One of the newest and most high-profile collaborations for JPB is a massive $250 million fund broadly seeking to mobilize women on the issues central to their daily concerns. And they have deep respect for people on the ground.. At the time, it did not seem like Barbara Picower was rushing to hand over $7.2 billion. He has avoided media interviews and, with. Field Strengthening. He and his wife ran the Jeffry M. & Barbara Picower Foundation a not-for-profit foundation with over $614 million assets under management. Jeffry Picower did far more, exerting control over the Ponzi scheme in ways that had nothing to do with the transactions in his own BLMIS accounts or his theft of cash.. For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members. Police received a 911 from. [17][22] It distributed over $268 million in grants to various American organizations, including Human Rights First and the New York Public Library. "I didnt want to have a lot of staff, Picower says of JPBs lean structure. Where is Barbara Picower putting her foundations more than $2 billion of assets now? The foundation is infused with Barbaras ethosrespect for the wisdom of nonprofit leaders, humility, but also confidence in asking questions and being a full participant in the conversation, says Deepak Bhargava, who was president of the Center for Community Change when the JPB Foundation came knocking six years and several increasingly large grants ago. Federal prosecutors in Manhattan came to believe that the $7.2 billion represented the proceeds of specified unlawful activity or a conspiracy to commit such an offense. The U.S. Attorney in Manhattan, Preet Bharara, filed a civil forfeiture complaint against the money in December at the same time that the government announced that Barbara Picower had agreed to turn over all of the money as part of the largest single forfeiture recovery in U.S. history. The feds said the settlement contained no finding or admission of fault and that Barbara Picower was doing the right thing, but at a press conference Bharara declined to exonerate Jeffry Picower, calling the issue a moot point given that he was no longer alive. However, it was revealed that Picower owned 76% of PharmaSciences stock and actually controlled 86.2%, putting him in a conflict of interest in the merger negotiations. They added: Certain powerful funders have great things to say about her because she will financially back efforts they want to see thrive.. We view work that supports the grassroots to be one of the best levers for building a just and equitable society, so much so that strengthening the field of environmental justice is now a fourth area of the environmental program.. He was taken to Good Samaritan Medical Center, where he was pronounced dead about 80 minutes later. "According to the new filing, Mr. Picower opened an account with Mr. Madoff on April 18, 2006, by wiring a check for $125 million, more than a quarter of the entire sum he invested with Mr. Madoff over time. She said that it was in that process we figured out that we wanted to continue funding medical research, start funding in the area of povertywhich we had not really done beforeand the environment. In less than a decade, JPB has carved out a unique role for itself in two grantmaking fields, poverty and the environment, that are crowded with other funders. Barbara Picower. Madoff was arrested by federal authorities on Dec. 11 and charged with. [14][15] It was spun off into a for-profit company, Cytokine Networks, which was later merged with privately held PharmaSciences to form Cytokine PharmaSciences. Barbara Picower is an American business executive who serves as the President of The JPB Foundation. It really forced us to think and plan differently. And over the years, the collaborative convinced utilities to allocate $450 million of ratepayer funds on energy efficiency in affordable rental housing. Promoting justice. We ask organizations what they need the money for and we try to give them what they need., Ford Foundation CEO Darren Walker speaks highly of Picowers genuine curiosity and says he actively seeks out her partnership for new initiatives because she is willing to go outside what is comfortable and she has a level of flexibility and agility that is rare in philanthropy today., That nimbleness reflects Picowers total control of JPBa control that CEOs of legacy institutions like Walker could only dream about. Picower was one of the . Last week the Financial Times reported that in a prison interview Bernard Madoff said that Picower brought in clients, into the Ponzi scheme in order to help Madoff and that Jeffry Picower and three other big clients were complicit.. JPBs hefty backing for activists who directly challenge power arrangements in U.S. is all the more striking because the foundation is piloted by a living donor. One of the earliest and largest beneficiaries of that fund is SuperMajority, led by Cecile Richards, Ai-Jen Poo of the National Domestic Workers Alliance (NDWA), and Alicia Garza of Black Lives Matter and Black Futures Lab. Picower, 67, began his career as an accountant and lawyer in New York but seems to have made much of his fortune as an investor in the medical industry. Special Canal House In Amsterdam. It's one of the largest grant-making foundations in the country. Join us in celebrating The Picower Institute for Learning and Memory's 20th Anniversary! Barbara Picower was slated to get $200 million, her only child was to get $25 million, and Jeffry Picowers longtime business assistant, April Freilich, was supposed to get $13.5 million. Barbara immediately