It’s not what you think.

Irving Picard, trustee for the Madoff bankruptcy, did not recover more assets. Not yet, anyway. We’re still at $1 billion and counting.

More clawbacks to come.

Instead, we learned grotty details about Madoff from his long-time secretary: Ponzi money funded sorties to the massage parlors. I can’t help but wonder if Madoff used an alias to cover his tracks.

“Client Ten” maybe?

The press has been surprisingly tame with this topic. Vanity Fair posted an excellent video interview with Madoff’s secretary. Here’s the link here for your convenience. She answers questions about Madoff’s wife.

Still, the press has made a few wry observations. This week’s blog Oscar goes to Tabatha Southey for the Best Title: Dial M for Masseuse.

Unfortunately, the worst title goes not to the press. It goes to the trustee in the Madoff bankruptcy. Picard unraveled a new initiative. He dubbed it the “Hardship Program” for Ponzi victims. This label is unfortunate. Please excuse me if I ask the obvious question.

Wasn’t it Madoff who created the “hardship program” for investors?

Check back tomorrow afternoon. I plan to review several websites, which help protect investors from fraud and money management problems in general.