I bank with Greenwich Bank & Trust and a fine bank it is. But it merged with Westport National Bank four years ago and became Connecticut Community Bank and now that larger entity is being sued by defrauded Madoff investors. It’s Walt Noel and Fairfield Greenwich Group, writ small: Westport Bank took a couple’s money, charged them 4% a year for the privilege of having them watch over it for them and on December 12, the day Bernie was arrested, sent them a letter saying that, gosh, they’d invested the whole thing with Mr. Madoff and would the couple like them to write a letter to Mr. Madoff, asking that he give their money back?
I have great faith in Greenwich Bank & Trust and I trust them to keep my piddling earnings safe but back when I hunted stockbrokers my colleagues and I cheered when banks went into the brokerage business. We were sure that they’d prove incompetent at suggesting wise investments and our subsequent paydays courtesy of arbitration panels proved us right. Never ever trust a bank’s retail “investment advisor’, is my advice. Certainly, don’t count on Westport National Bank to safeguard your money.
