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Mass. Foundation Hurt By Madoff Cuts New Grants

The Carl and Ruth Shapiro Family Foundation is telling dozens of nonprofits in the Boston area that it will make no new grants this year after losing roughly $145 million in the Ponzi scandal allegedly run by Bernard Madoff.

Executive director Jean Whitney said in a letter to the heads of 80 nonprofits dated Friday that the move is to ensure the long-term health and stability of the foundation, which lost nearly half its assets.

The foundation will honor about $9 million of existing pledges.

The Boston Globe reported the philanthropy has given out $100 million in the past decade - including $18 million last year.

The foundation was founded in 1961 by Carl Shapiro, who made his fortune in the apparel industry.

This program aired on January 30, 2009. The audio for this program is not available.

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