When the Bernie Madoff scandal is long past, and all the recovered ill-gotten money is doled out to investors, and fines collected from the unscrupulous feeder funds, could it be that all of the lost money will be recovered? No one is being allowed to keep the fictitious gains that Madoff pretended he earned, but much of the money originally invested is being recovered. Amazing.
Numerous upstate labor unions invested their pention money with Madoff, through a Bank of New York Mellon subsidary called Ivy Asset Management. But a lawsuit filed by State Attorney General Eric Schneiderman, the U.S. Labor Department and private plaitiffs, has resulted in a $210 million settlement. That, coupled with other money Irving Picard, the trustee liquidating Madoff's assets, could make the pension funds whole. Amazing.
For the men and women who have worked honestly, expecting their pension money to be available when they retired, this must be wonderful news. The list of upstate unions affected are: Buffalo Laborers 210, Empire State Carpenters, International Union of Operating Engineers Local 463, Iron Workers Local 6 and Local 9, and Service Employees International Union Local 2000. Statewide affected unions are: Building Industry Employers, Building Trade Employers, New York State Lineman and SEIU Local 1199.
The story has received much coverage:
From the Wall Street Journal
- Grove Potter