Word: madoff
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...Picard, the New York-based lawyer who could have easily doubled for actor Frederic March in film Inherit the Wind, is at the turbulent center of the post-Madoff world, a world that includes multi-billion dollar feeder fund lawsuits, multi-million dollar deals with international banks, and, less grand, the issuing of multi-hundred thousand dollar checks to the nearly 7,000 direct account holders caught up in Madoff's massive Ponzi scheme. (See pictures of the demise of Bernard Madoff...
...Bernie Madoff bankruptcy trustee, Irving H. Picard, may be the hardest working man in the collections business - and maybe one day the richest...
...Lawyers familiar with the case estimate the legal costs of the Madoff case - which could run on for two years or more - could exceed $30 million. Picard's fees, they say, will likely be less than that, though it's impossible to know precisely how much less. So far, Picard has collected $1.2 billion in recovered funds, so even if his fee were half the normal bankruptcy trustee fee he would still pocket $15 million...
...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...
Until I read Michael Moore's Piece on Bernie Madoff, I believed Moore was so misinformed and off the wall that if he said that gravity makes objects fall, I would stop believing in the laws of physics. I found myself agreeing with his every word. The managers and brokers who facilitated the greed should also be reviled. They all should have followed the example of another "most influential": truth-telling Wall Street analyst Meredith Whitney. Ted Zaydel, WATERFORD, MICH...