Episode Information

WWL: Fairfield vs. Madoff
Where We Live - with John Dankosky
Aired:
02/11/2009
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In this episode:

The town of Fairfield investigates Bernard Madoff after $42 million loss.

 

Episode Audio

48:58 minutes (23.51 MB)
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The alleged Ponzi Scheme perpetrated by Bernie Madoff has hit thousands of investors - from celebrity superstars to elderly grandparents. All of whom put their faith in one man’s stellar record - and many of whom lost their life savings.

Among the biggest impacts felt was in the town of Fairfield, Connecticut. It’s pension fund for nearly 1000 town employees had invested some 42 million dollars with Madoff. Now they’re trying to get their money back... but they’ll have to get in line. Madoff faces scores of criminal charges and civil suits.

Earlier this week, he agreed to a partial settlement with the Securities and Exchange Commission. Today is a deadline for federal prosecutors to file a formal indictment against the New York financier.

Today, Where We Live, we’ll examine the impact of a global scandal on one community, already facing tough times in the financial industry, and dealing with a national recession. We’ll talk with Fairfield officials about what the scandal means for the town, and we’ll talk with the man leading the local investigation. And, we’ll talk with a Fairfield physician whose employees stand to lose their investments.

Join the conversation! Add your questions, suggestions and comments below.


 
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Listener Email from Alex

I am not sure why you ran this piece. What does this problem have to do with the average person in Connecticut or Suffolk County, NY? This is an issue for the people in the top 5% of income. These people who invested in this scheme were greedy and they got burned.

I would suggest you run some pieces on Universal Health, illegal immigration, why credit unions have been removed from the financial scene in metro-NY, etc.

The people need you to put forth programs that impact the average person here in metro-NY.

Yours truly,

Alex Bills

Hampton Bays, NY