got the SuperMajority idea because she was already thinking that way., The manner in which JPB backed SuperMajority, in concert with other funders, is illustrative of Picowers highly personalized operating style. Thats why we started the Times of Israel ten years ago - to provide discerning readers like you with must-read coverage of Israel and the Jewish world. Engaging communities is front and center in our efforts. November 1, 2009. About UsContact UsConsultants DirectoryFAQ & HelpTerms of UsePrivacy Policy, Individual Subscriptions Multi-User Subscriptions , "Get to Know Barbara." In addition to medical research, the JPB Foundation is focusing on poverty and the environment. In a dramatic shift from a few decades ago, living donors oversee a growing number of the biggest grantmaking institutions in the U.S.although, as Picower rightly notes, few are as involved in the day-to-day work as she is. Barbara is the President and Board Chair of the JPB Foundation. Over the decades, he withdrew about $7 billion in All Barbara Picower needs is to swat away this pesky appeal from Madoff investors who want to sue her. But, then a lawsuit filed on behalf of Madoff victims asserted that Jeffry knew or should have known about the fraud, The New York Times reported in 2009. His $7 billion profit stunned other Madoff investors, many of whom lost their life savings. We want you to succeed and we will do whatever we can to help you succeed. Thats a total of 10 program staff averaging 25 to 30 grants or collaborative efforts in their portfolio, making JPB an especially lean organization given the size and scope of its grantmaking. $1,168/sqft. By registering you agree to the terms and conditions. In making large grants to grassroots groups, Picower is willing to go where many living donors wont. Thank you, David Horovitz, Founding Editor of The Times of Israel, 2023 The Times of Israel , All Rights Reserved, Former financier Bernard Madoff exits Federal Court in Manhattan, New York on March 10, 2009. A new four-part Netflix series, Madoff: The Monster of Wall Street, chronicles the rise and fall of the late Bernie Madoff, who went to jail in 2008 for running an illegal Ponzi scheme that bilked investors out of billions. In 2009, Jeffrey was found dead in the swimming pool at his Palm Beach, Fla., mansion. In its first several years, JPB established its three core Programs - Poverty, Environment, and Medical Research. In reporting this article, we heard complaints about her imperiousness from a number of nonprofits and funders. Once registered, youll receive our Daily Edition email for free. Currently, for example, the two foundationsalong with a handful of other top fundersare key backers of SuperMajority, a major advocacy effort focused on gender equity (see more below). Barbara Picower President, The JPB Foundation Barbara Picower is the President and Chair of the Board of Directors of The JPB Foundation, a charitable institution founded in 2011 from the proceeds of the estate of her late husband, Jeffry M. Picower. [9][32] "Barbara Picower has done the right thing," US Attorney Preet Bharara said. Picowers new foundation has since doubled in size, according to a person familiar with its activities, and currently has more than $2 billion of assets. The affordable housing market hadnt been a strong focus for NRDC. [11] The Picowers' lawyer, William D. Zabel of Schulte Roth & Zabel, responded that, "They were totally shocked by his fraud and were in no way complicit in it. People may receive compensation for some links to products and services on this website. In a statement made public together with Picower's will, Barbara Picower said. Then JPB provided resources to meet twice yearly and expand the group. Tax: $745,866. The three organizations had to submit a single proposal with individual responsibilities, said Picower. JPB asks network grantees to use a certain amount of their JPB grant funding to collaborate with the hub organization . The Picower Foundation, founded by Jeffry M. and Barbara Picower, is one of the largest foundations in the nation. In addition to Palm Beach and Fairfield, the Picowers own a home in Manhattan. Eventually, they really got into it. In less than a decade, Picower has built up JPB into a grantmaking powerhouse that will give away $260 million this year and that takes a hands-on approach to achieving impact in issues areas known for their complexity. Even organizations that are doing really well need the help of lots of other people to have an effect, so we decided to put together a network of organizations, Picower said of this effort. One of Picowers most gratifying efforts in the foundations environment portfolio is a multi-organization initiative called Energy Efficiency for All that she described as a forced marriage between NRDC, National Housing Trust and the Energy Foundation aimed at increasing energy efficiency in low-income communities. Zabel was also a trustee of the Picower Foundation.. On the surface, it seems like the JPB Foundation is bigger than the Walton Family Foundation, the Ewing Marion Kauffman Foundation and the Alfred P. Sloan Foundation. Click here to go behind the scenes of Brian Ross' investigation into Bernie and Ruth Madoff. Supporting research. Barbara Picower, President and Chair, JPB Foundation. The lawsuit brought by the bankruptcy trustee named Picower, his wife Barbara and the Picower Foundation, which gave generously to charities. He reportedly had Parkinsons disease and heart problems. But the former JPB employee says that this approach has had downsides. According to a statement from the Palm