Walter’s woes just never end

Bernie Madoff may be preparing to shuffle off this mortal coil but Walter Noel is still golfing in the Hamptons, resting up, no doubt, for his hearings in Boston that commence September 9th. But now comes news that investors who lost money with Bernie are suing the feeder funds that fed Walter and Fairfield Greenwich Group who in turn fed Madoff. The first out of the box is a suit against something called Chartered Investments (or something like that).  The first thing someone like Chartered will do in a situation like this is to implead – sue – Fairfield, saying, in effect, “if we’re responsible for our clients’ losses, then you’re really to blame, because we relied on your due diligence, which you didn’t perform.” I don’t know if this will add to the $7.5 billion FGG admits it lost to Madoff, but it’s certainly going to add to its legal fees. I wonder whether Andres has found a buyer for that yacht yet?


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9 responses to “Walter’s woes just never end

  1. Fake Walt

    Hey CF, I thought I would ask your readers to give me some feedback on the acting lessons I’ve been taking. Today I will practice acting like someone who has Early Dementia.

    It goes something like this:

    Who is this Bernie guy? Due Diligence what? Where is Boston and why am I going there on 09/09/09? What is an off-shore account and where did I hide the account information? Who is CF and why did he post a picture of the fillys? How do you tie a shoe and how does it taste?

    My teacher says I’m making progress. See you in Beantown.

    Off to Kitzbuhel

    Kind Regards,

    Fake Walt

  2. networthdeclining

    Who are those ladies anyway? I think i recognize one. Are they greenwich friends?

  3. Andrés Piedrahita

    Thanks for your concern CF. I am showing off the boat to potential buyers in St. Tropez. A yacht like that needs to be seen in its natural habitat, clearly.

    Please let Walter know that I am impressed by his acting skills.

  4. Old School Grump

    Bad tactical decision on Walter’s part to be seen golfing in the Hamptons (as you reported earlier). That will make it harder for him to play the dementia card in his upcoming legal adventures. If and when he allows himself to be seen in public, he should be shuffling around in a tatty bathrobe, a la Sammy “The Bull” Gravano. Really, who is his PR handler?

    CF, I hope Vanity Fair doesn’t come after you for appropriating their photo of the Noel Girls. I suspect Graydon Carter left his sense of humor behind when he left the (now defunct) SPY magazine.

    • christopherfountain

      I know, Old school – I intended to use it for just one day, to satisfy Walt, and really do intend to pull it soon. Like, today or tomorrow.

  5. Walt

    Weasel Boy –
    Leave it up. It is one of the few taste’s of class this blog has!!
    Old School – the bathrobe wasn’t Sammy The Bull. It was Vinnie the Chin Gigante. You can look it up.
    Anyway, I would never play golf in a bathrobe. How pedestrian. You obviously l
    play muni courses.
    I chose a club appropriate danskin under my pink tutu. Shot a 93!!!
    Your Pal,

  6. keep it up

    f graydon carter, he has a bad hairdo anyway. keep the noel banner flying. it is a badge of honor. wear it.

  7. Old School Grump

    Walt, you are right, and I am embarrassed to have remembered it wrong. It WAS Vincent the Chin, not Sammy the Bull.

    Excellent catch … unless you are trying to convince a jury that you have diminished cognitive skills, in which case instant recall of mafia lore may not work to your benefit. Oops.

    By the way, I don’t play muni golf courses, I play mini golf courses. What a difference a vowel makes, no? Join me at the boardwalk of your choice at the Jersey Shore; the humorless swindled swells and their grim-faced legal minions will never think to look for you there.

    Oh, on second thought, don’t. I really like the Jersey Shore, and it already has enough criminal contaminants. See you at Rye Playland instead … don’t you already have some pals in that zip code?