Ira Rennert, Fifth Avenue Synagogue board chair invested some $200 million w/ Madoff.
Hamptonites complain this astoundingly palatial mega-mansion in the posh Hamptons is actually a tax-exempt "synagogue-residence-yeshiva" for Orthodox Judaism students. The complex---which rivals Versailles and Buckingham Palace----was built by Fifth Avenue Synagogue board chair Ira Rennert.
Is this astoundingly palatial oceanfront Hamptons mega-mansion
a tax-exempt "synagogue-residence-yeshiva" for Orthodox students?
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It is also believed that J. Ezra Merkin, Fifth Avenue Synagogue president, had about $1.8 billion invested w/ Madofff through Mr Merkin‘s Ascot Partners fund. Members of the Fifth Avenue Synagogue, located on the wealthy Upper East Side of Manhattan, are estimated to have invested some $2 billion w/ Madoff. Merkin was also Chairman of Yeshiva University Investment Committee, He introduced clients to Madoff and gave him access to prominent Jewish charities and universities.......the entities were all Orthodox religionists.
MADOFFIAN MERKIN COULD HAVE FOUND ANOTHER WAY TO HIDE MONIES Excerpt---Upper East Side investor Erza Merkin is being pressured to step down as chairman of GMAC, the troubled auto- and mortgage-lender which received a $6 billion government rescue package. The pressure comes as Uncle Sam entrusts a trunkload of cash to Merkin, whose Gabriel Capital Group's Ariel Fund was one of the largest funds feeding money to alleged Ponzi scheme fraudster Bernie Madoff.
Merkin's fund had $1.8 billion invested with Madoff. Neither GMAC or the Treasury Dept is talking about how Merkin was allowed to stay atop the privately-held GMAC operation despite his cloudy recent history - which has been marked by several lawsuits charging the 53-year-old investor with fraud.
Merkin, who lives in the tony 740 Park Avenue building, told investors in December that his $1.8 billion Ascot Partners LP fund had invested nearly all its assets with Madoff - and had lost it all. Ascot was one of several funds under Gabriel Capital Group, which had a total of $5 billion in assets under management. Investors who had entrusted their money to Merkin - that Merkin placed with Madoff - include New York University, Yeshiva University, New York Law School and Tufts University.
Bernanke, Paulson, Merkin.
