The five hundred impossible trades on his investor statements toppled his empire
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ウィッシュリストに追加できませんでした。
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The five hundred impossible trades on his investor statements toppled his empire
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ナレーター：
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著者：
Five hundred times, the price printed on an account statement described a trade the market itself never recorded — a stock bought or sold at a number the exchange never touched, on a day when the real trading range was somewhere else entirely. The statements kept arriving anyway, year after year, and the fees kept getting collected. Did the man signing off on them know?
In this episode, we trace the paper trail behind J. Ezra Merkin's decade-long channel of investor money into Bernard Madoff's firm, asking what it means to be paid tens of millions of dollars a year not to check numbers that anyone with a market data terminal could have disproven in under a minute.
Person: J. Ezra Merkin
Location: New York City (Park Avenue, and the Fifth Avenue Synagogue)
Date: December 2008
Case: five hundred trades on investor account statements priced outside the actual market range
Status: settled for $405 million in 2012, with arbitration panels finding negligence but no court finding of fraud
- Merkin directed more than $1 billion to Bernard Madoff's firm starting in 1992, and collected over $470 million in fees between 1995 and 2007
- Victor Teicher, who managed Merkin's offshore fund, told him directly that Madoff's steady returns were "impossible"
- Trustee Irving Picard's May 7, 2009 complaint alleged Merkin's three funds withdrew at least $494 million from Madoff accounts since 2002
- Institutions tied to Merkin's circle lost heavily: Yeshiva University ($110 million), NYU ($24 million), and the Elie Wiesel Foundation for Humanity ($15.4 million)
- Merkin resigned as GMAC chairman in January 2009 under Federal Reserve pressure, resigned as Fifth Avenue Synagogue president by May 2009, and later sold his 12-painting Rothko collection for $320 million
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