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“Mr. Merkin didn’t actually manage any money himself in exchange for the hefty fees he charged, according to the attorney general’s office. His annual fee was usually 1% of the assets and 20% of the investment gains. In 2003 he increased the management fee to 1.5% for one of his funds, from which he funneled money almost entirely to Mr. Madoff.”

A new court document released yesterday reveals more details about Ezra Merkin’s lucrative non-management of money.

Non-profits – New York University, and, of course, Yeshiva University, which made him a trustee — especially admired his bundle-the-bucks-for-Bernie investment philosophy.

Margaret Soltan, August 4, 2009 1:52PM
Posted in: merkins

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