$22 Million To Madoff Trustee Picard And His Law Firm

Thousands of hours to unravel the Madoff mess? That’s not hard to understand. But then, when the hours are multiplied by a lawyer’s hourly rate, the numbers can get pretty big pretty quickly. And so it’s not hard to understand how New York Bankruptcy Judge Burton Lifland approved a payment of about

$22 million yesterday to Madoff trustee Irving Picard and his law firm, Baker & Hostetler. Not hard to understand, but, perhaps, a bit hard to swallow – especially for customers waiting to get paid back.