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December 31, 2008
If they're fictitious paper gains, are they fictitious paper losses?
On the Yeshiva University front:
The university's chief financial officer, J. Michael Gower, said in an e-mail that the school's actual principal investment in a hedge fund linked to Madoff had been only $14.5 million.On paper, that stake had exploded in value over the past 15 years to $110 million, but Gower said all of those "profits" now appear to be entirely fictitious, meaning that the losses were mostly fictitious too.
Posted by CrankyProfessor at December 31, 2008 8:08 AM