People, if you’re looking for the personification of chutzpah, we have a winner! He is J. Ezra Merkin, hedge fund manager.
New York Attorney General Eric Schneiderman announced that Merkin will pay $405 million to his former investors to settle a civil fraud suit. When Bernie Madoff’s pyramid crumbled to dust in December 2008, Merkin’s funds lost about $1.2 billion.
But here’s the kicker — Merkin made hundreds of millions in management fees without actually doing any research or analysis for his clients. All he did was take their money and pass it along to Madoff to “invest.”
Nice work if you can get it! Merkin must have made more per hour than anyone in history.
Which proves it’s not what you know, it’s who you know…