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'You Know What's Cool? A Billion Dollars,' Part II

Bruce Carton | December 24, 2014

"A million dollars isn't cool. You know what's cool? A billion dollars." -- Sean Parker, The Social Network
In 2009, when Irving Picard and his law firm, Baker & Hostetler, had been working as trustee on the Madoff case for less than a year, I observed that the firm had already been awarded total attorneys' fees of $37.5 million from SIPC with "no end in sight." Not a bad start for Picard, who Baker & Hostetler hired as a lateral partner in December 2008 after he was appointed to handle the Madoff matter.
By 2012, however, it had become clear that these early attorneys' fees of $37.5 million were little more than a...

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