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Foreign Exchange

Pulling the rug from under Madoff’s chief fund raiser

The unfortunately named Ezra Merkin* is apparently in a spot of bother after it has emerged he was one of the chief fund raisers for Bernard Madoff

Merkin, who is nicknamed ‘the Rabbi’, has well and truly had the rug pulled from under him and is being forced to step down as chairman of GMAC, the financing arm of General Motors. He has not been charged with any crime, but he is being sued by several investors who have done their cods as a result of investing with Madoff. One internet wag reckons he’s selling his beard on eBay to raise cash

Still, it could be worse. I heard a story this week about how a hedge fund manager in Mayfair was confronted by a disgruntled investor on his doorstep. The investor demanded the return of his money and enforced his claim by pulling out a gun and giving the fund manager a simple choice, which he complied with.

* For those of you not in the know, Merkin is an Olde English word meaning ‘pubic wig’, which one comedian in the office said was an appropriate name for a man allegedly linked to a story involving a cover-up

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