Irving Picard extracted $325 million from JPMorgan Chase at its most vulnerable, but has no intention of sharing any of it with the people who actually made money from Bernie Madoff’s little charade. And, “winners” that they are, those investors won’t be taking “diddly squat” for an answer, at least not from their buddy Irv. Read more »
Irving Picard’s legal campaign to turn Bernie Madoff’s fraudulent claim to have managed $65 billion from one of the great financial fictions into an actual $65 billion took a bit of a hit today. Read more »
Convicted fraudster Bernie Madoff was “desperately disappointed” that the owners of the Mets chose to settle the fraud lawsuit brought on behalf of victims of Madoff’s Ponzi scheme, CBS News reported Wednesday. “He wrote me last weekend that he was so looking forward to that trial,” said Diane Henriques, author of the book “Wizard of Lies” which detailed Madoff’s fraud. “He was hoping that the Mets’ defense would make the case he was making to me that they had no reason to doubt Madoff.” The trustee for Madoff’s victims, Irving Picard, was set to argue at trial that Mets owner Fred Wilpon, once a friend of Madoff and a longtime investor, was willfully blind and chose to ignore signs that Madoff was producing fraudulent returns. Henriques told CBS that in recent emails from prison Madoff blasted Picard, who was seeking more than $300 million at trial. “He calls Picard a fool, an amateur, says he doesn’t understand the market, says he never understood the market, that he’s just lost on Wall Street,” Henriques said. [NYP]
Madoff trustee Irving Picard and his humble Cleveland law firm have submitted their bills for the last five months. The total: more than $22 million.
That’s on top of the $15.7 million they made for their first four-and-a-half months on the job.
- Monthly MetroCard
- iPhone 3GS
- Cialis Prescription
- Anything at all at “per se”
- Jeep Wrangler (even factoring in cash-for-clunkers subsidy)
- Oriental Avenue
Best reader entry before 5pm ET gets a (weak but amusing) prize.
Ruth Madoff Can’t Spend $100 Without Telling Trustee [Bloomberg]