At this point everyone has heard of disgraced financier Bernie Madoff, but the name J. Ezra Merkin may still be unknown. That is about to change. In a lawsuit filed Monday by New York Attorney General Andrew Cuomo, it is alleged that Mr. Merkin convinced his clients to invest with him and then funneled all their money into Madoff's scheme. Mr. Merkin's private clients lost over $2 billion in the collapse of Madoff's Ponzi scheme and most did not realize they had ever invested with him. New York Times reporter Diana Henriques is covering the story and she joins us now with the details on these new "feeder fund" lawsuits.
For more, read Diana B. Henriques' article, Cuomo Sues Over Madoff Investments
in today's New York Times.