Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Bankruptcy lawyers pocket millions. Madoff victims not so much
Washington Examiner ^ | 11/1/10 | Barbara Hollingsworth

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 ...


TOPICS: News/Current Events
KEYWORDS: bankruptcy; lawyers; madoff; pocket

1 posted on 11/01/2010 12:23:44 PM PDT by Nachum
[ Post Reply | Private Reply | View Replies]

To: Nachum

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.


2 posted on 11/01/2010 12:36:45 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

Sounds like these guys are ripe for a democratic nomination somewhere...


3 posted on 11/01/2010 12:38:55 PM PDT by bolobaby
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

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.


4 posted on 11/01/2010 12:38:57 PM PDT by kittymyrib
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum
...gave $26.9 million to a Manhattan law firm to recover $849,000 for the victims...

What happened to the customary 40%?

5 posted on 11/01/2010 12:39:53 PM PDT by luvbach1 (Stop Barry now. He can't help himself.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum
"largest Ponzi scheme in American history."

Umm, sorry. The Madoff ripoff was not even close to the biggest ponzi scheme in US History, SOCIAL SECURITY IS !

6 posted on 11/01/2010 12:43:51 PM PDT by SENTINEL (SGT USMC)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

This trustee should immediately be removed.


7 posted on 11/01/2010 12:56:39 PM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum
I have trouble getting excited about this. The people who were cheated had to make a special effort to be included in the scam. Madoff was a Democrat, his marks were almost all Democrats, the lawyers are surely almost all Democrats. It's Democrats eating their own.

The real tragedy is the much larger scam known as the Social Security System. Every wage earner is forced to participate in that one.

8 posted on 11/01/2010 1:51:12 PM PDT by 3niner (When Obama succeeds, America fails.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SENTINEL

Dang it! You beat me by this much (holding fingers two inches apart).


9 posted on 11/01/2010 3:18:28 PM PDT by Doulos1 (Bitter Clinger Forever)
[ Post Reply | Private Reply | To 6 | View Replies]

To: 3niner

Tancredo lost 700k and he was asking to be made whole.


10 posted on 12/18/2010 1:34:21 PM PST by The_Media_never_lie
[ Post Reply | Private Reply | To 8 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson