Will The Southern Poverty Law (And Investing) Center Return Its Madoff Money?
By Patrick Cleburne The incredible Southern Poverty Law Center money machine just keeps rolling on and on, according to its latest Form 990 filing with the IRS [PDF] and its Financial Statement. But the SPLC ($PLC to VDARE.COM) is rolling in an increasingly bizarre direction. For example: why exactly is it piling up its extraordinary, illiquid, secretive, never-touched money mountain? This kind of thing risks unfavorable IRS attention. And why does it need a bank account in the Cayman Islands? Donations to the $PLC in the year ending October 31st 2009 were down 11.1%to a mere $28.8 million. But, because of a massive $32.49 million (19.6%) increase in the value of its securities portfolio, the $PLCs “Net Assets” rose to $199.95 million. In contrast, according to one report, many charities faced contractions in funds available of 20-30% over this period. Operationally, things werent too bad for the $PLC either. Despite fundraising expenses of $5.677 million, according to the 990, and des
