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  • WSJ: Couma charges Merkin in civil case stemming from Madoff

    J. Ezra Merkin was charged in a civil fraud complaint alleging that he misled hundreds of investors in placing $2.4 billion of their money with Bernard Madoff. The charges were brought against Merkin, who funneled billions of dollars from nonprofits and Universities to Madoff through his Ascot Partners fund, by New York state’s attorney general… More ▸

  • New York subpoenas Merkin and 15 nonprofits

    From the WSJ: New York Attorney General Andrew Cuomo has issued subpoenas to former GMAC Financial Services Chairman J. Ezra Merkin, three of his funds and 15 nonprofits in his probe of alleged frauds on charities in the Bernard Madoff scandal. The attorney general’s office is seeking information from Mr. Merkin and his Gabriel Capital… More ▸

  • Merkin resigns from GMAC

    J. Ezra Merkin has resigned his post as board chairman of GMAC after losing some $2.4 billion in Bernard Madoff’s Ponzi scheme. Merkin, who has not been implicated in the scheme, invested $1.8 billion others had invested in his own Ascot Partners hedge fund with Madoff, losing it all, as well as other money. From… More ▸

  • Pressure mounts on GMAC to oust Merkin over Madoff scheme

    Last week Edwin Black asked on his news site The Cutting Edge why it was that the Fed was giving GMAC $5 billion in bailout money when one of its key players was also a key player in the Madoff sceme. J Ezra Merkin, the chairman of the General Motors-Cerberus Capital Management, invested the entirety… More ▸

  • Edwin Black: Why is the Fed giving Merkin $5 billion?

    JTA contributor Edwin Black brings up a legitimate question on Cutting Edge News: Shouldn’t the Fed have some reservations about handing General Motors Acceptance Corp. $5 billion to turn itself into a bank, when its chairman just lost a couple of billion by recklessly investing his own hedge fund solely in Bernard Madoff’s Ponzi scheme?… More ▸