The New York Times reports that the trustee charged with making sense of the Bernard Madoff scam has asked a court for unusual subpoena powers. There's a sense of urgency attached to the request; allegedly Madoff was making plans to accept large amounts of money very near the time he was confessing his Ponzi scheme to his sons, who eventually turned him in.

The trustee is also seeking a buyer for Madoff's market making operation, for which Madoff was well known. His reputation indeed was built as a forward-thinking market maker not a money manager. But all the rule changes made market making hard, hence his move into money management. Madoff is said to be cooperating with prosecutors. You would think that would make the trustee's job a bit easier, but perhaps not.

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