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!"

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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