Connecticut Town Fears Losses on $42 Million Madoff Investment

... Fairfield, Connecticut, thought the 58,000- person town’s pension fund was holding up well amid the worst financial crisis since the Great Depression. 

... The town government oversees the pension fund on behalf of about 800 police officers, firefighters and other municipal employees, Flatto said.

There is nothing more awful then hard-working, tax paying Americans getting bilked out of their retirements and investments.  This was the case recently when 58, 000 citizens of Fairfield found their money gone, by someone who has lived the life of the sublime.  With no regard as to how those would fare, Bernard L. Madoff Investment Securities (YouTube vid) LLC, left a forever impression.  From the Fairfield City Manager to the Fairfield pothole filler and Ms. Jennie at the Fairfield tax collection office, they were robbed by one who transcended a life most people could not begin to dream about. 

 

Managing a fund value at $ 50 billion, investing money from little old ladies (widows), Movie moguls, Holocaust survivors, and an organization like Physicians for Human Rights which deploys to the most dangerous parts of the world (http://physiciansforhumanrights.org/) Bernard Madoff reinforced the growing sentiment that there is an ober-rich class that just does not care.  He represents the effete, globalist\ internationalist class of American individuals who have the ear of the POLs who run the government and the SEC (don’t regulate me bro!).  Madoff, who was deep and influential in the NASDAQ community, was able to avoid the SEC regulators, and pull off a scheme of epic levels.  But he will be just the first, in the next few months this egg might just crack open and we will stand here looking gawkafied at the carnage.