Tag Archives: Jeffrey Tucker

From Walter, sad news

Waiting for Lorne Greene

Waiting for Lorne Greene

Having been forced to sell off his prized horses (thank God Walt was on hand to stop the Fabulous Five from being loaded onto the knacker’s van), Fairfield Greenwich Group partner Jeffey Tucker is now offering to sell the farm itself. Funny thing, I’d have thought the more appropriate expression here would be “buying the farm” but those FGG guys always did have a strange way of doing things.

UPDATE: Okay, I was trying to spare Walt’s feelings but no one was getting the Lorne Greene reference so Walt, avert your eyes.

lorne-greene

5 Comments

Filed under Uncategorized

Uncle Walt’s partner Tucker lawyers up

 

Will bang gongs for food

Will bang gongs for food

FGG’s non-senile partner, Jeffrey Tucker, has hired former U.S. Attorney Stan Twardy and wants his assets unfrozen. The hearing on Attorney David Goleb’s pre-judgement remedy of freeing the assets of Walt, Jeffrey, Andres and everyone else related to the Madoff fraud stupid enough to have assets in Connecticut is scheduled for Monday, April 13th, according to news reports. I’m going to try to find out if that date’s still on and if so, try to be in Bridgeport Superior Court to see it. Twardy and Goleb, two excellent litigators, should put on quite a show.

13 Comments

Filed under Uncategorized

Tucker’s Horse Farm – going once …

(A little) more on the pending sale of Fairfield Greenwich Group co-partner Jeff Tucker’s sale of his Saratoga horse farm, this time from an Albany newspaper. (Amusing that the New York Post should beat a local paper to the story, eh?). When the Madoff scam first exploded in December Tucker allowed as he’d have to sell off his horses but now the landunderneath them is going too. Of course, what good’s a horse farm without horses?, so this makes sense.

One clarification: “It is absolutely not true,” Tucker told the Albany Times Union, “that any of Walt and Monica’s daughters are part of this sale. Or at least, that’s not anticipated at this time.”

1 Comment

Filed under Uncategorized

A bridge too far?

Thanks to my (only?) Vermont reader, I found this article in today’s NY Post describing the sorry plight of Walt Noel and his partner in nonfeasance, Jeffry Tucker. Tucker’s preparing to sell his horse farm and the two of them have sold their interest in a private jet.

Even Tucker’s wife Melanie, an avid bridge player, has had to tighten her belt.

Sources told The Post that as a member of the Midtown bridge club Honors, Melanie Tucker was accustomed to using her husband’s jet to fly herself, and the bridge pros hired to play on her team, to bridge tournaments across the country.

She recently told some of the professional players she employs that she’s had to postpone attending tournaments that would have required air travel, though she continues to play bridge at Honors six days a week, sources said.

Ignorant fool that I am, I was unaware that one could hire professional bridge players. I couldda been a contenda! But what does my favorite bridge-playing blogger, Peg from Minnesota think about all this? Peg, as someone who’s whupped Warren Buffet’s behind, how about Miss Melanie? Ever have to bitch-slap her? Take away her martinis? We’re dying to know and of course, any secrets you may choose to divulge will be kept in strictest confidence.

7 Comments

Filed under Uncategorized

Does Walter Noel suffer from Alzheimer’s?

 

Vinny the Chin

Vinny the Chin

That’s the word being put around here in Greenwich by his friends. I wouldn’t wish that horrible condition on anyone and if it’s true, I feel terribly sorry for the Noels at the timing  – they’ll be incurring huge expenses just when their assets are imploding. But (a) it’s rumor, not  fact and (b) I’ve read plenty of horror stories already about pensioners who have lost their life savings in the Madoff/FGG Ponzi scheme and I’m not necessarily  opposed to the “sauce for the gander” theory of divine Karma.

 

It does remind me a bit of that old Steve Martin routine on SNL about how to avoid paying taxes: “First, don’t pay your taxes. Then, when the IRS shows up at your door, two simple word, just two words, will make them go away, forever: ‘I forgot!’ ”

Still, it will be interesting to see if this rumor goes anywhere. If Noel’s partner Jeffrey Tucker starts wandering around in a ratty bathrobe and slippers, we’ll know the two men share the same lawyer.

7 Comments

Filed under Uncategorized

Horse investments tank, Miami Philanthropist George Lindemann Jr. steps in to help.

 

"Kill him AFTER I'm done riding, you idiot!"

