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Bard College lost $3 million in Madoff scheme

Daily Freeman – Bard College said on Thursday that it lost about $3 million in investments tied to disgraced Wall Street financier Bernard Madoff.

Bard spokesman Mark Primoff said the losses came in the Northern Dutchess school’s $270 million endowment fund.

Primoff said the college invested in the Ariel Fund run by J. Ezra Merkin, who was a governor of Bard’s Levy Economics Institute until his recent resignation. Primoff said Merkin never told the board he was investing the money with Madoff.

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