Madoff's Crimes Stole Retirement Security From Thousands Of Union Workers

[Omaha Steve]

http://www.laborradio.org/node/10689

By Doug Cunningham

Bernard Madoff’s treacherous crimes have stolen the retirement security of thousands of New York workers whose unions had millions of dollars in pension funds invested with him. At least 60,000 union workers in New York depend on pension funds that were invested in Madoff’s phony funds. In upstate New York alone construction unions had at least $354 million invested in Madoff’s fraudulent schemes. Plumbers and Steamfitters Local 73 in Oswego, for example, was hit very hard as was Carpenters Local 747.

[ProgressiveProfessor]

1. I hope their due diligence committee has E&O insurance

That Madoff was shady was clear for some time and from aways off

[donco]

2. If that’s the case they had better put him in a cell

by himself for the rest of his life.

[spag68]

3. Pension funds

I'm a retired union man, and I'm happy with my pension. I know it's hard to say, but it's tough to make a case for these investors. Hedge funds and other risky securities have no place in a union pension fund.