Wednesday, May 11, 2011

Bernie Madoff Trustee's Fees

The Wall Street Journal wrote an Op Ed piece in their paper today entitled "Madoff and the Mets". Mr. Irving Pickard, the trustee and New York bankruptcy attorney in charge of recouping the funds for the victims is benefiting financially from his role. According to this article in the Wall Street Journal, "He has billed for $175.5 million in fees." The WSJ article goes on to say that "...he seems more interested in collecting fortunes from public figures by humiliating them into a settlement, before his claims are ever tested in court."

For WSJ subscribers, you can read the article via this link:

http://online.wsj.com/article/SB10001424052748704559904576228482383879982.html?KEYWORDS=new+york+mets

One hundred seventy-five million five hundred thousand in attorney's fees is what I want to vent about. Why is this injustice allowed in the first place? There is no way that it takes $175,500,000 to do his job. Once again, this kind of injustice should never be allowed. In my opinion, you could have found 100 or more equally qualified individuals to do this job for a $1,000,000 a year flat fee. Anyone of these other qualified individuals would have had the victims best interest at heart and I guarantee you that they would have gladly done the job for $1,000,000 per year in a flat fee.

By my calculations, this trustee is being over paid by $174,500,000. Where is the outrage? Where are the victims of Bernie Madoff? Why aren't they screaming about this blatant rip off? They were already victimized once. Now they are just supposed to stand by and take this lying down? No thank you.

Come on you Madoff victims. Raise a stink, please.