Walter Noel lost $7.5 billion with Bernie – this guy sucked in $5.1 billion

And now he’s being sued by the Madoff bankruptcy Trustee. Seems that Jeffrey Picower may have known what mischievous Bernie was up to all along. Bad boy, Jeffrey.

In the days and weeks following the collapse of Bernie Madoff’s Ponzi sheme, the foundations funded by media-shy Jeffrey Picower  – The Picower Foundation at MIT and The Picower Institute for Medical Research – were considered some of Madoff’s biggest victims.  But, as it turns out, their generous benefactor may have known about the scheme all along, to the tune of $5.1 billion in returns from his various Madoff accounts.

Hey Walt, maybe you can ask this guy for some of your money back – seems as though what you lost ended up in his pocket.


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3 responses to “Walter Noel lost $7.5 billion with Bernie – this guy sucked in $5.1 billion

  1. Inagua

    Walt didn’t lose any money with Bernie. Walt’s investors did. Walt and his partners collected about $1 billion in fees from Bernie. Walt’s share was about $250 million. Just before the the end Bernie conned Walt and the boys into investing $60 million in a new Bernie fund. BFD.

    • christopherfountain

      Oh Inagua, you just don’t read Walt’s press releases carefully enough! Yes, he maybe made a billion or so in fees over the years but he and his colleagues lost $60 million dollars of their own money. Sixty million! That was not supposed to happen and if Walt remembers that it did, boy, will he ever be sore.

  2. Walt

    Dude –
    Iguana is right. And where have you been, Lizard Boy?
    Anyway. The $60 million was fees that rat bastard owed me for 2008 performance. So while it hurts, it was money that he owed me. I didn’t take it out of my pocket. That would really hurt!!!
    But this Picower & Cohmad crowd. They knew the deal. They put in a few hundred million. They took out BILLIONS over the years!! Then “lost” a couple of hundred million when Bernie crapped the bed. Big friggin deal. I will take those economics all day long. I am sure my investors will exhaust all legal options, including going after Picower. Me? Not so much.
    Your Pal,