Madoff Money

The Friday File: Over the past 6.5 years, trustee Irving Picard has recovered almost $11 billion of the $17 billion stolen by Bernard Madoff. But this work has been costly. At $413.30/hour after a “public interest” discount of 10%, the 97,115.5 hours Picard’s team billed in just Q1/15 came to $40 million! All totaled, Picard has billed $700 million. Luckily for investors, the money comes from insurance, not recovered proceeds.