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Report to Congress: Customer Outcomes in the Madoff Liquidation Proceeding

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the “congressional watchdog,” GAO investigates how the federal government spends taxpayer dollars.

Friday, October 5, 2012
Subject: GAO Madoff report

Dear Mr. Lehman,

I know it’s been a while since we spoke, but I wanted to follow up with you and send a copy of our recent report.

I’d like to thank you again for the help you gave us. In this case, your assistance helped produce instant results – as a direct result of the conversations we had with private sector tax professionals, the IRS issued new guidance on treatment of clawbacks. We were prepared to recommend the agency do so, but when they saw what we were going to report, they immediately issued the guidance on their own.

It doesn’t often happen that change comes so quickly, and this wouldn’t have been possible if you didn’t lend us some of your expertise.

Thanks again, and best regards,


Christopher H. Schmitt
Senior analyst
U.S. Government Accountability Office
441 G Street NW
Washington, DC  20548

download report

80 PAGES – Click above image to download entire 80 page report as a pdf.

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