Madoff money: Trustee spent $26M recovering $849G for victims

The New York Post reports:

A trustee overseeing the bankruptcy of Bernard Madoff's investment firm spent $26.9 million in the second and third quarters to recover $849,000 for Madoffs victims, according to a federal court filing.

Irving Picard, the trustee, said in a filing with Manhattan federal court that much of the expense -- $15.8 million -- went to cover fees for his law firm, Baker & Hostetler LLP.

Picard said his ability to call on the resources of Baker & Hostetler in such areas as corporate, real estate, bankruptcy, securities, employment, tax, banking and litigation has been of material assistance.

Slippage.