TAILIEUCHUNG - Interim Report on the Madoff Liquidation Proceeding

The results for . stock returns are summarized in Table 1. Panel A presents the results for the DJIA, which is the most popular . stock index and for which we have the longest return series. Price level data on this index are available from 1896 until 1999. Based on price levels at closing, we compute the daily return for day t as (Price levelt – Price levelt-1)/Price levelt-1. Thus, returns for the DJIA reflect only capital appreciation and exclude dividends. For our purposes, this omission does not seem to be important because returns. | United States Government Accountability Office GAO Report to Congressional Requesters March 2012 SECURITIES INVESTOR PROTECTION CORPORATION Interim Report on the Madoff Liquidation Proceeding GAO-12-414 March 2012 ÀG AO Accountability Integrity Reliability Highlights Highlights of GAO-12-414 a report to congressional requesters Why GAO Did This Study With the collapse of Bernard L. Madoff Investment Securities LLC a brokerdealer and investment advisory firm with thousands of clients Bernard Madoff admitted to reporting billion in fictitious customer holdings. The Securities Investor Protection Corporation SIPC which oversees a fund providing up to 500 000 of protection to qualifying individual customers of failed securities firms selected a trustee to liquidate the Madoff firm and recover assets for its investors. The method the Trustee is using to determine how much a customer filing a claim could be eligible to recover an amount known as net equity has been the subject of dispute and litigation. This report discusses 1 how the Trustee and trustee s counsel were selected 2 why the method for valuing customer claims was chosen 3 costs of the liquidation and 4 disclosures the Trustee has made about its progress. GAO examined the Securities Investor Protection Act court filings and decisions and SIPC Securities and Exchange Commission SEC and Trustee reports and records. GAO analyzed cost filings and interviewed SIPC SEC and SEC Inspector General officials and the Trustee and his counsel. What GAO Recommends SEC should advise SIPC to 1 document its procedures for identifying candidates for trustee or trustee s counsel and in so doing to assess whether additional outreach efforts should be incorporated and 2 document a process and criteria for appointment of a trustee and trustee s counsel. SEC and SIPC concurred with our recommendations. View GAO-12-414. For more information contact A. Nicole Clowers at 202 512-8678 or clowersa@. SECURITIES INVESTOR .

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