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Accession Number PB2012-114615
Title Securities Investor Protection Corporation: Customer Outcomes in the Madoff Liquidation Proceeding.
Publication Date Sep 2012
Media Count 80p
Personal Author N/A
Abstract 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of accounts held by an individual (60 percent) were 'net winners' based on their net equity position--meaning they had withdrawn more from their accounts than they had deposited--compared to accounts held by institutions (50 percent).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40 percent of institutional accounts were 'net losers' that had deposited more into their accounts than they had withdrawn, compared to 29 percent of individuals' accounts that were net losers.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.
Keywords Accounting
Bernard Madoff
Financial institutions

Source Agency General Accounting Office
NTIS Subject Category 96F - Banking & Finance
92C - Social Concerns
91C - Fire Services, Law Enforcement, & Criminal Justice
43 - Problem Solving Information for State & Local Governments
Corporate Author Government Accountability Office, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1226
Contract Number N/A

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