February 27, 2011

Remember Bernie Madoff?

Bernie Madoff may easily be the King of all Ponzi artists, but he isn't the only scammer in this story. Efforts are underway to recover as much of the losses as possible and return the money to the victims, but unfortunately those victims may well find themselves sipping thin gruel. The lawyers, it seems, are skimming the cream.

"The army of lawyers and consultants helping to recover funds from Bernard Madoff’s $19.6bn fraud stands to earn more than $1.3bn in fees, according to new figures that detail the cost of liquidating the huge Ponzi scheme."

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Old NFO said...

Lawyers ALWAYS do that at the expense of the victims... sigh...