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...largest cases SIPC has managed, and other large non-SIPC cases, such as portions of airline TWA's bankruptcy. He has participated in at least 38 major bankruptcy decisions. According to Stephen Harbeck, president of the Securities Investors Protection Corporation, Picard has served as trustee in more brokerage firm liquidations than anyone else in the U.S. (See the worst business deals...
...SIPA trustee's job, not unlike a Chapter 7 trustee, is to recover property, assess claims and liquidate any other assets of a bankrupt firm for the benefit of the estate and its creditors. Consequently, Picard is using his authority to collect from customers who received preferences, non-existent principal, and/or payouts of fictitious profits to the detriment of other defrauded customers whose money was consumed by Madoff's global Ponzi scheme...
...least one prominent investor thinks Wells is doing something right. Warren Buffett's Berkshire Hathaway bought nearly 12.4 million shares of Wells Fargo stock in the first quarter, upping its stake to just over 300 million shares. In early May, Buffett told attendees at his firm's annual meeting that he thought Wells was well capitalized and had a competitive advantage over other banks. (Read "My $650,100 Lunch with Warren Buffett...
...Chrysler deathbed. Chased from the American market a generation ago by its comic reputation for poor quality, Fiat seemed an unlikely rescuer. But Marchionne entered the picture as the It boy of the auto world, having slashed costs, retooled management and refreshed styling to boost sales of the firm's cute little cars. He wanted back into the U.S., provided it didn't cost him anything. (Watch TIME's video about an optimistic Dodge dealer...
...Sotomayor left Morgenthau's office in 1984 to move into private practice as an attorney with a firm specializing in business cases. When George H.W. Bush was looking for nominees to the federal district court in the Southern District of New York, it was a Democrat, New York Senator Daniel Moynihan, who recommended her. She was easily confirmed, but in 1997, when Bill Clinton decided to move her up to the appeals court, Republicans held off a confirmation vote for more than a year, fearing that she was being fast-tracked to be Clinton's next Supreme Court nominee...