For some, the liquidation of Bernard Madoff’s firm is approaching the same levels of excess as the original crime. Irving Picard and his firm, Baker & Hostetler LLP, have just asked for an additional $50 million in fees and expenses for work between July 1 through Nov. 30. That would bring the total fees to . . . wait for it . . . $440 million.
The fees are paid by the Securities Investor Protection Corp., which compensates investors out of an insurance fund.
What is clear that, even if Bernie did not ultimately make a killing, his liquidators have and it is all perfectly legal.