According to the NY Times reports Irving H. Picard, the court-appointed trustee seeking to
recover funds for the victims of Bernard L. Madoff’s multibillion-dollar Ponzi
scheme, has been described as a modern-day Robin Hood. For nearly four years,
he has been working to pay back those who were swindled by Madoff, some who
lost their entire life savings...
Yet a look at recent court filings shows Picard has had much
more success collecting money for himself and a dozen law firms and consultants
than any victim of Madoff’s crime.
So far, Picard’s efforts have created a whopping $554
million in legal and other fees. How much have Madoff’s victims actually
received from all of the cases and motions he’s made? Only $330 million. And
how much does Picard estimate the fee spigot will pour out by 2014? A mere $1
billion.
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