From the Ramaz Email List:
Dear Ramaz Family,
Late last week, we learned that Ramaz, through at least one of the funds in which it has endowment and other invested funds, has exposure to the alleged fraud committed by Bernard Madoff and his affiliated businesses. We still are in the process of understanding the facts and the current status of the funds. Based on the information currently available, the maximum potential exposure is approximately $6 million.
Rest assured, Ramaz’s ability to operate as normal should not be impacted by this situation whatever its outcome and the majority of our endowment and other invested funds are not at issue.
Also, many of you have expressed concern regarding the status of the faculty and staff pension program. While we appreciate the concern, please know that our pension funds are managed independently by TIAA-CREF and are not at issue.
Sincerely,
Pamela Rohr, Board Chair
Rabbi Haskel Lookstein, Principal
Judith H. Fagin, Head of School
