Saturday, January 10, 2009

Ft. Worth fund involved in Madoff Scheme

"Taxpayers could have a stake in the problem. Like most pension funds, the Fort Worth fund invests contributions from both the city and municipal employees and pays benefits to retired employees. If the investments don’t earn enough, the city can be forced to make up the difference."

"Five years ago, Fort Worth invested $7.5 million in Rye Select Broad Market, which in turn invested most of its money with Madoff’s firm."

"In 2004, Fort Worth invested $6 million in the Bayou Fund, another hedge fund that also turned out to be a Ponzi scheme. In this case, the retirement fund invested directly with the hedge fund"

"The Fort Worth pension fund has been under scrutiny for more than two years."

"The Fort Worth City Council voted in 2007 to increase its contribution to the fund to close the gap. In April, the fund reported that its shortfall had dropped to $237 million."

We need CHANGE in our local City of Ft. Worth government. Someone who won't necessarity go along to get along because they are more concerned about their political careers than they are the people they are supposedly representing.

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