While many municipalities and charities lost fortunes when a financial fund orchestrated by Wall Street kingpin Bernard Madoff collapsed, Bristol didn't lose a penny.
City Comptroller Glenn Klocko said that Bristol didn't have any funds invested with Madoff, whom federal prosecutors accuse of fraud.
Though Bristol's pension funds have taken a hit because of the stock market's nosedive after Labor Day, it still has more than $400 million, enough to pay off all of its anticipated future obligations.
The city's pension investments had reached a high of about $550 million earlier in the year.
The town of Fairfield lost $42 million that it had invested with Madoff, 18 percent of the money it had set aside for future pension payments.
*******Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
What is the latest figure?
ReplyDeleteWhen did we hit 400 million?
Any updates forthcoming ?
Be nice if this administration told us what was happening!
ReplyDelete3:43 - el cheapo, spend 50 cents and read about it.
ReplyDelete4:58
ReplyDeleteGuess I missed it.
Again, what is the latest figure, and as of what date?
Or are you part of the administration?