“Picard is going to wind up being richer than Madoff.” So said one attorney fighting with Irving Picard, the trustee hired by the SIPC to recover money from the Bernard Madoff Ponzi Scheme and return it to victims. I’ve noted that criticism of the trustee has been mounting in recent years. Picard has ridden his gravy train to instant partner status at Baker & Hostetler and to millions in personal profit (more than $5 million) and hundreds of millions in revenue for his firm ($554 million in legal fees). Read Fierce Finance report here.
