Madoff Trustee Partners’ Bonanza

Chidem Kurdas

The Madoff estate’s government-appointed bankruptcy trustee, Irving Picard, apparently required immense amounts of counsel from

Ex-SEC Counsel $140,000 Madoff Benefit

Chidem Kurdas

It would make great satire. David Becker shaped regulatory policy for years as the Securities and Exchange Commission’s general counsel. His “wisdom and careful judgment” was celebrated by SEC Chair Mary Schapiro. Now his conflict of interest as an investor with Bernard Madoff is to be reviewed by Congress and the Justice Department. 

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Madoff Ruling: A Question

Chidem Kurdas

An appeals court upheld the Madoff trustee’s decision that the former clients of the defunct firm have a claim only to the capital they originally invested, not the profits Madoff fraudulently reported on their accounts.  This has precedent from past Ponzi schemes, where investors who took out more than their capital had to return the difference. It’s a reasonable principle not to allow fake profits, though a hardship on people who relied on them, like New York Mets owners Fred Wilpon and Saul Katz. The supposed gains, after all, came from other investors’ money.

But there’s something else going on.

Madoff Trustee and the 1,001 Lawsuits

Chidem Kurdas

In one particular respect, government-appointed bankruptcy trustees resemble Scheherazade of the 1,001 Arabian Nights. She had a secure tenure with the Sultan as long as she kept spinning the fairy tales.

Madoff Hindsight: What They Knew

Chidem Kurdas

A central claim of the lawsuits brought by Irving Picard, the Madoff bankruptcy trustee, is that his various targets knew of the fraud, should have known or in some cases could have known. You start noticing how murky these allegations are when you talk with people who had dealings with Mr. Madoff. 

Madoff Litigation Victims: The Citibank Case

Chidem Kurdas

There is one key interested party that is missing from the case filed against Citibank by Irving Picard, the government-appointed trustee of the Madoff estate. I went through the136-page complaint and nowhere did I see mentioned this group—hundreds of thousands of hidden and mostly nameless victims of the lawsuit. To declare a personal interest, I’m probably among them.

Madoff Agenda: What the Interview Means

Chidem Kurdas

Funny thing about the NYT interview with Bernard Madoff. He sounds as if he’s following a script meant to support the charges made by Irving Picard, the Madoff estate bankruptcy trustee, against JP Morgan Chase and other defendants.