COLUMN-Are big banks now in the clear over Madoff? Frankel

Irving Picard has given the bankruptcy laws one hell of a workout. As trustee in the Chapter 7 bankruptcy of Bernard Madoff’s securities firm, Picard, a partner at Baker & Hostetler, has been more aggressive and creative than any bankruptcy trustee in history in the search for defendants to blame for Madoff’s epic Ponzi scheme. His most ambitious gambit, as everyone knows, was a series of megabillions suits against the international financial institutions that Picard’s team of lawyers at Baker & Hostetler lawyers accused of willfully ignoring warnings of Madoff’s fraud. Read Reuters report here.