Sunday, July 12, 2009

I Like Money

Being a Receiver or Trustee can be Important and Honorable work. Even when its not, it sure is lucrative.

Just ask Irving H. Picard, the trustee charged with liquidating the investment advisory firm of Bernard L. Madoff.

Irv and his team of lawyers, paralegals and non-legal staff are requesting $14.7 million for their first seven month of work.

For seven months of work.

For seven months of work.

I love greed. It knows no boundaries. I refer, of course, to Bernie's Ponzi scheme.

Back to Irv. He is getting some push back.

"Investors who fell prey to Bernard L. Madoff's massive Ponzi scheme are claiming they have been victimized not once, but twice: this time by the trustee charged with overseeing the liquidation of Madoff's investment securities firm.

In a suit filed Wednesday in bankruptcy court in the Southern District of New York, three Pennsylvania residents accused Irving H. Picard, who was appointed to the trustee post under the Securities Investor Protection Act of 1970 and oversees claims filed by Madoff investors, of favoring the brokerage industry and "enrich[ing]" Wall Street at the expense of innocent investors."

Mr. Picard is a partner at Baker Hosteteler. His lawyer, David J. Sheehan, of Baker Hosteteler, has declined to comment on investor litigation.

You know what I love about having no money? I have no money to lose.

1 comment:

  1. Nice catch. It's rare, though, to see those applications denied, right?