Who’d a thunk it? Walt Noel suspected Madoff was a crook!

A September 9th hearing up in Boston will be devoted to what Walter Noel and his boys knew and when they knew it. I’m going to check – if the hearing is open to the public, I smell road trip. How cool to live-blog from there! Walt, if you’re going (and I assume that you are since you’ve been subpoenaed) maybe we can ride up together. I’ll borrow a trailer and the filly(ie)’s can come too.

Boston Globe, Beth Healy

The Massachusetts memo portrays Fairfield Greenwich as growing more aware over the course of 2008 of gaps in its knowledge of Madoff’s operations. Executives acknowledged to state regulators and to each other in internal e-mails that they couldn’t answer the increasingly probing questions of some clients. They didn’t know Madoff’s trading strategy, they knew only a handful of Madoff’s employees, and had never been allowed to see the trading floor where Madoff was allegedly buying and selling securities for their customers.

[snip]

By last year, Fairfield was feeling far more pressure. In May 2008, a large European investment client, Unigestion, asked if Madoffreally made the trades he claimed, the state said. Dissatisfied with Fairfield’s assurances, Unigestion withdrew $75 million by August.

In one e-mail to his colleagues on Aug. 20, 2008, [FGG employee] Vijayvergiyasaid he had reassured a customer that after two decades of dealing with Madoff’s firm, “we have good knowledge of BLM’s business,’’ according to text of the e-mail cited in Galvin’s memo.

Yet just the day before, Vijayvergiya wrote in another internal e-mail that “unfortunately there are certain aspects of BLM’s operations that remain unclear and although we are attempting to obtain responses from Bernie Madoff . . . this process could take some time.’’

[snip]
That same month, another big customer, JPMorgan, asked about the trading counterparties in Madoff’s options-investment strategy; when Fairfield couldn’t answer, the Wall Street giant withdrew its money.

Though they could not answer clients’ specific questions, Fairfield Greenwich executives drummed up a stock reply to respond to them. According to the memorandum, a Nov. 14 e-mail by a Fairfield analyst laid out a “standard response’’ for clients, “setting forth the basis on which Fairfield was satisfied that adequate controls existed to ensure that the Madoff assets were properly supervised.’’

While FWIW was unable to reach FGG spokesman Seth Faison for comment (not that we tried) Edgar Martins, as usual, spoke for him: “It’s all a bunch of horrible lies,” Martins insisted on behalf of Faison. “Horrible! My clients were busy as little beavers, keeping track of their profits and Andres’ whereabouts – do you have any idea how hard it is to keep track of a drunken skipper on a boat that goes 39 knots and has the seven seas to get lost in? – that they couldn’t possibly be expected to watch their old friend Bernie. The man was the fucking head of the fucking NASD, for Crissake! You think Walter’s gonna call him a crook? Lose a zillion bucks in fees? Go pound sand.”

Here’s the original complaint brought against FGG

17 Comments

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17 responses to “Who’d a thunk it? Walt Noel suspected Madoff was a crook!

  1. Walt

    Chris, Chris, Chris -
    You zipper head. You read the Boston Globe and believe it? They are on par with The News Of The World.
    Do you really think I had a client named Charles O. Wood? Who referred him to me? Chuck E. Cheese? You load.
    Wake up and do some good. Stop selling over valued dirt and get a life. Start telling the truth.
    The TRUTH??? The TRUTH!!!! You can’t HANDLE THE TRUTH!!!
    Sorry – got sidetracked.
    Anyway, I hear Bar what’s her name dumped Leo Decaprio. I always thought he was gay. Not that there is anything wrong with that. What do you think? You have her contact data? What a hottie.
    Your Pal,
    Walt

  2. Stop descrimination

    The Noel’s are good, hard working. Stop singling them out for this. Madoff is the guilty party. They did their job. So give them a day in Court. Thjanks.

    • christopherfountain

      ok, stop, this is the last one. I assume you’re trolling but either way, you’ve made your point.

  3. Jessica From Brooklyn

    How about if we get down to some reality on this board? Heck, even a Brooklyn girl can tell you where this is headed. You folks in Greenwich are drinking so many G&Ts this time of year it has muddled your thinking.

    Listen, it is called “Dershowitz’s Law” and it is as old as the legal system itself (re-named here just to make sense for the current generation). Get over it. Justice is for sale as “Sir Allen” has demonstrated time and time again. And here is his law:

    “In America, you can get away with ANYTHING as long as you have enough MONEY to hire the best lawyers.”

    Heck the Kennedy’s can rape and drown people; Claus Von can inject Sunny into na-na land, and O.J. can take a knife to his wife and new beau……as long as they can come up with the millions to tie up the legal system. And they did!! Justice is only a matter of who has the most cash.

    Now think about old Walt, Andres, Monica and the five, “yoga-armed” fillies – They are sitting there with a war chest of at least a billion dollars (Madoff “earnings”). Even with some of it frozen, they’ve easily got $50 to $100 million (or more) to throw at lawyers to get them out of this mess. They can tie this thing up in court for years and years. And each year or two, their ivy-league (expensive) team will go up against the night school-lawyers du jour of the government(s)…..who will change constantly….to whose advantage? It will be like the New England Patriots vs. Far Rockaway high. Time and money are both on the side of the Noels. And the wildcard – they’ve even got Seth on their team.

    Monica and the fillies are ruthless now. They won’t give up their world without a hell of a fight. Does the government really think they can outspend and outfight these folks? Get real. I’ll bet Dershowitz is already on board…..and that he and Seth are already working on their book deals and made-for-t.v. movie arrangements. Twenty years from now, Walt and Fairfield Greenwich will be heroes. Remember, history is always told from the perspective of the winners. And, the Noels have enough money to win – however they earned it………….Sorry Vicky.

