Skip to comments.Bankruptcy lawyers pocket millions. Madoff victims – not so much
Posted on 11/01/2010 12:23:40 PM PDT by Nachum
Bankruptcy trustee Irving Picard, who is liquidating the bogus investment firm of convicted fraudster Bernie Madoff, gave $26.9 million to a Manhattan law firm to recover $849,000 for the victims of the largest Ponzi scheme in American history. In a filing with the federal bankruptcy court in Manhattan, Picard noted that $15.8 million went to his own law firm, Baker & Hostetler LLP, in the second and third quarters, the New York Post reports. Another $7.1 million was spent on consultants and $107,560 on hosting expenses.
(Excerpt) Read more at washingtonexaminer.com ...
They had a better return with Madoff.
Let me guess, this was a court appointed thing right?
That dude should go to jail and the judge should be fired.
Sounds like these guys are ripe for a democratic nomination somewhere...
In the tobacco shakedown, the government blackmailed tobacco companies into paying out 209 BILLION over 25 years to federal and state governments.
Instead of going to the stated goals of discouraging youth smoking and paying the medical costs of indigent smokers, most of the settlement cash has been wasted by the states, who like addicts are broke again, and many big law firms feasted on outrageous fees thrown their way by crony politicians.
In Connecticut, Blumenthal enriched his buddies in three law firms to the tune of 60 million dollars. McMahon should have run an ad or two about this corrupt arrangement, which showed what a sleazy money grubber he is.
What happened to the customary 40%?
Umm, sorry. The Madoff ripoff was not even close to the biggest ponzi scheme in US History, SOCIAL SECURITY IS !
This trustee should immediately be removed.
The real tragedy is the much larger scam known as the Social Security System. Every wage earner is forced to participate in that one.
Dang it! You beat me by this much (holding fingers two inches apart).
Tancredo lost 700k and he was asking to be made whole.