Madoff Trustee Picard No Hero To Many Victims
If you enjoy the content at iBankCoin, please follow us on TwitterIrving Picard, the bankruptcy trustee charged with recouping funds for victims of Bernard Madoff’s vast fraud, began his mission just over two years ago with the potential to emerge as a hero.
That would have made him a rarity among the long list of financiers, CEOs and politicians blamed for dragging the U.S. economy into the gutter and obliterating the savings of millions of Americans along the way. Think of Madoff and Allen Stanford, once prominent Wall Street wizards now accused of stealing billions; subprime mortgage king Angelo Mozilo, the former CEO of Countrywide Financial; Congressman Barney Frank, patron saint of teetering home loan giants Fannie Mae and Freddie Mac; and, in some people’s minds, just about anyone employed by Goldman Sachs (GS).
Like a new sheriff, Picard was going to ride into town and clean up the considerable mess left by Madoff, widely viewed as the biggest scoundrel of all.
But that hasn’t been the case.
Instead, among the many thousands of former Madoff clients who lost their life’s savings in the fraud and who may never see a dime in return, Picard’s name has been added to the list of bad guys.
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