Pay Day for Madoff Victims
The cash pot available for the victims of Bernie Madoff’s ponzi scheme has grown by $7.2 billion, culminating into an engorged $9.5 billion balance that will be allocated to those duped by the Wall Street baron during his near 35-year investment history. Interesting to note is the fact that the $9.5 billion pot for the Madoff case dwarfs the $5.4 billion allocated by Congress for Katrina recovery. —JCL The New York Times: Federal prosecutors and the trustee charged with recovering assets in the Bernard L. Madoff bankruptcy, announced a settlement Friday that would add $7.2 billion to the cash available to compensate victims of Mr. Madoff’s global Ponzi scheme. Details of the agreement with the estate of Jeffry M. Picower, a Palm Beach philanthropist who died in October 2009, were released Friday at a news conference in Lower Manhattan. The settlement “will return every penny received from almost 35 years of investing with Bernard Madoff,” Mr. Picower’s wife, Barbara, said in a statement through her lawyer, William D. Zabel of Schulte Roth & Zabel. Read more Related Entries December 16, 2010 Everything Is Negotiable, Except Nature December 15, 2010 Time Taps Zuckerberg as Person of the Year
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Pay Day for Madoff Victims
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on December 17, 2010. Filed under