invested through an independent fund manager whom he did not name. However, he strongly indicated he was not so happy with him.
Asked what his reaction was when he learned the money was gone, Zuckerman told CNBC's Erin Burnett, "I was, to put it mildly, not very happy."
"This breaks my heart," he continued. "I made the money. I put it in the charitable trust to give away."
Zuckerman said he had never met or heard of Madoff. Money managers who entrusted Madoff with their clients' money "didn't do their jobs, both legally and professionally," he added. "There will be a lot of reviews of everyone's legal responsibilities before this is done."
-- Michael S. Rosenwald
The comments to this entry are closed.