Sweet Lawyering Gig – $24.6 Million PLUS $35 Million More

Irving H. Picard, the trustee assigned to the Bernard “Bernie” Madoff ponzi case was reportedly awarded $24.6 million

Irving Picard

for his (and his associates) counsel fees.

How do you win that job?

Realizing that the puzzle is far more that the 1,000 piece Disney pic puzzle I haven’t had the heart (or patience) to finish at home, I must say with time on your hands, twenty mill should last a while.

The big question is . . . who pays?  Where does the $24.6 million payment (and who knows what it will grow to) come from?

Unless I am mistaken, the payment comes out of the already, minimal, pool of recovered funds (considering the percentage recovered to the total bamboozled from the victims).  This leads to the better questions of how do you become a trustee in such a case?

Reference:

Law; Madoff Judge Awards Another $25 Million

The latest report says that the Pikard crew will get $35 million more, bringing a total up to $97 million so far in fees.

Of the amount Pikard will get just over $600,000.  I would hope so.  That is a pretty good year.  The law firm of Baker and Hostetler will receive $34 million roughly.

Lawyers are the necessary component, even in terrible situations, that do well.

See the Law.com article

Madoff’s Investors Listed – Who Can You Trust?

In the almost $65 billion is schemed funds, Bernard Madoff and his suspected cohorts were able to attract such respected and influential people and companies, it is amazing that this could take place.

Madoff Victims by Zip Code

Bernie must have had so much clout and influence to be able attract as such. The surprising thing is the institutions listed and the inherent trust many have and would have in their decisions with an investor in those companies.  From banks to pensions, the loss represents so much more.

See the list and amounts where listed (in order of known amount invested):

Fairfield Greenwich Advisors: $7.5 billion

Tremont Group Holdins: $3.3 billion

Banco Santander: $2.87 billion

Bank Medici: $2.1 billion

Ascot Partners: $1.8 billion

Access International Advisors: $1.5 billion

Fortis: $1.35 billion

HSBC: $1 billion

Union Bancaire Privee: $700 million

Natixis SA: $554.4 million

Carl Shapiro: $500 million

Royal Bank of Scotland Group PLC: $492.76 million

BNP Paribas: $431.17 million

BBVA: $369.57 million

Man Group PLC: $360 million

Nomura Holdings: $358.9 million

Auriga International Advisors Ltd: $348.4 million

Reichmuth & Co: $327 million

Maxam Capital Management: $280 million

EIM SA: $230 million

Aozora Bank Ltd: $137 million

Credit Industrial et Commercial: $125.4 million

UniCredit SpA: $92.39 million

Hadassah: $90 million

UBI Banca: $86 million

Swiss Life Holding: $78.9 million

Nordea Bank AB: $59.13 million

M&B Capital Advisers $52.8 million

Hyposwiss: $50 million

Banque Benedict Hentsch & Cie. SA: $48.8 million

Great Eastern Holding: $44.266 million

Fairfield, Conn.: $42 million

Oddo et Cie: $36.957 million

Bramdean Alternatives: $31.2 million

New York University: $24 million

Sumitomo Life Insurance Co: $22 million

Banco Espirito Santo: $21.4 million

Jewish community Foundation of Los Angeles: $18 million

Phyllis Molchatsky: $17 million

The Elie Wiesel Foundation for Humanity: $15.2 million

Yeshiva University: $14.5 million

Harel Insurance Investements & Financial Services Ltd.: $14.2 million

Baloise Holding AG: $13 million

Phoenix Holdings: $12.6 million

Societe Generale: $12.32 million

Groupama SA: $12.32 million

Credit Agricole SA: $12.32 million

Caisse d’Epargne: $11.1 million

Richard Spring: $11 million

Martin Rosenman: $10 million

Zsa Zsa Gabor: $10 million

RAB Capital: $10 million

Banco Popolare: $9.86 million

Korea Teachers Pension: $9.1 million

Mitsui Sumitomo Insurance Co: $8.8 million

Ramaz School: $6 million

North Shore-Long Island Jewish Health System: $5.7 million

Burt Ross: $5 million

Neue Privat Bank: $5 million

International Olympic Committee: $4.8 million

Credicorp: $4.5 million

Congregation Kehilath Jeshurun: $3.5 million

Clal Insurance Enterprise Holdings: $3.1 million

Bard College: $3 million

The Maimonides School: $3 million

Swiss Reinsurance Co: $3 million

The Diocese of St. Thomas: $2 million

Yad Sarah: $1.5 million

Aioi Insurance Co: $1.1 million

Meiji Yasuda Life Insurance Co: $1.1 million

Ira Roth: $1 million

Hadleigh Holdings LLC: $1 million

Repex Ventures SA: $700,000

Mediobanca SpA: $671,000

New York Law School: $300,000

Genium Advisors: $281,400

Taiyo life Insurance Co: $221,000

Fred Wilpon: N/A

Steven Spielberg: N/A

JEHT Foundation: N/A

Mortimer B. Zuckerman Charitable Remainder Trust: N/A

Robert I. Lappin Charitable Foudnation: N/A

Chais Family Foundation: N/A

KBC Group NV: N/A

Barclays PLC: N/A

Dexia: N/A

Allianz Global Investors: N/A

CNP Assurances: N/A

UBS AG: N/A

Leonard Feinstein: N/A

Sen. Frank Lautenberg: N/A

AXA SA: N/A

Norman Braman: N/A

Jeffrey Katzenberg: N/A

Gerald Breslauer: N/A

Kingate management: N/A

Julian J. Levitt Foundation: N/A

Loeb Family: N/A

Lawrence Velvel: N/A

Fix Asset Management: N/A

Genevalor, Benbassat & Cie: N/A

Royal Dutch Shell Pension Fund: N/A

Fukoku Mutual Life Co: N/A

Nipponkoa Insurance: N/A

J. Gurwin Foundation: N/A

EFG International: N/A

Fire and Police Pension Association of Colorado: N/A

Support Organization of the Madison Cultural Arts District: N/A

United Association Plumbers & Steamfitters Local 267 in Syracuse: N/A

Kevin Bacon and Kyra Sedgwick: N/A

Eric Roth: N/A

Henry Kaufman: N/A

Sterling Stamos Capital Management LP: N/A

Gabriel Partners: N/A

Members of the Hillcrest Golf Club of St. Paul, Minn and Oak Ridge Country Club in Hopkins, Minn: N/A

Marc Rich: N/A

SAR Academy: N/A

Picower Foundation: N/A

John Malkovich: N/A

Sandy Koufax: N/A

Tim Teufel: N/A

Larry King: N/A

Phyllis George: N/A

Mark Green: N/A

Larry Silverstein: N/A

Scott Rechler: N/A

Reference:

Wall Street Journal; Madoff’s Victims

See more here:

Who is Bernard “Bernie” Madoff?