MADOFF FEEDER FUNDS He was GMAC Chairman---bailed out by taxpayers to the tune of $6 BILLION---- and ran several hedge funds feeding Madoff---- J. Ezra Merkin was one of the key players with Madoff.
MERKIN'S CAYMAN ISLAND HEDGE FUND As GMAC chairman, J Ezra Merkin ran hedge funds as a sideline and was feeding funds into Madoff's operation (and pocketing hundreds of $millions in fees)-----Merkin's name is connected to (1) Ariel Fund, based in the Cayman Islands (a partnership between Merkin and Fortis Bank located in the Caymans----an infamous money laundering haven), (2) Ascot Partners, (3) general partner of Gabriel Capital LP, a $5 billion family of hedge funds, and, (4) managing partner of Gotham Capital.
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.
Pictured are 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).
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).
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.
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 Fineberg’s 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 chairman of Cerberus.
BAILOUT SWILLING On Dec 30, 2008, the US Treasury reported it will provide $6 billion more for GMAC, then-headed by Merkin. The Treasury is now reportedly buying a $5 billion stake in GMAC and lending $1 billion to GM. The latest "loan" is in addition to $13.4 billion the Treasury lent earlier to GM and Chrysler LLC. GM sold 51 percent of GMAC in 2006 to Feinberg's private equity firm Cerberus Capital Management LP, which also owns Chrysler.
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.
J Ezra Merkin and Stephen A. Feinberg, co-own Bank Leumi, bought from the Israeli government for $500 million.