Poor Stephen P. Harbeck Of SIPC? How About ‘No’

A jumble of a New York Times article this morning paints Stephen P. Harbeck, the head of the Securities Investor Protection Corporation and the person, with bankruptcy trustee Irving Picard, in charge of sorting out the Madoff mess, as being “under attack.” Heavens, Harbeck’s gained 10 pounds this year because he doesn’t have the time to exercise! 

Really, Harbeck is not a sympathetic character, even to those who still believe in the New Deal, big government, and regulation of business.
 
The article is of interest, however, for its rather clear summary of some of the legal issues facing Madoff claimants. For example, are those who received more from Madoff than their total investments entitled to a claim under SIPC for the paper losses they claim?
 
The Times piece, if you can stand to read it, is available online at http://www.nytimes.com/2009/12/09/business/09madoff.html?scp=3&sq=%22under%20fire%22&st=cse.