1/7/09 Here Is Another Report That Greenwich Resident "Walter "Feeder Fund" Noel Ignored Warnings About Bernard Madoff's Ponzie Scheme

Credit Suisse Was Warning It's Clients That Madoff's Return's Were Fools Gold, While Greenwich Fairfield Executives Ignored The Warnings And Took Hundreds Of Millions From Good Old Uncle Bernie Madoff

Warning on Bernard Madoff ignored for years

NEWS.com.au, Australia

SWISS bank Credit Suisse, whose clients lost almost $US1 billion ($1.38 billion) in Bernard Madoff's alleged swindle, urged customers more than eight years ago to withdraw cash from his firm because it couldn't determine how he made money.

According to sources, Oswald Gruebel, who headed Credit Suisse' private-banking unit at the time, made the recommendation after meeting Mr Madoff in June 2000.

Credit Suisse customers proceeded to redeem about $US250 million from Madoff-run funds, half the total held by the bank's clients.

The Zurich-based group risked alienating clients who were reaping annual returns from Mr Madoff of about 11 per cent, said two of the people at the New York meeting, which also included executives from Fairfield Greenwich Group, a so-called feeder fund for Mr Madoff.

Credit Suisse spokeswoman Corene Sullivan said the bank did not actively sell stakes in funds that fed into Mr Madoff's firm, and that the funds offered by the marketers were not on the bank's recommended list.

Mr Gruebel and two other Credit Suisse executives at the meeting with Mr Madoff raised concerns about his use of a little-known auditor who had just one client, sources said.

The bank was also worried why Mr Madoff served as the custodian of his clients' assets, they said.

According to the sources, Mr Madoff would not tell Mr Gruebel how much money he managed.

Mr Madoff said he did not charge clients fees to manage their money, instead earning a profit on trading commissions that equalled as much as 3 per cent of assets.

Fairfield Greenwich Investors Might Want To Sit Down

Before They Read This Next Item.

Walter "Feeder Fund" Noel Was Kicking Back Money To Bankers Who Delivered Sucker That Fairfield Greenwich Could Take To Madoff's Ponzie Scheme

The recommendation eight years ago might have angered some Credit Suisse bankers, who were profiting from rebate fees, known as retrocessions, which were paid to them by groups such as Fairfield that marketed the funds.

"These retrocessions are an open secret in the private banking world, and in most cases they aren't passed on to clients," said Bernhard Bauhofer at Swiss consulting firm Sparring Partners. "Swiss private banks depend a lot on these."

European banks have reported some $US12 billion of client exposure to Mr Madoff. Credit Suisse, Britain's HSBC and Banco Santander of Spain say clients invested almost .....

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Study uncovers large inconsistencies in Madoff investments

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HERE IS TODAY'S WALTER" FEEDER FUND" NOEL

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