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Zuckerman: Madoff Lost Charity's Cash, Not Mine
Mort Zuckerman has an important message for the world: I am still rich.
Zuckerman took to CNBC this afternoon to refute the belief, fostered by an imprecisely-worded Wall Street Journal story, that he lost a bundle in Bernard Madoff's now-notorious Ponzi scheme.
"A lot of people have the impression, as you say, serious damage was done to me personally rather than to this charitable fund and that is not the case," the U.S. News and New York Daily News owner told Erin Burnett. He said the Journal will print a letter to the editor tomorrow clarifying the situation.
"This is not my own personal funds. This is a charitable fund called the Mortimer B. Zuckerman charitable remainder trust and it's vehicle through which a lot of charitable donations are made," he added. "That is a charitable contribution I made in 2001 and has nothing do with my personal funds."
Zuckerman also said that the loss of his trust's $30 million will have "a lot of legal implication" for the fund manager who placed the money with Madoff.
