Manhattan, NY – What chutzpah!
Subscribe to our Daily Roundup Email
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.”
Merkin is an ehrleche yid and a big baal tzadakah who lost much of his own money with Madoff..vy should they not give him this kovod…..If there was a problem, i’m sure the rebbe at this shul would have spoken out against him becoming the head of the Board.
All you people mind your own buisness
He’s a big talmid chochom too,a bisel derech eretz,he didn’t scam ppl he just invested his clients money there,doesn’t make him ganev in any way
Reply to 2….
Why mind own business?? If he was a help to this biggest fraud case in USA why should a shul honnor such a person?? I think this will hurt all the people who lost there money there….
“He’s a big talmid chochom too,a bisel derech eretz,he didn’t scam ppl he just invested his clients money there,doesn’t make him ganev in any way”
From what I understand, it’s alleged he took investors’ money, charged a percentage (which amounted to nearly half a billion dollars), and told them he was actively investing himself. Meanwhile all the chochom did was give the money to someone else to deal with and charge his own fees. If that’s not ganeveh, I don’t know what is.
people like merkin are arrogant and tone deaf. with all that he is accused of, you would think that he would put the interests of the klal ahead of his own personal gaiva. as teh Chefetz Chaim, zt”l, said it’s bad enough he’s been accused, emes darf is oich zein??
He’s ARROGANT
Merkin is a well known philanthropist and businessman as well as an askin and big talmid chochom and a frum yid who only had the best intentions in mind. For many years as he was making money for clients nobody complained. Now things go a little down as the bad economy looms and all of a sudden they complain. You should thank him for the good years. Zai a mentch.
Olam hafuch raisi.
If he would be an actual talmid chochom or Rabbi there woukd be 150 comments cursing him out.
This is a HUGE Chilul Hashem.
which 5th avenue shul does he belong to?
He is innocent until proven guilty. However a wise man in his position would step down until he is vindicated
“But any competent fund manager who moves funds to another fund manager does thorough due diligence on the fund including sitting on that funds trading desk to see how they operate.”
As far as I’m concerned if you’re charging fees and not adding value, you’re a ganef. You can do serious research on funds and invest in funds expected to have low correlation and add value. But anyone who takes all the money and sticks it in one place is stealing. Investors could have just gone straight to Madoff themselves. The fact that Madoff was also a ganef has nothing to do with it.
if it were my shul i would not allow him to count in a minyan, he is a thief.
innocent until proven guilty. his congregation and the rabbi should be supportive of him until such time as he is proven guilty before beit din and/or state or federal court. until then, jewish law is quite clear that we are to stand by our brothers and sisters at times of distress.
Synagogue business?? WHAT A SICK JOKE!! I think Merkin and his ilk are bigger goniffs than Madoff. They are legally being paid 1 or 2% to do nothing except hand other peoples money to Madoff. Madoff had to steal his.