Madoff Haunts Yeshiva as University Slides to Junk: Muni Credit
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Yeshiva University lost about $100 million when Bernard Madoff, a trustee, was revealed to be a fraud in December 2008.
While Madoff left the board and is in prison, Yeshiva is still struggling. The school warned that its chronic budget deficits may worsen after failing to produce an annual financial report on time. The move led Moody’s Investors Service to cut its rating this month to an unprecedented four levels below investment grade, spurring investors to sell Yeshiva debt.