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After Madoff: Fees for lawyers, others untangling mess expected to top $1 billion

Publié par Clifford Armion le 04/01/2011

David S. Hilzenrath

"Bernard Madoff's Ponzi scheme cost many investors their life's savings, but for the lawyers, accountants and consultants hired to clean it up, it has unleashed a gusher of cash.

"The tab through the end of last year came to $288 million, and it is expected to grow by $1.1 billion in the coming years, according to a tally recently submitted to Congress.

"The money is coming from a small, government-sponsored nonprofit organization called the Securities Investor Protection Corp. (SIPC), which manages the liquidation of failed brokerage firms in much the same way the Federal Deposit Insurance Corp. backstops failed banks."

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Pour citer cette ressource :

"After Madoff: Fees for lawyers, others untangling mess expected to top $1 billion", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), janvier 2011. Consulté le 20/04/2021. URL: http://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/after-madoff-fees-for-lawyers-others-untangling-mess-expected-to-top-1-billion