Trustee for Madoff victims faces tough road

NY POST ^ | 5/2/11 | Mark. deCambre

[Liz]

Court-appointed trustee Irving Picard is looking to clawback monies from Madoff feeder funds........$9B from HSBC, $6.4B from JPMorgan Chase, $2B from UBS, $1B from Mets' owners Fred Wilpon and Saul Katz, $425M from Citigroup...........among others.

[Liz]

Wilpon/Katz family pulled $357M from Madoff's fraud and, at last count, had 483 accounts with Madoff.

Fred Wilpon Sterling Equities co-founder; Mets co-owner Earnings: $52.8M from 57 Madoff accounts

Judith Wilpon Fred’s wife Earnings: $24.7M from six Madoff accounts

Iris Katz Saul’s wife Earnings: $35M from six Madoff accounts

Saul Katz Sterling Equities co-founder; Mets co-owner Earnings: $45M from 68 Madoff accounts

Jeff Wilpon Fred and Judith’s son, Sterling exec VP, Mets COO Earnings: $37M from 62 Madoff accounts

Richard Wilpon Fred’s brother, Sterling Equities partner, Mets board member Earnings: $23.1M from 60 Madoff accounts

Michael Katz Saul’s brother, Sterling Equities partner, Mets board member Earnings: $19.1M from 59 Madoff accounts

Heather Katz Knopf Saul and Iris’ daughter Earnings: $33M from 44 Madoff accounts

SOURCE http://www.nypost.com/p/news/local/amazin_kin_all_had_to_bern_dwIueqtoYrU2uhjaoXEUaL

[Liz]

THIS MADE ME LAUGH OUT LOUD Madoff complained that Saul Katz told his country club friends that “nobody knows how Madoff does it.” Katz’s blathering likely irritated Madoff because his epic Ponzi scheme depended on an air of mystery and intrigue to ward off regulators and lure customers.

Katz, Fred Wilpon’s BIL, co-founder of Sterling Equities, and Mets co-owner, will repeatedly tell you he is a CPA........the brains behind Sterling’s investment portfolio and business operations.....in charge of all the family finances invested with Madoff. And yet the investment pro, claims he had no knowledge that Madoff was running a Ponzi. Katz took out over $120M just in the last six years. Katz’s three sons, who work for Sterling Equities, snared more than $237M. Katz married Wilpon’s sister, Iris, more than 50 years ago and in 1972 went into business with Fred.

[Baynative]

I’m still trying to understand the distinction between Madoff’s gang and the corrupt reprobates that scurry around the halls of our congress.

[Liz]

Zero difference.....except the gangs in Congress are harder to lock up.