- An Empty 150 Years
Many stories from Monday’s Bernie Madoff sentencing discussed the victim testimony asking U.S. District Judge Denny Chin to stick it to Madoff, and the judge’s decision to hand down 150 years must have felt good for a minute or two. But the Times’ Eric Konigsberg explains in an accompanying article the challenges victims will face now in competing for any recovered money. One victim says it’s been like TV “reality-show” fighting between contestants. Only a fraction of the $65 billion disappeared has been recovered, so now victims will compete for favorable treatment from the Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to assist investors who had money in tanked brokerage firms.
The article points out that many people are upset with the way the court-appointed trustee – Irving Picard – is handling the process, and more than 100 investors are suing him. By the way, Lawdragon visitors can evaluate Mr. Picard through our online process. You can also read our Q&A with Thomas Ajamie, a lawyer representing investors who discussed some of the key issues involved with recouping losses.
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| 11:51 AM Jun 29, 2009 | Email the Daily Dragon | Email this Article | Post Comments |
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