Madoff Enabler To Be Named Chairman Of Synagogue

Ezra Merkin, the man who enabled Bernard Madoff gets a big aliyah at his Orthodox Manhattan synagogue.

INSULT TO INJURY AT 'BERN'ED SHUL
FUROR AS TOP BOARD SEAT SET FOR MADOFF MAN
ANGELA MONTEFINISE and BRANDON GUARNERI, NY Post

What chutzpah!

That's what some members of the tony Fifth Avenue Synagogue are saying about embattled financier J. Ezra Merkin, who's about to ascend to chairman of the temple board despite luring fellow worshippers into the clutches of Ponzi schemer Bernard Madoff.

The moneyed synagogue, where Revlon CEO Ron Perelman and writer Elie Wiesel worship, was dubbed "The Temple of Doom" last December after insiders estimated members lost $2 billion in the swindle.

"He's tearing the synagogue apart," seethed one member leaving services at the Upper East Side temple yesterday. "People cannot stand to look at him standing at the bimah. When he stands and holds the Torah, people want to throw up."

Members will vote on a board-approved slate of officers Wednesday, and although many object to Merkin leading the prestigious institution, "no one wants to be the one to stand up in public and say do the right thing and step aside," the member said.

"If people were able to vote anonymously, only a handful of people would support him," she added. "Everybody else wants him out."

Merkin, a hedge funder and son of the synagogue founder Hermann Merkin, funneled $2.4 billion of his clients' money to Madoff, authorities have alleged.

In April, state Attorney General Andrew Cuomo slapped Merkin with civil fraud charges, alleging he grabbed $470 million in fees and performance bonuses by tricking clients into thinking he was investing their cash responsibly.

Merkin faces a slew of lawsuits from NYU and Yeshiva University, which entrusted huge sums with him, only to see it disappear into Madoff's hands.

All along, Merkin has proclaimed his innocence, saying he and his three hedge funds -- Ascot, Gabriel Capital Corp. and Ariel Fund -- were victims of the scheme themselves.

Although the synagogue coffers weren't drained, several prominent members admitted to personally getting soaked, including current Chairman Ira Rennert, who said he lost $200 million.

That's why some members are outraged that Merkin is being rewarded rather than rebuked.

"I don't like it one bit," said a longtime member. "I think people are definitely raising their eyebrows. As long as the appearance of impropriety is there, and it is, I think plenty of people are very uncomfortable."

Although presidents traditionally become chairs when their terms end, it's puzzling that Merkin is accepting the prestigious role considering he stepped down in shame as chairman of GMAC and as a trustee at Yeshiva University.

"I don't even understand why he wants to be chairman," one member said. "You'd think he'd want to duck out of the spotlight."

Another member said she doesn't think Merkin "knows the difference between right and wrong."

Synagogue Vice President Jacques Blinbaum, who said he is "close friends" with Merkin, called the appointment "synagogue business."

"The only thing I am going to say is that the Merkins and the Blinbaums go back four generations and two continents," he said. "The family is the most incredible, warm family you'll ever want to meet."

[Hat Tips: Michelle, Yochanan Lavie.]

Comments

[Yochanan Lavie]

Can buy me kavod (apologies: Fab 4):

Can buy me kavod, kavod
Can buy me kavod

I'll start up a Ponzi Scheme, my friend, if it makes my cashflow alright
I'll get me anything, my friend, if it makes my portfolio airtight
'Cause I don't care too much for ethics, money can buy me kavod

I'll take from you all you've got to give and you'll say you love me too
You may not have a lot to give but what you've got I'll take from you
I don't care too much for torah, money can buy me kavod

Can buy me kavod, Ezra Merkin tells me so
Can buy me kavod, kesef, kesef, tirdof!

Say you don't need your diamond ring and I'll take it off your hand
Tell you that I want everything, in Bernie Madoff land
I don't care too much for people, money can buy me kavod

[Dr. dave]

From the new movie The Sandek:

Madoff: Tell the Congregation it was only business, I always liked them.

Merkin: They understand that.

[MisterApikoros]

Merkin was an enabler for Bernie Madoff. He used his hedge funds as a portal for Madoff's machinations.

What I don't understand is how fellow hedge fund operator, the "legendary" Michael Steinhardt of Birthright Israel fame, defended Ezra with all his 300+ pounds (the "his" antecedent could apply to either man) at the YIVO conference back in January, despite Steinhardt's claim that Bernie fleeced him out of $2 million. Maybe fat guys stick together.

[steve]

Rabbi Aviner reporting child abuse:

http://www.ravaviner.com/2009/05/reporting-child-abuse.html

[Chicago Samson]

If I was a member of that Shul, I would consider resigning my membership.

[rabbidw]

Who writes your headlines? He is the President. He is moving up to chairman of the board. And I do not understand why there asn;t a riot in the board room. Just what does Merkin have over these guys?

[hancock park]

the key statement in the article is that even though most of the members object to him being chairman, no one wants to be the bad guy and vote against him in an open vote. This is ridiculous. If these millionaire members are so afraid, then they deserve Merkin as chairman.

[steve]

This is no different than Steven Katz being named head of kashrus at the OU after his Central Glatt scandal.

[state of disgust]

But Brutus is an honorable man.

[mordecai]

It is said that 4% of the population are sociopaths. Because sociopaths are highly manipulative and have no conscience a larger percentage rise into positions of prominence within our business, religious, and political communities.

In the 19th century sociopaths were termed "moral idiots." I like that term better because it reflects what they are in a more descriptive way.

We must truly ask ourselves who in our religious communities are sociopaths. I certainly believe Madoff was a moral idiot. Because of their charm, ability to manipulate and convince, and charsima they fool the mass of folks who look to these moral idiots as having understanding, intelligence, and a special facility or insight vis a vis their supposed areas of expertise.

I wonder to what extend Dagon Schneerson was a sociopath or moral idiot. He never really discourage people from calling him the "messiah." Imagine how it must have fed his ego and sense of entitlement to be fawned over like a .... like .... well --- a messiah,

[Just a Goy]

Chap nit! A pish un a fortz iz vi a khasene un a klezmer! Der mensch trakht un G-tt lahkht!

[sage]

Hi JAG,

Sounds very interesting.

I know some Yiddish words, but could you translate this into English.

[norm]

He is very aptly named!

http://www.urbandictionary.com/define.php?term=merkin

[ML]

Too chickenshit to say anything publicly? Too bad.

[Zalman Alpert]

So what else is new, check out some of his fellow officers in the 5th Avenue Synagogue such as Ira Rennert and you willl find men with controversial pasts. Not criminals or con men just hard nosed business men who use all sorts of ways to make money.
If such men were removed from orthodox leadership, who would be left ?

[Just a Goy]

Chap nit! A pish un a fortz iz vi a khasene un a klezmer! Der mensch trakht un G-tt lahkht!

---

Take it easy! A piss without a fart is like a wedding without a band! The mensch (sic) plans while G-d laughs!

[Just a Goy]

Merkin; a Bushim or do I need a new barber?!!

[Yochanan Lavie]

If such men were removed from orthodox leadership, who would be left ?

Posted by: Zalman Alpert | May 18, 2009 at 11:58 AM

Ehrliche yidden?