Tag Archives: Jeff Tucker

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.

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At 78, Walter won’t live to see the end of this

Reader Horse Hockey sends a Citifile link: yet another class action suit against Walter, his son in law Andres, partner Jeff Tucker and, of course, Fairfield Greenwich Group. No mention of Monica or the Fabulous Five though, and that must be a relief.

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Does Jeff Tucker, the other Fairfield Greenwich partner, have a son in the business?

This gossip item in the Daily News says that one Titania Boncompagni, is giving up fighting with her sister in order to devote her attention to other, more pressing things, like the impending financial doom awaiting her family. 

The sisters who went to war over authorship of a book called “Hedge Fund Wives” have ended their feud – possibly because there’s not much left to fight over.

Natasha Boncompagni, accused by her sister Tatiana of stealing the book manuscript in a dispute over whether Natasha should get credit for contributing to it, said the battle is over. She said Tatiana, the “Gilding Lily” author whose husband is an heir to the Hoover vacuum empire and son of a hedge fund magnate, has enough trouble.

That’s because the hedge fund is Fairfield Greenwich Group, which lost $7 billion to Bernard Madoff and faces unending lawsuits from investors.

“Our family has decided to put our differences behind us in order to unite behind my sister and her two young children as she faces the impending litigation associated with the business dealings of her father-in-law,” Natasha said in a statement.

So far as I know, the Fabulous Noel girls are the only fruit of the union between Walter and Monica Noel, so unless one of those five married a girl (hey – it happens in every family – ask Dick Cheney, if you can find him these days) then Titania’s husband must be the son of the other partner, Jeff Tucker, no? I hadn’t heard of him but if he exists and happens to live in Greenwich, wouldn’t that be delicious? We have our reputation to maintain, you know, so the more crooks we can produce, the better.

Update: The two sisters hate each other but this letter from Natasha says that Tatania’s husband’s Hoover connection is bogus.[In Citifile] Still can’t find a Fairfield Group connection but we’ll keep digging.

It must be noted that one of her remaining claims via HarperCollins marketing materials– that her husband (Max Hoover) is an heir to the Hoover vacuum cleaning fortune—is categorically false. Her husband’s family sold the company decades ago and no member of the family is a majority nor minority stockholder. It is a well-known fact that her husband’s father—”Bunker” Hoover—squandered the family’s fortune. His last remaining home in Nova Scotia was foreclosed upon this year and he is currently living at the home of his ex-wife (the actress Camilla Sparv) and his unemployed son (Bart Hoover).

Update 2: rereading Natasha’s letter, I am still confused. It was Natasha who once worked for Fairfield Group, and yet Tatania’s husband, Max Hoover is being sued? Hmmm.

Furthermore, it should be known that while technically a work of fiction, one of the main characters (Marcy) in “Hedge Fund Wives” is autobiographical and based on my Wall Street career and insider’s knowledge of the social workings of the Hedge Fund community: the character begins her career in a two year investment banking program (as I did at UBS) and then proceeds to work as a Relationship Officer in Private Banking (as I did at Citigroup) and then later on, her work in the alternative asset management business (as I did at the Fairfield Greenwich Group and Barker Capital). 

Google, at least, turns up no link between Max Hoover and Fairfield Greenwich (there’s a guy by that name selling light bulbs in Brooklyn, but that connection seems dim). So what lawsuit threatens to destroy the quarreling sisters’ lives? Intriguing.

More: “Bunker” is actually Herbert Hoover

Bunker was one of those dumb American Lloyds of London “names” who got cleaned out in the 1990s when the insurance game turned against them. Here’s the decision that removed the case to England

Removal to England, which passed a special law immunizing Lloyds from suits against pesky American investors, wasn’t seen as a hopeful sign for the Americans’ chances of recovery, according to this WSJ article. 

 

Herbert W Hoover III, known to his friends as ‘Bunker’ and once married to Hollywood star Camilla Sparv, former wife of producer Robert Evans. Camilla, who has two sons by ‘Bunker’ – Herbert, 29, and Maximillian, 27 – is now 57 and before marrying …

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Will 175 Round Hill Road be next?

The sad truth in this world is that lawyers and lawsuits are expensive, especially when you’re involved in $50 billion frauds. News today that Walt Noel’s partner in misfeasance, Jeff Tucker, has been forced to stop all construction on his Saratoga horse farm and plans to ship the nags to the glue factory – unless Walt introduces him to that horseflesh into cash machine, George Lindemann Jr., once of Greenwich, now of Miami.

The fun’s just beginning for Fairfield Greenwich Group and its principals – stay tuned for bargain opportunities in Mustique, South Hampton and Greenwich.

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