NYT: Unions and Pension Plans Hurt in Financier’s Scheme

[Omaha Steve]

http://www.nytimes.com/2009/02/06/business/06names.html?_r=2&ref=nyregion

By DIANA B. HENRIQUES
Published: February 5, 2009

In addition to the gossip fodder, serious pension problems and significant accounting issues are embedded in the list of customers assembled by the trustee overseeing the bankruptcy of Bernard L. Madoff’s brokerage firm.

At least a half-dozen construction unions, including locals of the International Brotherhood of Electrical Workers and the Plumbers & Steamfitters union, had entrusted pension funds and health care money to Mr. Madoff, according to the list. The roster also includes locals representing roofers, carpenters and laborers, mostly in upstate New York.

While the Madoff trustee has cautioned that the list may contain errors, several unions have already acknowledged their losses and sought help from their Congressional representatives.

A handful of public pension funds are also shown as having accounts with Mr. Madoff, although confirmation of those accounts could not be obtained Thursday evening. According to Plan Sponsor, a financial information service for institutional investors, these include the Louisiana State Police Retirement System, the New Orleans City Employees Retirement System, the Missouri State Employees Retirement System, the Fort Worth Retirement Fund and the Baltimore Police and Fire Employees pension fund.

FULL story at link.

[aquart]

1. All of it? Some of it?

[spooky3]

2. It's outrageous that the SEC did nothing when they were told exactly what was going on.