Madoff trustee reaches $7B settlement with estate of Fla. philanthropist

[sabra]

Source: Chicago Trib/AP

NEW YORK (AP) — The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.

Court-appointed trustee Irving Picard planned an announcement Friday in Manhattan about the estate of Jeffry Picower, who drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25, 2009.

The amount of the settlement was not immediately made public, but the figure was provided to The Associated Press by a person familiar with the civil case against the estate. The person was not authorized to speak publicly about the settlement and spoke on condition of anonymity.

A recovery of that size would mean that a sizeable number of Madoff's victims could get at least half of their money back — a remarkable turnaround for people and institutions that thought two years ago that they had lost everything.

Read more: http://www.chicagotribune.com/business/sns-ap-us-madoff-clawbacks,0,1043168.story

[aquart]

1. Who is this trustee and does he want to run for president?

I like his style.

[howaboutme]

2. Great for victims. Questions remain

That would be great for the victims.

However two questions remain - how much real money as in their original principal did the victims lose? Their imaginary 13% (?) annual gains per year and statement balances do not count. Where did all the money go? It didn't just evaporate. Some have said it went to Israel or Russian mafia. All these people who have died mysterious deaths may have occurred to cover up the tracks. Too much money and too many coincidences to believe that assisted suicide is not a factor.

[Demeter]

3. Impressive

Turn this guy loose on Goldman Sachs, the Fed Reserve, and Ben Bernanke

[IScreamSundays]

4. Feds nab $7.2 billion for Madoff victims

Source: CNN

NEW YORK (CNNMoney.com) -- The effort to recover money for victims of Bernard Madoff took a dramatic turn Friday when officials said the widow of one of the Ponzi scheme's biggest beneficiaries had agreed to turn over $7.2 billion.

Preet Bharara, U.S. attorney for the Southern District of New York, said that the widow of deceased billionaire Jeffry Picower had agreed to return "proceeds" collected over 35 years.

He said it was the largest forfeiture in U.S. history. The $7.2 billion represents more than one third of the total losses from Madoff's crime.

"Barbara Picower today has done the right thing," said Bharara, in a press conference at his Manhattan office. "I commend Barbara Picower for agreeing to return this staggering sum, which was other people's money."

Read more: http://money.cnn.com/2010/12/17/news/companies/madoff_picower/

[CountAllVotes]

5. verryyyy interesting .......

:popcorn:

:dem: :kick: & recommend.

[Kingofalldems]

6. Kick and rec

[tsuki]

7. The mistake Madoff made was defrauding rich people. If he had

stuck to the workers' pension fund, he'd be getting a bonus now.

[The Backlash Cometh]

10. Oh my God, is that so true.

[Lance_Boyle]

8. So... how much of the ill-gotten booty does the widow keep?

If it's more than $0 then I have to disagree with the US Attorney when he says she's "done the right thing."

[wmbrew0206]

11. It says that they withdrew 7.8 Billion after an initial investment of 620 million

It looks like she is being allowed to keep the initial investment that they made. Seeing as she would have the ability to drag this one out in the courts for decades, letting her keep the initial investment is probably a fair deal.

[onehandle]

12. According to MSNBC, they were honest investors who were not in on the scam.

It appears that she did do the right thing.

[sarcasmo]

9. Good news.