Carpenters Union Satisfied Madoff "Got Nailed", Unions React as Madoff Goes to Jail

It's the moment James Brady has been waiting for: To watch Bernie Madoff get hauled off to jail. Brady only wished it came sooner. He is the president of retirees for Carpenters Local 747, one of the unions whose pension funds got caught up in Madoff's multi-billion dollar sham.




"It's sad he ruined so many lives," Brady said.

The disgraced money manager pleaded guilty to 11 charges in a Manhattan federal court Monday. The judge denied bail and has ordered the 70-year-old Madoff to jail. Madoff says he's "deeply sorry and ashamed." He faces a maximum of 150 years in prison when he's sentenced in June. Brady doesn't want to see anything held up by appeals, he says Madoff belongs in jail.

"Maybe that's the best thing for him to do, his time and try and get back all the money and pay back as many people as he can pay back," Brady said.

Brady says it could be years before unions here in Central New York know the full impact of this Ponzi scheme. Roofers Local 195 and Plumbers and Steamfitters Local 267 and other unions in the region also lost value in their investments thanks to Madoff.

How much did the carpenter's union lose?




"I heard 15 percent but I know its going to take many months to go through the financial figures," Brady said.

In the meantime, Brady says he's still getting his pension check and he's continuing to keep an eye on Madoff and the impact this will have.

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