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WEDNESDAY, NOVEMBER 25, 2009
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5

Employer Bails Out Madoff-Hit Employees

Mass. businessman donates $5M for workers' retirement

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(Newser) – A Massachusetts businessman has ponied up $5 million of his own money to replace his employees’ retirement savings, which were wiped out by the collapse of Bernard Madoff’s Ponzi scheme, the Boston Globe reports. Robert I. Lappin, who made his money in vacuum cleaners, knows their pain because he, too, took a big hit. His own personal fortune is now about $5 million, about a tenth of its size before the Madoff scandal broke.

“I am absolutely thrilled,’’ said one former employee. “I really knew in my heart, all my heart, that Mr. Lappin would do all he could do for his employees.’’ The 87-year-old Lappin has deep roots in Salem, and his business is credited with turning around the city’s waterfront. “They feel very grateful and happy, which makes me feel very happy,’’ he says of his employees.

Bernard Madoff exits Manhattan federal court in New York in March.
Bernard Madoff exits Manhattan federal court in New York in March.   (AP Photo/Louis Lanzano, file)
The headquarters of the Robert I. Lappin Charitable Foundation appears behind metal gate in front of the building, in Salem, Mass.
The headquarters of the Robert I. Lappin Charitable Foundation appears behind metal gate in front of the building, in Salem, Mass.   (AP Photo/Steven Senne)
The headquarters of the Robert I. Lappin Charitable Foundation appears in Salem, Mass. Lappin recently reopened the charity after it was devastated by Bernard Madoff's scheme.
The headquarters of the Robert I. Lappin Charitable Foundation appears in Salem, Mass. Lappin recently reopened the charity after it was devastated by Bernard Madoff's scheme.   (AP Photo/Steven Senne)
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5 comments
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crissywidjaja
Jul 18, 09 1:15 PM CDT
Wow, what a guy. :) Reply
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+1
jeangnome
Jul 18, 09 1:43 PM CDT
This is how it should be, if the world were perfect. Reply
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+1
Nwambe
Jul 18, 09 1:58 PM CDT
Wait, what? A rich man with a heart? Stop the presses. This guy's a human being. Reply
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+1
SPH
Jul 19, 09 12:18 PM CDT
You can't take ot with you so help as many as you can while you can....I applauded you Mr. Lappin.... Reply
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wwwonderer
Jul 20, 09 11:44 AM CDT
But see this is the thing. This is a wonderful gesture. Just imagine if more greedy people would just stop and say for once that they too would perform some selfless act. An ounce of prevention is worth a pound of cure. What is Madoff or Stanford or ANYONE out their looking to get ALL THEY CAN just stopped and restrained their greed? This is easy enough for EVERYONE to do. But it's all about getting mine and f*ck you. Reply
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