Lawyers, Not Victims, Making Most In Madoff Cleanup

ROBERT SIEGEL, HOST:
You may recall that after Ponzi schemer Bernard Madoff was found out, the Securities Investor Protection Corporation hired lawyer Irving Picard to be the bankruptcy trustee, to recover what he could for Madoff’s victims. And for the past four years, Mr. Picard has been doing that. Not surprisingly, he and others involved in the recovery effort have been charging fees. But what we learn today from New York Times editor and business columnist Andrew Ross Sorkin, is just how much money has been paid out in fees as opposed to how much has been recovered for swindled investors. And let’s just say, Mr. Madoff’s illicit business is evidently pretty big business for Mr. Picard and for the others. Andrew Ross Sorkin, welcome to the program. Click here for NPR interview with Sorkin.