INVESTOR ALERT: Madoff Sinks NY Pension Funds
INVESTOR ALERT: Madoff Scheme Sinks Pension Fund
Our team at Millennium Lyon identified the risk. How Madoff's scheme could hurt pension plans across the country. We first reported the potential danger in December 2008. We repeated the warning on Monday 01/05/2009.
CNBC agrees, and just released this report.
The financial carnage coming out of the Bernard Madoff investment scandal is now spreading from charities and wealthy individuals to labor union pension funds. In recent days, several have fessed up to their members their significant exposure to Madoffs investment scheme, which will result in massive losses to their members. CNBC has learned that one union, the Carpenters local in Syracuse, N.Y., has lost the majority of the $100 million to $150 million it had in pension money because of its dealings with Madoff, people close to the matter said. The unions money manager, J.P. Jeanneret Associates of Syracuse, didnt return a telephone call for comment. The Syracuse carpenters local isnt alone. Pat Morin, business manager of Empire State Carpenters Union, is sifting through the wreckage in his own portfolio, which at the end of June had around $800 million in assets under management. Morin says his fund has exposure to Madoff as well, largely the result of consolidation in union pensi... more
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posted by Victor Lloyd Smith @ 5:42 PM
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