Pension fund debacle forces emergency meeting

FAIRFIELD - Fairfield will hold an emergency meeting Monday after learning that millions of dollars in investments could be lost.

According to authorities, $42 million in Fairfield pension investments were entrusted to Bernard Madoff, a Wall Street trader who was arrested this past week for securities fraud. Monday?s meeting will address issues concerning how to recoup any of the money lost in what some people call the biggest scam in Wall Street history.

?When you pay your tax money and you feel like you?re cheated, it?s an affront to everybody in the town,? said Ken Flay, first selectmen on the town's pension board.

According to the first selectmen, the diversity of Fairfield?s pension fund has allotted enough money to meet upcoming obligations. Tax payers are not expected to cover the loss.

Pension fund debacle forces emergency meeting

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