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One of the items that is not mentioned in the article is the contingent liability that may exist for investors with Mr. Madoff of New York to come back and reclaim part or all of the distribution of funds invested with him during the look back period.
So under the proposal, the city woulc pick up debt, and one wonders whether they also assume that they would pick up and "contingencies?"
This is part of a long standing developing saga. Stay tuned.
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