Madoff lawyers collect $700 million in fees

[Ichingcarpenter]

It really does take money to make money. So far, lawyers and other consultants have racked up $701 million in fees as they work to recover the $17.5 billion lost to Bernard Madoff's Ponzi scheme.

That's less than half of the $1.6 billion legal tab associated with the Lehman Brothers' bankruptcy - the largest legal bill in history. But it's a considerable sum that's still growing as efforts to make Madoff investors whole drag on. To date, court-appointed trustee Irving Picard has collected $9.3 billion in cash and assets and repaid $5.4 billion of that to victims.

The bulk of the fees associated with the case, $384 million, have been paid to Picard's law firm, BakerHostetler. Another $292 million has been divided among dozens of other law firms, and $25 million went to "general administrative" costs. Funding these payouts is the Securities Investor Protection Corporation, which collects dues from Wall Street firms that are used to restore lost assets to investors burned by bankruptcy or fraud.


http://money.cnn.com/2013/05/06/news/companies/madoff-picard-lawyers/index.html?z=10

[Rod Beauvex]

1. I know this is terrible.

But I really think Madoff should be pardoned. He only went to jail because he ripped off rich people.

[Raine1967]

2. Did you forget the sarcasm tag?

: sarcasm : It's this, without the spaces:

Welcome to DU! If it was sarcasm, I am giving you a little friendly advice.

[Rod Beauvex]

4. .

Wasn't quite serious, but not fully sarcastic.

[Ichingcarpenter]

3. Madof was the poster child for the DOJ

showing they were going after the banksters and Wall Steet.

He couldn't pay the fine so he's doing the time.

He did rip off unions and teachers pensions through his ponzi scheme

J.P. Morgan Chase & Co. also benefited from the scheme—through interest and fees charged.
Madoff did not plea bargain with the government. Rather, he pleaded guilty to all charges. It has been speculated that Madoff pleaded guilty because he refused to cooperate with the authorities in order to avoid naming any associates and conspirators who were involved with him in the Ponzi scheme.

http://en.wikipedia.org/wiki/Bernard_Madoff#Size_of_loss_to_investors

[Rod Beauvex]

5. .

Good to know he some legitimate reason to be there. Too bad he is the only one.

[billhicks76]

6. Wow

Our leaders in both sides have failed us. We are as corrupt as can be.

[Lee-Lee]

7. We need a single payer legal system

Like the medical system, the legal system will continue to be parasites on the working class enriching the 1% as long as well allow it.