---------------------------------------------------------------------------------------------------------- Financial Market Investigations Into Madoff Allegations, Panel 1 ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Financial Market Investigations Into Madoff Allegations, Panel 2 ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Videos Courtesy Of www.c-span.org ---------------------------------------------------------------------------------------------------------- ( SEE HERE, FULL NEWS COVERAGE & STORYLINE ) ---------------------------------------------------------------------------------------------------------- ( SEE HERE, MADOFF CLIENT LIST IN RAW PDF FORMAT )
( ADOBE READER REQUIRED, NEED IT? DOWNLOAD IT HERE ) ---------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- You Heard It Here First, From Michael Santoli of Barron's Magazine ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Courtesy of www.cbsnews.com ---------------------------------------------------------------------------------------------------------- ESRCC Freezes Annuity/Temporarily On Hold, What No Hardship? ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- (Click Here for Charlie Gasparino's Stories & Blog On The Daily Beast) ---------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Click Here For The Official Carpenters Local 370 Website ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- See The Peter J. McGuire Biography, on Wikipedia ---------------------------------------------------------------------------------------------------------- Thanks for Viewing My Site, Are you Looking to do a Video Spot, or Feel the Need to Speak on Rank and File/Carpenter Related Issues? Just Leave a Comment or Contact me at: voc370@netzero.com ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- High Tech Trading, Bernie Madoff On The Modern Stock Market ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Bernard Madoff, former NASDAQ chaiman now implicated in a $50 billion Ponzi scheme, at a 2007 roundtable discussion with Justin Fox, Ailsa Roell, Robert A. Schwartz, Muriel Seibert, and Josh Stampfli. These are some excerpts featuring Madoff, recently implicated in a $50 billion Ponzi scheme. The date of the confererence was Oct. 20, 2007, shortly after the sub-prime crisis started to become evident in August, although world markets were still riding high. Bernie Madoff Biography, on Wikipedia ---------------------------------------------------------------------------------------------------------- (See Here Harry Markopolos Security Exchange Commission Filing) ---------------------------------------------------------------------------------------------------------- (ADOBE READER REQUIRED, NEED IT? DOWNLOAD IT HERE) ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- (Click Here For Ye'Olde Bernie Madoff Trustee Site www.madoff.com) ---------------------------------------------------------------------------------------------------------- CNBC's Charlie Gasparino & Neil Weinberg of Forbes Explain ESRCC Exposure to Madoff ----------------------------------------------------------------------------------------------------------
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 union's money manager, J.P. Jeanneret Associates of Syracuse, didn't return a telephone call for comment. The Syracuse carpenters local isn't 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 pension funds where locals like Syracuse had transferred money to his oversight. (Charlie Gasparino | On-Air Editor) www.cnbc.com (Orginal Information Source) www.local370voice.com (Letter to the Participants) www.empirestatecarpenters.org
---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- Money in Your Pocket Minute: Pension Protection ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Video Courtesy Of: www.9wsyr.com ---------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- See Carpenters Local 747 Official Website www.local747.com ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- LIVERPOOL, N.Y. - Members of the Local 747 Carpenter's Union are still uncertain just how much their pensions will be impacted from a nationwide, billion dollar investment scam. The union may have lost up to $150 million in the Bernard Madoff scandal. Union members have been told they will continue to receive their pension payments as normal, but their annuity accounts have been frozen. Hundreds of union members are meeting in Liverpool tonight, hoping to get some of their questions answered. In the meantime, they say they are just trying to stay positive. Three union accounts are affected by the investment scam. They include the pension, annuity and health care funds. ---------------------------------------------------------------------------------------------------------- Video Courtesy Of: www.news10now.com ---------------------------------------------------------------------------------------------------------- Members Of Local 747 Are Optimistic, But Questions Still Linger ! ----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- One by one, they made their way into the meeting, wondering if their union did indeed lose up $150 million of pension money. "I'm feeling good about the fact that at least they called us together to try and discuss it with us. But there's really nothing to discuss, because we don't really know the impact of any of this stuff," said Local 747 member Bob Fitzmaurice. Right now, members do know their annuity accounts have been temporarily frozen, but were told access will resume in the next couple months. They've also been told that their pension payments will continue. "I think the pension will be alright. But there will be a loss, no doubt. This guy's a crook, this Madoff. That's about all I can say on it," said Local 747 retiree secretary Bob Danboise. And many members left the meeting thinking the loss may not be as bad as first thought. "We're better off than what they originally said, leave it at that," said Local 747 member Kevin Whelan. "Yeah, we're going to take a loss. Everybody took a loss in the market. So there's nothing you can really do about that," said Whelan. "They don't have any figures to give us. It's going through an investigation and they're trying to come up with something. But I don't think we're in as bad of shape as the newspapers put it out to be," said Danboise. Local 747 has a pension fund, annuity fund and healthcare fund. Members say the annuity and healthcare funds seems most at risk. Video Courtesy Of: www.news10now.com
Updated: 01/12/2009 09:46 PM By: Giselle Phelps ONONDAGA COUNTY, N.Y. - Stanley Miller and Joe Lotito are retired carpenters. Both spent more than 30 years on the job. Just a few days before Christmas, they each got a letter in the mail, saying withdrawals from their union's annuity fund were temporarily frozen. Money both men were using that to get by each month. "It's going to create hardship. We've already talked about it, my wife and I. I might have to go back to work. Find a job. Right now ain't a good time to be looking for a job," said Lotito. "I had like almost $70,000 left in there. I had it worked out so that it would probably last another 10 years," said Miller. Miller and Lotito joined other members of Local 747 for a meeting at their union hall Monday, hoping to get answers from Patrick Morin. He's the Business Manager for the Empire State Regional Council of Carpenters, the group that invested with Bernard Madoff. The retired carpenters in the union are still receiving their pensions. They just got their latest payments on January 1st, but they're still worried. "We certainly hope and pray that all of a sudden we don't get letters saying there will be no more pension checks," said Miller. "I'm almost anticipating getting a letter before the end of the month saying, guess what, you're going to get one third of what you were getting," Lotito. Our cameras were not allowed inside the union meeting. But Miller spoke with our reporter afterwards. He says Pat Morin told members that their annuity payments will kick back in within the next couple months and that pensions will continue to be paid. Video Courtesy Of: www.news10now.com ----------------------------------------------------------------------------------------------------------
Local Union Scammed by Bernard Madoff Looks for Answers, Madoff Not Jailed, "Still" Living In The Lap Of Luxury...
For members of the Local 747 Carpenter's Union, answers to what's happened to their pensions can't come soon enough. Dick Schneider, a retired union member, says "We're of the impression that the district council is going to leave us out to dry. Because we're the only local that's been affected by this. And they're going to turn their backs on us. " The union is one of 3 locally affected by alleged investment scammer Bernard Madoff's multi-billion dollar Ponzi scheme. In all, the 3 unions could lose hundreds of millions of dollars in pension funds. The anger was enough to make union members crash Monday night's executive board meeting, normally closed to members. Union member, Joe Lotito, says, "We're already got a freeze on our annuity which is a big portion of our retirement." Eventually, union members were allowed inside the closed door meeting. When they exited, all members declined to speak on camera, but tell cbs 5 the predicament may not be as bad as first projected and the executive board doesn't yet have a total of how much was invested with Madoff, and are working to calculate the extent of the damage. On Tuesday, Local 747 union leaders meet with members to give a more in-depth glimpse into their futures. Stay tuned to CBS 5 for updates. Video Courtesy Of: www.wtvh.com CBS 5-WTVH Syracuse (Via) www.syracuse.com
