The slow-mo Bernie Madoff-feuled unraveling of the world of 740 Park’s J. Ezra Merkin (above) continues, says the Financial Times, which reports that Merkin is about to step down as chairman of GMAC, General Motors’ financing arm, following a government bail-out. Several reporters have checked in with Gripebox in the last 48 hours, working on stories about the murky world of Merkin. While we wait for the fruits of their labors, click the 740 Park link to the left to learn more about the man whose co-op board interview at 740 Park was smoother than most, because the guardians of that citadel of finance mistook him for rabbi (he was actually the secular head of a synagogue founded by his philanthropist father) — and were either afraid of offending him or of violating his civil rights. And look below for more on the leading roles the titans of Park Avenue’s most prestigious address have played in the Great Recession. Then read 740 Park, if you haven’t already, and learn how history repeats itself.
UPDATE: On Friday, Merkin did indeed step aside at GMAC. And that day’s Crains New York had more on Merkin here, while Bloomberg News considered Merkin’s history at 740 Park here.