UF affected by Madoff scandal

DECEMBER 19, 2008

The far-flung $50-billion Ponzi scheme by disgraced hedge fund leader Bernard Madoff (left) has now touched the University of Florida.

UF president Bernie Machen told the faculty this week that while the scandal has not impacted university investments, many key UF donors have taken big hits, the Gainesville Sun reports. "We're not unaffected by it," he said, though without offering many details.

The news only further soured a meeting where Machen discussed the bleak state of finances that the university faces. He explained that UF might have to borrow money from its own internal funds just to keep operating through the year.

"We're going to figure out how not to disrupt this year as best we can," he said, according to the Sun.

(Photo from AP)

Posted by Times Editor at 9:14:00 am on December 19, 2008 in

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