Local union discusses connection to Madoff scandal
Local union discusses connection to Madoff scandal
News
By Lisa Spitz
Tuesday, January 13, 2009 at 11:21 p.m.
LIVERPOOL, ONONDAGA COUNTY -- Members of one local union have a lot of questions, as millions of their pension dollars may have disappeared. The Carpenters Local 747 has been caught up in the Bernard Madoff scandal. Madoff is accused of swindling $50 billion through a pyramid scheme. The carpenters union dealt with him through its pension fund.
Hundreds of members came out to a union meeting Tuesday night in Liverpool wanting to know if their pensions are safe. After leaving the meeting most of the union members had nothing to say, other than they were told not to talk.
"I just wanted to know what happened to my pension, where it is, and I don't have any answers to that," Union Member Bob Fitzmaurice said.
CNBC has been reporting the union may have up to $150 million of its pension money in the Madoff pyramid scheme. Union Member Kevin Whelan says no one knows where the money is and union leaders told members everything is still up in the air as the investigation continues.
"We didn't lose like everyone is saying we lost," Whelan said.
When asked if that's what union leaders told members, he said, "You can put one and one together."
As for the mood inside the meeting members say some were angry others calm. There was a sheriff's deputy inside making sure no one got out of line. There are concerns, but as for right now people are still getting their pensions.
"No delay in getting monthly pensions," says James Brady, presid
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