This is a very tragic series of events for MF’s customers and for the industry as a whole. Our losses from the stock purchases amounted to $39 million for the year, of which $29 million was recognized in the 4th quarter and is represented in our financials as other income.In addition to our losses on the stock we also suffered some customer defections in the wake of the news. This was further aggravated by a Reuters article about hyper-hypothecation, which listed Interactive Brokers along with a number of the large banks. The article quoted and misinterpreted figures from our quarterly reports. As a result in the November, December period, for the first time in our history we experienced net withdrawal of customer funds to the tune of some 300 million dollars.
Interactive Brokers Group's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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