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Accession Number
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PB2012-114615
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Title
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Securities Investor Protection Corporation: Customer Outcomes in the Madoff Liquidation Proceeding.
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Publication Date
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Sep 2012
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Media Count
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80p
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Personal Author
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N/A
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Abstract
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GAO's analysis of Madoff account data shows that more than three-fourths of the firm's customers were individuals and families (individuals). The remaining accounts were held by institutions, such as pension funds and charities. A higher proportion of accounts held by an individual (60 percent) were 'net winners' based on their net equity position--meaning they had withdrawn more from their accounts than they had deposited--compared to accounts held by institutions (50 percent). Correspondingly, 40 percent of institutional accounts were 'net losers' that had deposited more into their accounts than they had withdrawn, compared to 29 percent of individuals' accounts that were net losers. However, individual and institutional accounts had similar deposit and withdrawal activity from 1981 through 2008, including increased withdrawals immediately before the firm's failure in December 2008.
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Keywords
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Accounting
Bernard Madoff
Customers
Failures
Financial institutions
Investments
Liquidation
Money
Protection
Securities
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Source Agency
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General Accounting Office
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NTIS Subject Category
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96F - Banking & Finance
92C - Social Concerns
91C - Fire Services, Law Enforcement, & Criminal Justice
43 - Problem Solving Information for State & Local Governments
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Corporate Author
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Government Accountability Office, Washington, DC.
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Document Type
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Technical report
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Title Note
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N/A
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NTIS Issue Number
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1226
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Contract Number
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N/A
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