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#Madoff To Bail Out #Picard (?)

From: Irv Picard, Esq.
To: Bernie Madoff

Bernie-

You might be at "Camp Fluffy", but this blogging nonsense needs to come to a stop. Yes, I'm very grateful for the alcohol-free hand sanitizer that you sent over, but every damn time you post something, the f**king news media winds up taking your comments out of proportion and turns them into damn headline stories a week later!

Last week, you once again took it upon yourself to throw darts at how much our firm is billing for cleaning up the crap pile that you created, which then led that ambulance-chasing shrew to file a bunch of stupid law suits, and now the muckrakers are munching on the story and putting it on the front page of every damn "newspaper" in the country!

We both know that the money we're getting paid by SIPC for sending out claim denial letters isn't coming from the pool of cash that's ostensibly intended to satisfy claims.

We also both know that SIPC isn't an insurance company, which means that the idiots that deposited their money into your firm --the ones that never once asked about obtaining "Super SIPC" or supplemental brokerage account insurance, protection that every f**king brokerage firm in America provides, can only look to SIPC to pay out up $500k on approved claims, and anything after that has to come from any money that we...I mean they, can recover from the people or groups that took out more than they put in.

OK, some people might think that just because I get paid by SIPC, that means that I work for them..That's simply not the case! I work as a Trustee appointed by the Bankruptcy Court!

Our fees are therefore an expense item that get paid out of SIPC's operating budget, NOT the claim recovery fund. Its an accounting thing! You know it, I know it, David Friehling knows it, the people at Konigsberg know it!
[BTW-Please tell Mr. Friehling and Mr. Konigsberg that I received a call from Kabul Bank and was told they've both been appointed to oversee operations over there, and they wanted to know if Nan Bongiorno could also join them. I think there might be a conflict if I offered a recommendation, especially after I just bought her Bentley with my bonus money; so please pass the message that I'll have to recuse myself from that request..]   

As long as you've got me ranting; for those meshuganah people that think they should somehow be entitled to receive back what their November 2008 account statements displayed, my friend Steve Harbeck suggested those people should spend their time going after Merrill Lynch, or Charles Schwab, or any of the dozens of brokerage firms, and ask them to pay back the billions of dollars that disappeared from accounts held at those firms when the stock market nose-dived back in '08 and '09!

So Bernie, unless you're going to help set the record straight, I'm imploring you to stop with the blogging nonsense! In the mean time, enjoy your Labor Day Weekend!
Irv P.

Full post as published by Bernard Madoff on September 03, 2010 (boomark / email).