MANY SYRACUSE CONSTRUCTION UNIONS RIPPED OFF BY MADOFF (100's of millions in retirement accounts)

[Omaha Steve]

http://gangbox.wordpress.com/2009/01/08/many-syracuse-construction-unions-ripped-off-by-madoffcarpenters-local-747-plumbers-local-73-plumbers-local-267-roofers-local-195/

Thursday January 08, 2009, 5:01 PM

Syracuse, NY — CNBC, quoting an unnamed source, today reported that a carpenters union in Syracuse has lost the majority of its $100 million to $150 million it had in pension money because of investments with Bernard L. Madoff.

An anonymous caller to The Post-Standard last week made the same claim but it could not be independently confirmed. Local unions have told The Post-Standard that they are trying to figure out the extent of their losses.

Madoff was arrested Dec. 11 after he confessed to his two sons that his investments were actually a $50 billion pyramid scheme. In such schemes, money from later investors is used to pay returns to those who invested first.

The rest of the CNBC report recapitulates coverage that has appeared in The Post-Standard.

The newspaper was first to report, on Dec. 13, that J.P. Jeanneret Associates, a Syracuse money management firm, had some money invested with Madoff. Click here to read the story.

According to filings with the U.S. Securities and Exchange Commission, Jeanneret had $946 million under management for 92 accounts. More than 75 percent of the firm’s clients are pension and profit-sharing plans, while up to 10 percent in each category are clients who are individuals and high-net-worth individuals, the documents said.

FULL story including losses by several more unions at link.

[PetrusMonsFormicarum]

1. Dude needs to rot.

That stupid smirk is going to be wiped right off his face. I could care less about the millionaires and billionaires who lost some of their fortunes to this asshole, but when I hear about him fucking with the hard-earned money of working folk, I have the most unpleasant thoughts.

This carpenter's union's pension losses, 100-150 million, is a drop in the 50 billion-dollar bucket of Madoff's evil scheme. It makes me wonder how many other people are now looking at working until the day they die, instead of enjoying some rest after a life of toil. I probably won't have to wonder for long.

[billyoc]

2. In solidarity with the Carpenters Union:

http://www.mapquest.com/maps?1c=Syracuse&1s=NY&2c=New+York&2s=NY&2a=133+E+64th+St&2z=10065-7045