Why is Bernard Madoff not cooperating with authorities? His long-time secretary has suggested he wants to avoid implicating others. The trustee tasked with overseeing the wreckage--and perhaps some prosecutors--seem to think that others are complicit, even the ones that complain loudly that they have been victimized. We've seen a few feeder funds already be charged.

Now, trustee Irving Picard is going after a few big "victims" who managed to withdraw billions just before the Ponzi scheme collapsed, the New York Times reports. Picard is seeking more than $6 billion from several investors. Jeffry Picower, of Palm Beach, whom Picard accuses of "participating in a web of transparently false transactions with Mr. Madoff that were aimed at compensating him for 'perpetuating the Ponzi scheme' at the expense of other investors." In 1999, one of Mr. Picower's accounts had a profit of more than 950 percent. Other years were also high, which Picard said should have raised a red flag. Not that clients of John Paulson ought to be worried. 

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