The Forward is reporting that the venerable American Jewish Congress lost $21 million of its $24 million portfolio to alleged Ponzi scheme Bernard Madoff. That means they lost an astounding 87 percent (!!!!!) of their investment portfolio in one fell swoop.

The AJC’s endowments and investments made up about 25 percent of it’s $6.2 million budget, according to The Forward, so doesn’t mean the AJC is going out of business tomorrow, but the AJC has already commenced with lay-offs and cutbacks.

Look in this space later today for a story by Nicole Neroulias on how the Madoff scandal-$2.5 billion in losses across the Jewish community-is impacting Jewish day schools.