June 21, 2010

Ponzi Scheme Liquidator (60 Minutes Video)

What's the only thing possibly more stressful than the mess that Bernie Madoff made, with his
Ponzi scheme? Being the guy who has to go back and try to clean up the mess Madoff made.

The man in charge of that job is named PIcard, and he's working with another legal counsel named Sheehan, trying to trace and recover whatever money can be recovered from the billions and billions Madoff stole with his investment scheme.

Sheehan described how much money has gone into it""I'd say about $36 billion. And about 18 of it went out before the collapse. And 18 of it is just missing. And that $18 billion is what we're trying to get back."... They did have the house in Palm Beach. They had a place in Montauk. They had to have, you know, an apartment here on Park Avenue in the city - all of which are the accoutrements of great wealth. But it wasn't an extraordinary lifestyle,"

Ponzi Scheme Liquidator (60 Minutes Video)

Wall Street in shreds, the watch dogs fast asleep, bonus-stuffed executives laughing all the way out of the busted banks - it's been some year. Oh, and we left out the Ponzi scheme of Ponzi schemes: Bernard Madoff's untidy little business that bilked thousands of people out of billions of dollars. While the mastermind is doing 150 years in prison, the big question is: "Where did all the money go?" Irving Picard, the court appointed trustee - the liquidator - is searching for the billions that disappeared, and trying to recover as much as possible from Madoff's remaining assets.

Ponzi Scheme Liquidator (60 Minutes Video)

Posted at June 21, 2010 3:05 AM