At the time of his hedge fund shenanigans, Merkin was GMAC Chair (an auto-and home-financing company that got a $6B US bailout). Many felt Merkin should not be trusted with $6B federal rescue money GMAC received. Merkin resigned as GMAC chair recently.
Bernanke, Paulson, Merkin---salivating to divvy up the taxpayers' billions. Americans have not yet learned the full extent of official corruption, thievery, schemes and scams involving $BILLIONS of tax dollars aided and abetted by the dupes on Capitol Hill.
THE STORY J. Ezra Merkin lives in a posh duplex at 740 Park Ave, Manhattan, known as the richest address in NYC. Merkin is the son of the late Hermann Merkin, a lion of Jewish philanthropy who gave millions to help build Yeshiva University, the Fifth Avenue Synagogue, and NYC's Merkin Concert Hall. Merkin's father was a director of the Israel Discount Bank of New York......this is the bank US investigators leaned on for money laundering misdeeds.
NOTO BENE GMAC chair J Ezra Merkin (a Madoffian) and Chrysler's Stephen A. Feinberg (owns private equity firm---Cerberus Capital Management LP). The two partnered to buy Bank Leumi from the Israeli government for $500 million.
BAILOUT SWILLERS Stephen A. Fineberg's private equity firm---Cerberus Capital Management LP--- also owns Chrysler Motors. The US Treasury is now buying a $5 billion stake in GMAC and lending $1 billion to GM. This latest loan is IN ADDITION to the $13.4 billion the US Treasury lent earlier to J Ezra Merkin's GM, and Fineberg's Chrysler.
SWILLING TIMELINE In 2006, GM sold 51% of Merkin's GMAC to Feinberg's private equity firm Cerberus Capital Management LP (which also owns Chrysler).
HOGGING AT THE PUBLIC TROUGH In May 2004, Feinberg's "private investment group," Cerberus Capital Management, LP (Cerebrus is the three-headed dog that guards Hades), became majority owner of IAP Worldwide Services, Inc, one of the US Army’s largest contractors in Iraq. In Afghanistan, Feinberg's IAP runs a drug/addiction center" in Kunduz---Kunduz is the largest opium supplier in the world. BUSY LITTLE BEAVER IAP also provides infrastructure support for the British Ministry of Defence in Kandahar....apart from supporting the US Army in Basra.
TIMELINE On October 19, 2006, John W. Snow, Secretary of the Treasury under George H.W. Bush, was named head of Cerebrus.
BAILED OUT AND STILL SWILLING Stephen A. Feinberg's IAP also serves a broad array of federal clients including the US DOD, NASA, the US Geological Survey, the US Agency for International Development, the IRS, and a variety of other federal agencies.
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I would bet you dollars to donuts these connivers were stealing Federal Reserve insider info. Look at this vermin----the termites were running rampant allover the US government-----an ex-Treasury Sect headed Cerebrus, for God's sake. Knowing Federal Reserves moves in advance would make zillions for the thieves...........on top of the billions they were swilling elsewere. Plus, confreres----Chrysler/Cerebrus’ Fineberg and GMAC/Madoffian Merkin-----owned an offshore bank in which to stash the loot out of sight of the IRS and US banking laws. MOTTO THEY LIVE BY "Everything For Us---Nothing For You."