Madoff Trustee Gets $14.7 Million Payday

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Irving Picard, the trustee in charge of unwinding Bernie Madoff’s investment company and re-compensating the Ponzi-schemer's victims (or de-compensating them, as the case may be), finally gets some compensation of his own. A judge has cleared the Securities Investor Protection Corp to pay a cool $14.7 million to him and his firm, Baker & Hostetler, for the work they've done from December 15 to April 30. Not everyone thinks he's worth it, though. "This depletion of SIPC’s funds is unjustifiable," one victim, who has accused Picard of miscalculating her claims, seethed in an objection filed this week. "The trustee has been an abysmal failure." [Bloomberg]