First of all, let me tell you that I am no fan of Madoff and he can rot for all I care. I am also, except for some great neighbors and friends, no fan of lawyers who are now making an absolute killing out of trying to get to the bottom of the Madoff mess and potential restitution to his countless victims.
I offer as evidence this article on Yahoo in this regard. As exhibit "A", let me note one of two salient facts about the guy who is in charge of sorting out the mess for the SIPC who has some of the insurance funds to repay the victims. His name is Picard and his fees permitted (HIS FEES) for the last 9.5 months are $1,594,834. This means he is billing at about $1000/hr. Ahhh but wait, there is more. He has been paying the venerable firm of Baker and Hostetler LLP at the rate of $375/hr for helping him. And by gosh in these 9.5 months, they have billed 56,688 hours .... my my, that is, on a generous 39 week basis, 1453hrs per week. Now these little do-gooder attorneys must work 45 hr weeks or bill that or they wouldn't be good attorneys (when does 16 minutes = 1hr????) soooo that means there are probably 32 attorneys billing at full rate working 45 hour weeks unsorting the mess.
WHAT THE HELL?
I offer as evidence this article on Yahoo in this regard. As exhibit "A", let me note one of two salient facts about the guy who is in charge of sorting out the mess for the SIPC who has some of the insurance funds to repay the victims. His name is Picard and his fees permitted (HIS FEES) for the last 9.5 months are $1,594,834. This means he is billing at about $1000/hr. Ahhh but wait, there is more. He has been paying the venerable firm of Baker and Hostetler LLP at the rate of $375/hr for helping him. And by gosh in these 9.5 months, they have billed 56,688 hours .... my my, that is, on a generous 39 week basis, 1453hrs per week. Now these little do-gooder attorneys must work 45 hr weeks or bill that or they wouldn't be good attorneys (when does 16 minutes = 1hr????) soooo that means there are probably 32 attorneys billing at full rate working 45 hour weeks unsorting the mess.
WHAT THE HELL?