Madoff Trustee Addressed Accusations Of Inefficiency -- A Month In Advance

Wednesday, April 20, 2011 23:12
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Madoff Trustee Addressed Accusations Of Inefficiency -- A Month In Advance

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Even though members of Congress have publicly worried that the cost of unwinding the Madoff estate would bankrupt SIPC, the trustee seems to have it under control.

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Just last week, several U.S. representatives raised the question whether SIPC could support the final bill of recovering all the client assets from Bernard Madoff's accounts. 

 

But as it turns out, trustee Irving Picard was on top of the situation as early as March 8, when he provided an update on his efforts so far.

 

The numbers are staggering. After filing 1,000 lawsuits, Picard's team has recovered $10 billion -- about half of the money that Madoff seems to have stolen in the first place.

 

That's $12 million a day for 16,500 clients.

 

The trustee's office has spent 7,086 hours investigating claims and another 7,033 hours simply running the trust. Total bill for recovering that $10 billion: $176 million so far.

 

 

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