Ezra Merkin, a US money manager whose funds have been among the casualties of Bernard Madoff’s alleged $50bn “Ponzi” scheme, is set to step down as chairman of GMAC, the financing arm of General Motors. His departure is likely to be linked to conditions set under last month’s $6bn government aid package for GMAC. The bail-out requires the company to appoint an independent chairman. Merkin, who is being sued by several investors after his Ariel fund placed their money with Madoff, continued to deal Tuesday with the legal fallout when a federal judge extended an order preventing Merkin from withdrawing or liquidating assets from the funds that invested with Madoff.
