The More the Merrier up on Round Hill Road

Feeder funds like Walter Noel’s Fairfield Greenwich Group lost billions of dollars with Bernie Madoff and not surprisingly, their clients would like their money back. FGG alone is on the hook, perhaps, for $7.5 billion and no amount of real estate appreciation in either Greenwich or Mustique (or Southampton or Manhattan) will permit enough cash to be squeezed from the Noel real estate holdings to make people whole.

But the Wall Street Journal reports today that a number of accounting and legal experts see liability on the part of the feeder funds’ auditors to at least support actionable claims of negligence. I don’t know if the accounting firms’ insurers have anything left after paying off Enron claims but if they do, maybe Walt’s friends will forgive him and at least let him play the back nine at the Club, out of sight.

4 Comments

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4 responses to “The More the Merrier up on Round Hill Road

  1. Walt

    They are right. It’s the auditor’s fault. That is why I had to keep changing them. I was looking for a good one, thats all. How was I supposed to figure this out? I started out in the Chemical Bank Estates & Trust Group. Thats where they put the idiots. It’s the equivilant of working in the mailroom, for Pete’s sake. Wear a dark suit, white shirt and tie, and smile a lot. That is the job requirement, which is all you needed at FFGG as well. Off to the beach!!
    Walt

  2. pulled up in OG

    Walt’s already been told to lay low this spring . . .

    “Monday’s only, no cart, and stay the hell out of the locker room. Change your shoes in the caddy shack”

  3. Walt

    Here ya go. See!! See!! It was Ezra you dummys. They can’t touch the FFGG. I just tagged along with what “Ezra the Wise” did. I relied on him!! So I have recourse (so far) against my 3 audit firms (in 3 years), Ezra, Bernie, the SEC, Markopolouplouisouisis (for not writing me the letter, that dummy), and the SIPC. This is a HOME RUN. See you guys when the weather is better. Gin & Tonics at Round Hill in May.
    Walt

  4. Yet Bernie Madoff is at home not in jail?