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.
