Madoff Trustee Spends $27 million to Recover $849,000

Bernard Madoff mug shot

/ U.S. Marshals Service

While Bernard Madoff is serving his 150-year jail term, the recovery process from his $50 billion ponzi scheme continues.

Madoff investment firm bankruptcy trustee Irving Picard has recovered an estimated $1.5 billion for victims (more than 14,000 claims have been submitted) so far, according to a recent federal court filing.

However, from April 1 to Sept. 30 this year, Picard spent $26.9 million to recover just $849,000. About $16 million went to legal fees and $7 million to "consultants." Most of the recovered money was from Madoff investors who received preferred payments prior to the Madoff bankruptcy filing, Bloomberg reported.

[magnumdr]

This guy is a chip off the back of his boss. How stupid can one person be?

[SilvermanGreed]

The Agape investors from the Long Island ponzi scheme are also being victimized a second time. The trustees are going after the victims that lost money and are requesting back their dividend checks. Does anybody know who oversees the trustee? Wonder if a cost/benefit analysis is done by the trustees to see if it benefits the estate???

[mrjustice1]

THE PARASITIC LAWYERS HAVE SET THE TONE, ATTITUDE AND PACE FOR AMERICA'S DEMISE!
Not unlike the fraudulent Wall St bankers, brokers and other 'financiers', America's lawyers continue to serve similarly-destructive 'purpose'.
How many millions of lives have these elitist lawyers ruined?
How many MORE lives will lawyers ruin if permitted?
When will these lawyers be put to work - real PRODUCTIVE work - that is in the GENUINE interest of America and in the interest of the thus-far-abused general population?
The so-called 'Free Enterprise' system and all the incentives therein, has indeed served the UNPRODUCTIVE, CONTROLLING, elitist parasites rather well in regard to their rule over the populace.
The example(s) that they have CONSISTENTLY set is the equivalent of raping perhaps 95% of the people, as they continue to shape our laws essentially to protect their OWN status, their power, their property, and their wealth.
It's high time that these parasites are brought to justice by disgorgment of the plunder they have been feasting on, at the working people's expense and toil, for so long!

[mb91764]

This guy needs to be working for Obamajerk,we need his brains .Make me mad that I didn't go to college to learn how to steal money legally.All I did was open a business to help people have job and be a good taxpayer.Shows you how stupid i am.How come I couldn't just be a low-down scum working on Wall Street?Guess I'm a old fashion guy who believe in honor.

[rockcutr]

When you turn to the gooberment to help you, you are assured of getting a huge bill and a load of horse apples to eat for life. Thank the tightassedlegaleagle for stealing all the millions. For now it is truely gone in the wind. Not to be confused with an epic movie of oppulance in the deep south. Frankly Scarlet,,,we really, truely, forsurely don't give a d.

[addict42]

You all should pray about it.

[rockcutr]

Agreed. Prayer for a touch of common deciency from lawyers....snickerfits....giggle snort...yeah, like that is possible...when pigs fly. On the other hand, greedy fools putting their money in the hands of "too good to be true deals", deserve what they get. Pray they learn their lessons. Move on. Never do that again. Stop feeding the lawyers and the carniverous pony. If anyone can tell the difference~

[magnumdr]

Wow these guys are smart. Do you need a college education to get one of these jobs?. Maybe a high School credit for math might help!

[KeithDrippingSprings]

Scoundrels and thieves are running the world. Why are people surprised about this? Corruption starts at the top. As long as our elected officials are corrupt then the people out here in the real world become corrupt too.

He is a lawyer after all; could you expect honor and fair dealing?

Madoff didn't go to jail for being a thief. He went to jail for being a greedy thief. The other thieves couldn't let him get away with that much.

[formrusmcsgt]

If they had just divied up the 27M they'd have been better off. Absurd.

[rockcutr]

the lawyers did divie up to themselves as usual...
legal ponzies.

[Lynnsacct]

The Madoff victims are being victimized again.