Hey, Stick Together Carpenters Local 370 Albany Chuck Speaks on Madoff Ponzi Issue

www.videovoice370.com MADOFF RIPOFF AND NEW YORK CARPENTERS pensions of 1,500 Long Island local 7 and 13,500 Empire State Regional Council members are at risk Posted in Uncategorized by gangbox on the January 12, 2009 from LONG ISLAND NEWSDAY:NY carpenters union invested with MadoffPonzi scheme victims may get $1B for their claims BY JAMES BERNSTEIN |james.bernstein@newsday.com January 10, 2009 A large New York State carpenters union has told its members that one of its money managers had invested with accused swindler Bernard Madoff and the union is trying to determine the exact impact on its locals, including one in Hauppauge. In a recent letter, Patrick Morin, secretary-treasurer of the Empire State Regional Council of Carpenters, said an emergency meeting of the unions trustees was held Dec. 18 and he revealed that Syracuse-based J.P. Jeanneret Associates, an investment adviser to the unions pension and welfare funds, utilized the Madoff fund. Neither Morin nor other union officials returned calls seeking comment Friday. Madoff was arrested Dec. 11 and allegedly told federal authorities he operated a Ponzi scheme that bilked investors out of $50 billion over decades. He is awaiting a federal magistrates ruling on whether to revoke his $10-million bail and send him to jail. Morins letter did not state how much money Jeanneret had invested with Madoff, but said, Some areas [locals] have had exposure to this type of investment for more than a decade. Because of the length of time, it has been a monumental task for our staff to ascertain the exact impact to each area. Morin said the Empire State Carpenters Fringe Benefit Funds has hired a law firm that will file a class-action suit for the protection of our participants. The unions Local 7, based in Hauppauge, has about 1,500 members, said a shop steward, who did not want to be identified. The unions Web site says it represents 15,000 carpenters in the state. A Local 7 member, who also did not want to be identified, said he has been counting on money from an annuity to help him retire soon. I have worked long and hard in heavy construction to accumulate a cushion for my retirement, the member said. The thought of working many extra years causes me to lose a lot of sleep. In a statement released Friday, J.P. Jeanneret said Bernard L. Madoff Investment Securities Llc was among the managers it used for years. Jeanneret was shocked to learn of Bernard Madoffs arrest and of his reported admission to federal authorities of the scope of his crimes, the statement said. Like many others, Jeanneret is a victim of Madoffs wrongdoing and is working diligently with its clients and others to determine the scope of the losses and whatever steps can be taken to recover those losses. THE LATEST RECOVERY ASSETS. Victims of the alleged swindler may have access to as little as $1 billion in assets for their claims, based on the value of his defunct brokerage, real estate, boats, jewelry and other property identified so far by liquidators and investigators. The trustee liquidating Madoffs brokerage said he had located $830 million in liquid assets at the firm to meet claims. IN BOSTON. A hedge-fund firm is shutting down a fund that lost more than $50 million on bad bets that included putting money with Madoff, sources said. IN BRAZIL. An investment firm suspended withdrawals from a Sao Paulo-based fund that invested with Madoff. The firm called investors to a Jan. 19 meeting to disclose details about their losses, a company official said. COST TO INSURERS. The alleged scheme may cost insurers who cover financial institutions more than $1 billion as they pay legal costs for investment managers who gave client money to Madoff, an industry executive said.

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YouTube | January 17, 2009

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