  4. Walt

    Duder Man -
    Do you have your panties in a bunch over Jessica from Brooklyn? Don’t let that little slut upset you. She can’t even grow a tree.
    And who is Vicky? I gots ta know.
    Your Pal,
    Walt

  5. Jessica From Brooklyn

    Sorry Chris. No offense intended. We Brooklyn girls don’t have the subtlety of wealth…..even if we mean what we say.

    There are two quotes from Vanity Fair that come to mind this evening:
    1. “It is women who keep the doors of society closed.”
    2. “The best thing about being born into society is one knows early on what a tawdry public play it is.”

    Walter, note (below) first the breaking story on Andres…..then notice the byline:
    http://www.huffingtonpost.com/vicky-ward/madoffs-chief-feeder-fund_b_245527.html

    You should be well familiar with this woman as she also wrote “Greenwich Mean Time.” She is on your “most wanted” list.
    One of the fillies must have offended her at some point. Seth needs to take her out for a long lunch…………and obviously, not in Brooklyn.

  6. Mouse

    “I smell road trip.”

    I’ll drive.

  7. Inagua

    Walt,

    It is cynical non-entities like Jessica who will sit in judgement of you as a jury of your peers. And she will understand that you lied about due diligence. If you don’t settle, you will be convicted.

  8. I Heart The Noel's

    The Noel’s are just the newer face of Greenwich. Rich, troubled, but still good fun. Learn to embrace them. They have style and grace. We Love them. I think all this negative stuff about them is hog-wash. Get to know them. And stop bashing them.

  9. Inagua

    Fun is an understatement for the entertainment the Noels provide. A bank trust officier toils away in obscurity for 30 years with his nose pressed up against the window of wealth and privledge when along comes a Ponzi operator with a too-good-to-be true product to sell, and the trust officier suddenly becomes the World’s Greatest Ponzi Salesman.

    Soon the wife gives up her business to buy luxurious vacation houses and go on the social circuit full time, while the five plain daughter transform themselves into society fixtures. The resulting self-absorption is mildly amusing.

    But when news of the Ponzi Scheme breaks, the absense of contrition and the pathetic spectacle of unwitting co-conspirators claiming victim status elevates story to Martha Stewart or Stu Leonard levels of schadenfreude.

    Pleae keep up the great coverage, Chris.

  10. mrs p

    I’ll chip in for gas & lunch if you take that road trip. Galvin’s pre-hearing memo here.

  11. Blind Brook

    So they hired a crisis PR firm, got the second or third tier down as their account executive, have some illiterate suddenly flooding your blog with “English as a second language” defenses like “the Noels are the new face of Greenwich” and
    “get to know them.” They just don’t get it. Dick Fuld is the new face of Greenwich greed. The only news here is these grifters, with their eye on the prize, sucked in some “Back Country” (NY Social Diary wannabe socialite subset, fellow aspirants to the big leagues). Didn’t work in the big leagues: Shinnecock, Beach Club, Bath and Tennis. Rolling that black ball. Didn’t Monica say “‘I’ve been poor before and I can be poor again?” I guess those of us with just one or maybe two houses, no hidden billions, and no PR firm, are to be considered poor. Come to think of it, I am poor. Welcome back, Monica. We’ve missed you. (Just give me a couple numbers to those Swiss accounts, please!!)

  12. Inagua

    Mrs P,

    Thanks for the link. The Commonwealth is seeking testimony from several dozen FFG people, including all partners except son-in-law Matthew Brown. I also note that Walt did not help Brown hang on to a recently acquired Manhattan town house, which Brown sold for about $5 million less than he had in it. These two facts suggest to me that Brown might be off the reservation and maybe even talking to prosecutors.

  13. Jane

    I will cater the darned thing for you. I pack a mean picnic. You really have to go. It would mean so much to so many.

  14. What Fun

    The Mass suit is interesting bz it could create the way for criminal charges against FFG. Up until now, I assume Walt’s biggest worry was financial – i.e. “will we be forced to give up everything except the $100 million or so we have stashed away?” and “Will we ever be welcomed in NYC society again?”
    I’m no lawyer but I assume if it could be established that they were criminally negligent, they could throw the entire lot into the Big House, and their next Christmas Card would be from the men and women’s prison cafeteria.
    I never took Matt and Marisa’s “selling” of their townhouse very seriously – I assume they’ve been coached by a PR firm to give every possible sign that they have also been financially hurt – i.e. “Andres, sell your boat” “Walt, try to rent out your Hamptons house” “Matt and Marisa, stop that $2 million renovation project and sell that townhouse” “and for God’s sake, get rid of Yemina bz all those manifestations of wealth will be thrown in front of any jury – and you will lose their sympathy”.
    The Noel’s must claim they are suffering financially. “We’re not only shocked but we’ve also been hurt by ole Bernie”
    I don’t think there is any possible way to truly hurt the Noel’s financially bz if they had 1/4 of a brain they will have stashed $$$ in several places. And that $50 to $100 million stash will help them get over the pain of being dropped from the New York social register. But if they received sentances of 10 to 20 years each for criminal negligence – that would hurt.
    I think FFG strategy will be 1. first deny and claim they were also injured, 2. then blame their compliance officer – Vijayvergiya, and if that fails then 3. blame Andres and his overly aggressive approach, and if that fails 4. I think Walt will make a deal to hang all his fillies husbands out to dry in exchange for keeping himself and the fillies out of the Can.

  15. Reputation Mgmt.

    Desperately waiting to hear from the ‘victims.’

    Come on fillies … Andres … Monica … log on and tell us your woes!