WASHINGTON — Like many wild parties, once they’re over, the clean up can be a bear. Well, the party has long been over for Madoff and the very expensive clean up is underway. And it ain’t close to being over.
The Washington Post’s David Hilzenrath reports that the clean up has “unleashed a gusher of cash” for lawyers, accountants and consultants.
The Post reports that the clean up costs last year came to $288 million, and it is likely to grow by $1.1 billion in the coming years.
The Post reports that the money comes from a small, government-sponsored nonprofit organization called the Securities Investor Protection Corp. (SIPC), “which manages the liquidation of failed brokerage firms in much the same way the Federal Deposit Insurance Corp. backstops failed banks.”
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