Tired of being beaten by heroes while working for A.I.M., Stephanie Gerard, partnered with former S.H.I.E.L.D. agent Christian Poulsen, formed the Exchange, an organization comprised of former members of various groups.

One such member named Liam acted independently with a group of Exchange members and fought a gang war at a reception of the wedding of Marine Sergeant Rachel Cole to Daniel Alves, resulting in the death of almost 30 guests and Rachel's new husband. This action put the Exchange on The Punisher's radar, who followed Liam in hopes of finding his bosses. Hoping to stop him, Gerard and Poulsen hired the new Vulture to kill Frank Castle.

Their plan failed, but the injuries he sustained kept him out of commission for months. In that space of time, Gerard ordered Poulsen to find a solution to their problem, knowing that his unrequited love for her would make it hard for him to say no. His plan failed as well now that Frank had parterned up with the vengeful Rachel Cole.

As Frank and Rachel planned their next move, Gerard began to reciprocate Poulsen's feelings for her. Eventually, Frank and Rachel launched a surprise attack on the Exchange. In the chaos, Rachel choked Gerard to death with a garrote.

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