Madoff Exposure Spreads to Labor Union Pension Funds
- By: Charlie Gasparino, CNBC.com
The Syracuse carpenters local isn't alone. Pat Morin, business manager of Empire State Carpenters Union, is sifting through the wreckage in his own portfolio, which at the end of June had around $800 million in assets under management. Morin says his fund has exposure to Madoff as well, largely the result of consolidation in union pension funds where locals like Syracuse had transferred money to his oversight.
Another union based in Syracuse, the Plumbers and Steamfitters Local 267, lost a total of $48 million in a pension fund it had with Madoff, a source told CNBC. That union local was also invested through J.P. Jeanneret.