Bernie Madoff and the Bank Custodian

What is the sound of one hand clapping?

If custody accounts contain shares of "Madoff funds," what's in the accounts?

You're on your own answering the first question. The second concerns Westport National Bank. In The New York Times, Floyd Norris explains that the bank funneled money from small pension plans and IRAs to Madoff. The bank served as custodian for the "shares" purchased by the retirement plans. Messy legal snarls have resulted.

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