Madoff Saga Almost Over

The transcript discusses the largest Ponzi scheme, where $17.5 billion was defrauded from investors. The trustee, Irving Picard, has recovered $14.2 billion through lawsuits but faces challenges in accessing $3.2 billion held by foreign banks. Legal battles have ensued, with appeals reaching the Supreme Court. Picard has been notably successful, recovering 80% of the lost funds, with potential to reach nearly 100% if the remaining funds are retrieved.

What was the total amount involved in the Ponzi scheme?

• $20 billion

• $17.5 billion

• $25 billion

• $10 billion

Who is responsible for recovering the lost investments in the Ponzi scheme?

• Irving Picard

• Bernard Madoff

• A federal judge

• The Supreme Court

What was the initial ruling regarding the $3.2 billion held by foreign banks?

• Picard was allowed to recover it

• The Bankruptcy Code allowed recovery

• Picard was not allowed to recover it

• The banks voluntarily returned it

Which court overturned the lower court's decision regarding the foreign banks' funds?

• A federal judge

• The Supreme Court

• The District Court

• The Court of Appeals

What percentage of the lost funds has Picard successfully recovered so far?

• 80%

• 50%

• 90%

• 60%