Picower Estate to Forfeit $7 Billion to Madoff Trustee

[sixmile]

http://www.huffingtonpost.com/2010/12/17/madoff-trustee-gets-7b-se_n_798210.html

'The widow of a Florida philanthropist who had been the single-largest beneficiary of Bernard Madoff's colossal Ponzi scheme has agreed to return $7.2 billion in bogus profits to the victims of the fraud, she and authorities announced Friday.

The trustee recovering money for Madoff's burned investors filed court papers formalizing the settlement with the estate of Jeffry Picower, a businessman who drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25, 2009.

"We will return every penny received from almost 35 years of investing with Bernard Madoff," Picower's wife, Barbara, said in a written statement.'

more at link

Thank goodness the rich will get SOME of their money back.

[WhiteTara]

1. I wondered why he died

now I know.

[Hassin Bin Sober]

2. Too bad for the charities that money was slated for.

[earth mom]

3. Why are people unreccing this thread? At least one rich pig is doing the right thing.

That deserves some visibility I should think.

I'm glad some on the victims will get some of their money back even though they were guilty of being greedy themselves.