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Tuesday, May 4, 2010

Picower to turn over $2 billion to Madoff investors

The net result is that he gets to keep (his estate--he died in the swimming pool) $4 billion plus from the Madoff scheme, and which gives us another word in the finance lexicon.

He gets to keep the $50 million in 95, the $390 million in 96, the $420 million in 97, the $506 million in 98, the $590 million in 99, the $658 million in 2000, the $821 million in 2001 and the $922 million in 2002!

You've been "Picowered!"

WSJ
The estate of Jeffry Picower, an investor in Bernard Madoff's Ponzi scheme who died last fall, is expected soon to pay at least $2 billion to other Madoff investors burned by the fraud, according to a court order filed on Monday.

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