I Should've Been a Ponzi Scheme Trustee

by Derek Loosvelt | April 19, 2011

Irving Picard -- the lawyer who's liquidating infamous Ponzi schemer Bernie Madoff's investment firm and attempting to recover the losses incurred to Madoff's "investors" -- is seeking more than $43 million for four months of work on the case.

bernie madoff and irving picardAccording to a U.S. Bankruptcy Court filing, "The Madoff case took almost 955 hours of Picard's time during the period, charged at $748 an hour, and 116,399 hours of his firm's [Baker & Hostetler LLP's] time at $371 an hour."

Picard and B&K's latest filing brings the total fees in the Madoff case paid to the lawyer and his firm to $175.5 million.

Which is just about what you pull down per year when you run a Bernie-sized Ponzi scheme.

 

(Bloomberg: Madoff Trustee and His Law Firm Seek $43.2 Million for Four Months' Work)

Filed Under: Finance


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