Honey, I Shrunk the Kids' Allowance

Irving Picard means business. He’s the trustee in the Madoff affair. On May 1, 2009 he sued the entire Chais family for return of funds invested with Bernie Madoff: spouse, children, and grandchildren. No relation to the chaise longue. Picard, no doubt, is under...

Honey, I Shrunk the Kids’ Allowance

Irving Picard means business. He’s the trustee in the Madoff affair. On May 1, 2009 he sued the entire Chais family for return of funds invested with Bernie Madoff: spouse, children, and grandchildren. No relation to the chaise longue. Picard, no doubt, is under...

Ponzi Block Party

PalmBeachDailyNews.com just reported a new $23 million Ponzi scheme. I’m almost surprised this one made the news. These days $23 million sounds like a rounding error. It’s .04 percent—that’s .0004—of Bernie Madoff’s $65 billion effort....

What's $64 Billion Among Friends?

The New York Times ran a story yesterday entitled Personal Bankruptcy for Madoff More Likely.  According to the article, the trustee has recovered $1 billion so far.  That’s 1.54 percent of $65 billion, the gross amount of the fraud.  I repeat:  1.54 percent....

What’s $64 Billion Among Friends?

The New York Times ran a story yesterday entitled Personal Bankruptcy for Madoff More Likely.  According to the article, the trustee has recovered $1 billion so far.  That’s 1.54 percent of $65 billion, the gross amount of the fraud.  I repeat:  1.54 percent....