It’s all Noel, all the time

While I was out, readers sent along tons of links on Walter Noel stories. Here’s a good one from the NYT Dealbook.com

Shortly before Bernard L. Madoff confessed to a Ponzi scheme that burned through tens of billions of dollars, partners of Fairfield Greenwich Group, one of Mr. Madoff’s biggest feeder funds, were on track to collect a combined $117 million in pay for 2008.

The estimated compensation figures were disclosed in an exhibit to a lawsuit filed Wednesday by Massachusetts securities regulators, who contend that Fairfield’s inadequate due diligence on Mr. Madoff’s operations amounted to a fraud on its investors.

The exhibit consists of spreadsheets attached to an e-mail that Daniel Lipton, Fairfield’s chief financial officer, apparently e-mailed to himself on Dec. 11, 2008 — the same dayMr. Madoff was arrested by authorities in connection with running a vast investment scheme.

Fairfield’s $7 billion Sentry funds were more than 95 percent invested with Mr. Madoff, but Fairfield also managed billions of dollars in other funds, all of which performed poorly last year. Even before Mr. Madoff’s arrest, the firm had already conducted two rounds of layoffs.

Nevertheless, Jeffrey Tucker and Walter Noel, Fairfield’s co-founders, were each expected to earn about $19 million in 2008, the document shows. In 2007, before the markets went south, both men made over $30 million. Andrés Piedrahita, the managing partner of Fairfield Greenwich and Mr. Noel’s son-in-law, was to make over $28 million for 2008. In 2007, Mr. Piedrahita took home over $45 million.

I started covering the Noel story December 12, when Bernie’s arrest was announced. By December 15th, one of Walt’s loyal friends wrote in to express her dismay – I wonder what she thinks now?

How singularly unpleasant and vindictive you are to prey on the misfortunes of a local family. Let us hope that such misery does not descend upon you and your family out of the blue at the instigation of others. I would hate someone to defame your character and talk about you as if you were so much “meat” to be hacked apart. Not that I expect you will allow this comment to be shown on your site – goodness knows we don’t want any balance to the whole thing, or heaven forbid, you may not be able to make a buck or two out of this unhappy mess.

2 Comments

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2 responses to “It’s all Noel, all the time

  1. Walt

    And your point is? We showed up every day. We deserve to get paid.
    April Fools!!
    So let’s just all call it quits. Drinks on me at Round Hill!!!!
    Your Pal,
    Walt

  2. Inagua

    Anon,

    Assuming your are serious (sometimes I miss sarcasm) this “misery” did “not descend upon” Walter Noel “at the instigation of others.” Walter Noel brought this on himself through his unbridled greed, stupidity, and deceit. He lost billions of dollars of other peoples money in a Ponzi Scheme, while collecting hundreds of millions of dollars in unearned fees.