Columbia says it lost $3 million to Madoff Fraud, The M...

Columbia University said on Wednesday it had uncovered $3 million in losses tied to accused swindler Bernard Madoff, joining other New York universities hit by the purported fraud. Columbia spokesman Robert Hornsby confirmed the losses, but declined to provide further details beyond saying that information in a Bloomberg News story on the losses was accurate. Bloomberg reported that the school discovered the losses in a review of its investments. The news service said the money was tied to a 1980 gift to Columbia's law school from an unnamed alumnus who had retained the right to decide how the funds would be invested.