Madoff Clients: Case Studies for Colleges Classes for Decades

From the AP today:

When local officials in Fairfield, Conn., heard of Madoff’s arrest “it set off every bell,” said Paul Hiller, the town’s chief fiscal officer. The town’s employees board and police and fire board — which cover 971 workers — had $41.9 million invested with Madoff, said Paul Hiller, Fairfield’s chief fiscal officer. Town officials immediately notified their investment fund to liquidate. “At that point, it was too late,” he said. “We obviously didn’t ask enough questions,” Hiller said.

Continuing:

New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the Senate, entrusted his family’s charitable foundation to Madoff. Lautenberg’s attorney, Michael Griffinger, said they weren’t yet sure the extent of the foundation’s losses, but that the bulk of its investments had been handled by Madoff.

The bulk? Go figure. Easy come, easy go. Here is the full list of “innocents”…I mean suckers. Don’t like my harshness? Well, this is a gross episode that goes far beyond one man.

The Author