"Kill him AFTER I'm done riding, you idiot!"

The price of thoroughbreds drops 40% so Fairfield Greenwich Group’s Jeffrey Tucker will be selling into a falling market. Oh, what will we do, what will we do?!

Say, wait a minute, I’ve got an idea!

1 Comment

Filed under Uncategorized

You ask, we get

“Any pictures of Tucker?”

Jeff Tucker testifying on "The Importance of being Earnest"

Jeff Tucker testifying on "The Importance of being Earnest"

2 Comments

Filed under Uncategorized

They laughed when I sat down to sell Noel’s mansion

But I don’t see how he walks from the Madoff fiasco with a single asset intact. When Madoff was first arrested and FGG’s participation revealed, I checked to see what FGG promised about due diligence. It didn’t look good for the firm, and I said so. Certainly, were I still plying my trade hunting wicked stock brokers and discovered that the primary evil-doer had no assets, I’d have looked to his employer or in this case, anyone who directed my client to him, to recover lost monies. I wrote about all that earlier last week but here’s no one’s favorite Wall Street crook, Henry Blogett, who’s done the same job. It’s easier to link to him than to dig up my previous posts so try this.

Here’s how Fairfield describes its initial manager research process–the process by which Fairfield screens a handful of super-promising managers from the hundreds it meets each year:

FGG is introduced to several hundred potential managers in the course of each year. A relevant subset of these leads are pursued and background information on promising potential relationships is collected and shared among FGG’s professionals for initial assessment.

The nature of FGG’s manager transparency model employs a significantly higher level of due diligence work than that typically performed by most fund of funds and consulting firms. This model requires a thorough understanding of a manager’s business, staff, operational practices, and infrastructure.

[That’s good to hear. So it will be interesting to see how FGG explains why Madoff’s strip-mall based accountant and tiny operating infrastructure satisfied its requirements. Also, if FGG really developed a “thorough understanding of the business, staff, and operational practices,” it may have been the only firm on earth to do so. Even people who worked for Madoff claim to have no idea what he was up to.]

At this stage, FGG begins qualitative and quantitative reviews of a manager’s past performance obtained from independent sources, as well as a series of manager interviews and reference calls.

[How many of the people who wrote to the SEC saying Madoff was a fraud did FGG talk to? What “independent sources” did they use to examine the returns. Madoff’s accountant?]

Through this process, a preliminary assessment evolves of a manager’s business and investment practices. Particular attention is paid to the extent to which each manager’s controls are reasonably suited to maintain operational, market, and credit risks at an appropriate level and as represented by the manager.

During this period, FGG personnel also have an opportunity to evaluate a manager’s attitudes and receptiveness (as opposed to his proclaimed intention) towards providing FGG with full transparency of its security level trading activity and access to its investment thought process.

[This is the real key. Some folks who looked at Madoff’s trading strategy in detail say they could not understand or replicate his returns.  We look forward to reading the documents that made FGG comfortable that Bernie’s trading strategy wasn’t just some black box that spit out attractive-looking numbers on a page]

This close level of communication and access is the cornerstone of FGG’s ongoing relationship with the manager, without which a business relationship with FGG would not exist.

And on and on. Remember, FGG supposedly put Madoff through this extensive examination before ever entrusting him with a penny, let alone $7.5 billion, 100% of its Sentry Fund. And charged a huge fee for this screening. How will Tucker or Noel explain to a jury or an arbitration panel’s satisfaction that they delivered what they promised? Or convince them that it wasn’t their negligence and outright lies concerning the safeguards in place that caused their clients’ losses? I don’t think they can, or will.

Anyone interested in a villa in Mustique? It’ll be going cheap.

1 Comment

Filed under Right wing nut rantings

Noel, Coward?

A reader points out that Fairfield Greenwich has removed all pictures of its officers from its website. Fortunately, Walt Noel was such a social butterfly that there are lots of images of him on the net, just in case friends like Buffy, Buffie, Skip or even some now-impoverished grandmother run into him and Monica on Greenwich Avenue and want to smack him upside the head with an umbrella. Here’s one now (that’s Walt in the middle, his partner Tuck on the right and an Ojibwa shaman on the left):

Update: Aw, they’re all hiding. Tucker’s Stonebridge Horse Farm’s webpage has now been disappeared, but here’s the cached version.

Oh, Great Spirit, bring back our money!

Oh, Great Spirit, bring back our money!

5 Comments

Filed under Right wing nut rantings