Thursday, May 13, 2010

National Union Seizes State Offices

Carpenters leaders alleged wrongdoing by downstate officials 

By ERIC ANDERSON BUSINESS EDITOR

ALBANY -- A statewide union representing hundreds of Capital Region carpenters has been taken over by the national union in the wake of heavy investment losses in the Bernard Madoff Ponzi scheme.

The takeover came less than a month after closed-door hearings in Albany into alleged improprieties at the Empire State Regional Council of Carpenters.

The United Brotherhood of Carpenters and Joiners of America has imposed "supervision" of the Empire State Council and put Frank G. Spencer, vice president for the Eastern District, in charge.


Upstate members saw health accounts wiped out and pension and annuity funds drained.
One member had to pay a monthly premium of $1,060 to keep his health insurance, McCarron wrote. McCarron didn't return a call Wednesday for comment.

Among the locals affected by the Madoff losses was Carpenters Local 370 in Albany, which has about 900 members in the Capital Region. It had money in several employee benefit plans that invested with Madoff.

A consultant to the investment manager of the benefit funds, Ivy Asset management, on Tuesday was sued by New York Attorney General Andrew Cuomo, who accused it of deliberately misleading clients about Madoff so it could collect millions of dollars in fees.

"These defendants violated their basic responsibility as investment advisers by putting their own financial interests ahead of their clients," Cuomo said. "They shamelessly profited off of their own clients' impending misfortune and we are holding them accountable for their actions."

An Ivy spokesman said the firm had told its clients it had questions about Madoff and had recommended they reduce their exposure.

Also on Tuesday, Spencer, who will oversee the Empire Council, called a mandatory staff meeting at the Council's office in Hawthorne.

At the meeting, Spencer said Morin, the Empire secretary and treasurer, had been removed, and that all labor trustees of the Empire funds had been relieved of their duties.

The UBC is also auditing the Empire Council's financial records and, in a switch from past practice, fund documents, minutes and financial records would all be accessible to union members, Spencer told them.

3 comments:

  1. TAKE DOWN THAT FUCKING FLASHING BULLSHIT RED & BLUE SIGN WITH THE FLAG. YOU CAN'T EVEN READ THE FUCKING STORIES WITHOUT THAT ANNOYING BULLSHIT FLASHING IN YOUR EYES.

    ReplyDelete
  2. I'd like to know HOW the Carpenters Funds were able to get into the Madoff Ponzi scheme? WHO were the Carpenter scumbag officials who allowed that to happen? HOW MUCH did those Carpenter Funds Overseerers GET PAID to allow tose funds to be diverted to that lowlife scumbag Madoff?
    Someone was getting paid a commission on this bullshit besides Ivy Asset Management. WHO allowed them to invest it? That's the scumbag crook who had to take part in this fraud.Look into that Mr.Frank Spencer.

    ReplyDelete
  3. Thanks for taking that flashing shit off the screen. lol

    ReplyDelete

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