Here’s an uncomfortable question for Walter Noel

Assuming he can remember as far back as last Setember. When JP Morgan pulled its $250,000,000 from Fairfield Greenwich that month, causing FGG to suspend client redemptions, did you ask JPM why they were doing it? Were you at all curious why you were losing such a large investment from someone like them?

Or did you just cut them a check and go back on the golf course to find replacement money? Walter’s good faith ignorance, never a strong defense, is being shredded with every new revelation.

And speaking of JP Morgan, does it still have any credibility with its clients after yesterday’s admission that it knowingly abandoned them? I’m sure there must be a few honorable people still left at that firm, just as a few may still work at UBS, but if the bosses are charlatans, why would anyone entrust them with their money?


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2 responses to “Here’s an uncomfortable question for Walter Noel

  1. Inagua

    “Walter’s good faith ignorance, never a strong defense, is being shredded with every new revelation.”

    It is not much of a defense, but it might get him off on the negligence charge, especially if he really did invest his own money with Madoff, as he claims.

    Where Walter is most vulnerable is the unjust enrichment charge. He has no real defense to being a salesman for a Ponzi Scheme, and it is likely that a court will order him to make fee restitution to his investors. Madoff paid Walt $340 million for just 2006 and 2007, so the 18-year total could easily top $1 billion.

    Officiers and Directors insurance might help, but Walt is still looking at years of litigation that could result in a judgement he can’t pay. If he were smart he would offer Boies and the other attorneys everything but the Greenwich house and $10 million, and they would probably leave him alone. That is probably about how much Walt would have by now if he never dealt with Madoff.

    But Walt is not smart, and his lawyers want to generate billable hours, so this will go on for years.

  2. Anon

    Walter refers to his 5 horses as his “daughters”. Clearly he has alzheimers, and had no clue as to what was going on. Leave the guy alone and give him some sugar cubes.