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Shout-out to Jay “I’m Bernard Madoff” Berkman…

over at his blog “I’m Not the Devil” for harsh and deserved criticism of the hefty billing by  Madoff trustee Irving Picard and his law firm Baker Hostettler. If it’s one thing I’ve learned from hedge fund blow-ups, the trusteeship duty is a pig’s feast for whichever lawyer gets the job.

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2 responses

  1. How much money has the trustee recovered so far? How much is missing? There are some obvious withdrawal/redemption transfers that went on. Cannot be that difficult. Certainly there is not a lack of resources to investigate.

    September 13, 2010 at 3:49 pm

    • Irving Picard has recovered about $1.5 billion (meaning he has LOCATED where the money is). now he just has to go get it… meanwhile he is billing about $1M a week 🙂

      September 27, 2010 at 2:54 pm

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