Beach police, emergency personnel responded at 12:09 p.m. on Sunday to a call from Mr. Picower's wife, Barbara. By Caitlin Silver. We would meet in various settings and I was really impressed with her as a new donor, that she didnt have a go-it-alone attitude that many super-wealthy getting into philanthropy have., Larson also appreciated the foundations operating style. Can Nonprofits Convince Them Its Worthwhile? She started talking to Cecile Richards. In its first several years, JPB established its three core Programs Poverty, Environment, and Medical Research. Forbes, which listed Picower at no. [25][26] According to a June 28, 2009, MSNBC article, that would make Picower and his wife the biggest beneficiaries of Madoff's scam, exceeding even Madoff himself. His wife decided to have his estate settle the claims against it by Madoff trustee Irving Picard for $7.2 billion, which is the greatest single forfeiture in the history of the American justice system. They recognize that civic engagement is essential to fixing poverty and the environment. Scaling and replicating. The JPB Foundation, created in 2011 with an endowment bequeathed by Jeffry M. Picower, and led by Barbara Picower as President and Chair, sustains the philanthropic spirit that animated Jeffry and Barbara's history of giving. The Picower Foundation was forced to close in 2009 after the Madoff scandal broke out. Madoff, a longtime friend of the Picowers, managed their foundations assets. Soon after the lawsuit was filed, in October 2009, Jeffry Picower died at the age of 67 in the swimming pool of his Palm Beach mansion while Barbara Picower was reading a book nearby. [13] Researchers there, led by Kevin J. Tracey, made a potentially valuable discovery, with possible applications in the treatment of rheumatoid arthritis, Crohn's disease, and multiple sclerosis. House District: 89 Senate District: 30 County District: 7 School Board District: 4. . That makes it one of the top 40 foundations by asset size in the nation, according to Foundation Centers list of the largest grant-making foundations. Its not that none of the groups had worked together, but our relationships hadnt been deeplimited to specific projects. Bob Greenstein, president of the Center on Budget and Policy Priorities, said, Barbara started with a question about whether the organizations respective state offices could find opportunities to collaborate. They know success takes long-term strategy.. He agreed to forfeit $3.18 million in accounting fees and withdrawals from his account with Madoff, as well as his three-story, 4,400-square-foot house in New City and one other property. A Contact Us link leads to a page with the street address in Manhattan, and in any case, discourages grantseekers from getting in touch: We do not accept unsolicited proposals.. The Picowers reportedly withdrew $5.1 billion more than they invested from Madoff accounts. For now, the litigation has prevented both Picard and the government from fully distributing the $7.2 billion they obtained in the Picower settlement to some Madoff victims. Blackstone Group. There is no legitimate explanation for these events nor any possibility that they escaped Picowers notice. Listed previously at $1 billion, the foundation's assets were managed by Bernard L. Madoff, Mrs. Picower said in a statement, and his "act of fraud has had a devastating impact on tens of . Barbara Picower's Address & Maps. EMEA +44 20 7330 7500. Please try again or choose an option below. For those who do have the opportunity to meet with the JPB Foundation, there are a few basics to know. Raising the voices and power of communities most impacted to identify needs and resources, mobilize, and formulate solutions. Tax records show the JPB Foundation has been funded by $1.2 billion in contributions in 2011 and 2012 from the estate of Jeffry Picower, the total after Barbara Picower agreed to return money to Madoffs victims. The Palm Beach County Medical Examiner's Office determined that Mr. Picower suffered a massive heart attack while in the swimming pool resulting in accidental drowning. Picower, a tax shelter lawyer and accountant, was not well known in financial circles until his name surfaced in the Madoff case in the past few months. Major support from JPB has also gone for movement-building groups that top foundations often avoid, like the Center for Popular Democracy, the Movement Strategy Center and the Peoples Action Institute. "[27], On October 25, 2009, Jeffry Picower died at his Palm Beach home. His great wealth was exposed after the collapse of Bernard Madoffs Ponzi scheme in December 2008, when it emerged that Jeffry Picower had received a net of $7.2 billion in distributions over the years from Bernard L. Madoff Investment Securities. Jeffry Picower, who was 67 when he died, was one of Madoff's oldest clients. When Picower decided to create the JPB Foundation, set to launch with a multi-billion-dollar endowment, she turned to the Bridgespan Group to help her map out an ambitious grantmaking agenda, working with the consulting firm for about a year. Market Realist is a registered trademark. Jeffry M. Picower (May 5, 1942 October 25, 2009)[1][2] was an American investor involved in the Madoff investment scandal. Turn on desktop notifications for breaking stories about interest? [7], On November 1, 2009, an additional court filing by Irving Picard documented an apparently fraudulent gain benefiting Picower. You Cant Pigeon-Hole JPBs Approach to Any of its Issues. I don't know how you make impact if youre trying to give out a thousand grants a year. She said that she had found her husband at. Each of the organizations involved in this collaborative had state-level work, but they werent consistently working together. Its not that we dont tell people what we do, its just that we dont want it to be about us, we want it to be about what we do, Picower said. Support. The funding really helped build state-based networks., Greenstein added: Many funders like to foster, encourage or mandate collaboration, but usually, it isnt successful because people spend a lot of time trying to show they are collaborating but really still protecting their own turf. "Barbara Picower has done the right thing," Bharara said. The facility, located on Vassar Street near Main Street on the northeast corner of the MIT campus, is made possible with the help of a $50 million gift from the Picower Foundation of Palm Beach, Fla., a private foundation created by Barbara and Jeffry M. Picower. 2,842 sqft lot. Toward this end, The JPB Foundation directs its giving to three program areas promoting opportunities for people in poverty, advancing medical research, and enabling a healthy environmentin which, through sustained focus over time, it can make a significant difference. Her lawyers were trying to hammer out a settlement deal somewhere between $2 billion and $7.2 billion when federal prosecutors in Manhattan intervened, claiming that the $7.2 billion represented proceeds of specified unlawful activity or a conspiracy to commit such an offense. Barbara Picower agreed in December 2010 to return $7.2 billion, saying she was confident that my husband Jeffry was in no way complicit in Madoffs fraud. At the time, Preet Bharara, the U.S. Attorney in Manhattan, commended Barbara Picower for returning the money, but at a press conference he declined to exonerate Jeffry Picower, calling the issue a moot point given that Jeffry Picower was no longer alive. 442 m2 on private land with a sunny deep garden with garden house in the back. In providing large chunks of multi-year grant support, the JPB Foundation has embraced an approach long pushed by many nonprofit leaders, as well as groups that seek to strengthen social justice funding, such as the National Committee for Responsive Philanthropy. Picower's wife, Barbara, and the family's housekeeper found Picower's body at the bottom of the pool at their home on South Ocean Boulevard, Palm Beach police said. Of course, grantees say nice things because she has so much power over them, but make no mistake, she is the queen and everyone knows she acts like one, that person said. The Picowers were friends of Wall Street financier Madoff, who is serving a 150-year sentence after pleading guilty to running a $65 billion Ponzi scheme. Forbes looks at the renewed giving of Barbara Picower and her JPB Foundation, the successor of the family philanthropy she and her late husband, billionaire financier Jeffry Picower, closed in the wake of the Bernard Madoff scandal. They really recognize the need for supporting leaders and investing in leadership. [12], After Physician Computer Network, Inc., went bankrupt, Picower, the chairman of the board and 45% shareholder, had to give $21 million to other shareholders in 2000[12] after it was discovered that company executives had falsified financial statements. With nearly $4.4 billion in assets, it is among the 25 largest foundations in the nation, and yet it is largely unknown in nonprofit circles. The Palm Beach Police Department just released the tape of the call that was placed around noon on Sunday. Get to know Barbara. This is the advice from grantees and fellow funders alike to anyone seeking to engage the foundation. Our Standards: The Thomson Reuters Trust Principles. But then the feds got involved. Barbara Picower appears to have resumed supporting some of the nations top brain researchers by building consortiums of scientists who agree to collaborate together on their research. Barbara Picower executive at THE JPB FOUNDATION New York, New York, United States He was committed to overcoming the devastation resulting from Bernard Madoffs fraud by reaching a fair and generous settlement with the Madoff trustee, the statement said. Picower says she relies heavily on two program vice presidents, Betsy Krebs and Dana Bourland, to identify new grantees and engage in due diligence. Barbara Picower President April C. Freilich Chief Operating Officer and Senior Vice President Gerald C. McNamara Chief Investment Officer Dana Bourland Senior Vice President, Environment & Strategic Initiatives Betsy Krebs Vice President, Poverty. Contact Us 875 Third Avenue, 29th Floor, New York, NY 10022 The Picower Foundation for years had its assets invested in Bernard L. Madoff Investment Securities. Madoff Associate and Penn State Grad Dies. Still, the issue wont go away. It is one of the things about JPB that makes us unusual., But Picowers highly personalized leadership style has also attracted criticism. They had to do a lot of co-planning and had to collectively report, and we reserved the right to not fund any of them if one grantee wasnt doing well. Residential Address: Palm Beach, Fl. The JPB Foundation, created in 2011 with an endowment bequeathed by Jeffry M. Picower, and led by Barbara Picower as President and Chair, sustains the philanthropic spirit that animated Jeffry and Barbaras history of giving. 10/29/09 2:00 pm. Mrs. Picower told the operator she was with her housekeeper and that she was putting the operator on speaker phone so that they could try to get her husband out of the pool. September 10, 2014. Click here for complete Blotter coverage of Madoff and his Ponzi scheme.