http://www.bostonherald.com/bu…
Many union retirement funds were totally depleted by having invested with Madoff, leading to “more 60 year old roofers and carpenters” who will not be able to retire soon – if ever:
http://www.syracuse.com/news/i…
Interview with Robert Lappin: http://www.jewishjournal.org/i…
Robert Lappin, at 86, is not wasting his time on anger at Madoff:
http://www.ethnicnewz.org/en/r…
Robert Lappin, at 86, is described as looking at least 10 years younger than his age, and fighting to keep the programs his defrauded foundation had funded up and running; he said he has too much to do to waste time on anger.
Now THAT is being a hero.
Please share widely!
Labor Department regulations passed about 12 years or so ago state that in a trusteed type of 401k plan where participant assets are pooled and employees have no discretion over where their money is invested, that the trustee may be held PERSONALLY liable for investment “difficulties”.
<
p>These range from poor investment performance to irresponsible decisions. My guess is that Mr. Lappin would be held personally responsible for these dollars anyway, which he certainly knew about. Making the decision now, and the employees not having to wait, IS admirable.
<
p>IMO, nothing to make a hero of him over.
I suggest following my links and reading the background bibliography…before saying this man is no hero.
but knowing what I do, he is no hero. The word “hero” is tossed around much too freely.
<
p>The decision MIGHT have been based upon the calculation that if he did not act as he did, that it would actually cost him MORE money in settlements.
<
p>Even if the above is not true, the praise is overblown.