Q: What’s $21.2 Billion And Likely To Grow Larger? A: Madoff’s Fraud

The trustee for the liquidation of Bernard Madoff’s investment company, Irving Picard, today provided the most up-to-date analysis yet of the losses associated with Madoff’s Ponzi Scheme, and the news was not good. According to Picard, over the life of Madoff’s company, there were 8,095 customer accounts, of which 4,903 were action on December 11, 2008. Based on a “money in/money out” methodology he is using, Picard reported that 2,335 accounts of the 4,903 had net losses of about $21.2 billion, and 2,568 accounts received more than was deposited.