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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.
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 .....
ALSO:
Study uncovers large inconsistencies in Madoff investments
Wealth Bulletin, UK
RMF, Man Group's institutional fund management arm did, alongside Swiss bank UBP, London's Bramdean Alternatives, and US investors Fairfield Greenwich and ...
HERE IS TODAY'S WALTER" FEEDER FUND" NOEL
ROUNDUP FOR TODAY:
We Are Keeping A Close Eye On Walter Noel
Right Here In His Hometown Of Greenwich
Brazilians Caught in Madoff's Ponzi Scheme Are Keeping Mum
Brazzil Magazine, Los Angeles
Piedrahita is a son-in-law of Walter Noel, founder of Fairfield Greenwich Group, whose Fairfield Sentry fund was Madoff's single biggest investor ...
fairfieldweekly.com, CT
Or with money managers like Walter Noel, of the Fairfield Greenwich Group, who placed better than half of the funds he controlled — $7.3 billion — with ...
Bernard Madoff victims shouldn’t hope for refunds
Telegraph.co.uk, United Kingdom
Then suppose investors in aggregate withdrew half their paper gains each year, and that feeder-fund operations - like Fairfield Greenwich Group - collected ...
DealBreaker.Com, NY
Sort of sounds like exactly the type of gala right up Fairfield Greenwich founder Noel Walter's daughter's alley, a conclusion we arrive at only on the ...
Morning Memo: Noel Family Finds a Taker for Mustique Home
New York Observer
by Caroline Bankoff
Madoff-tainted Walter and Monica Noel managed to rent out Yemanja, their Mustique vacation home, to someone willing ...
Hedge Funds face fresh round of uncertainty
GulfNews, United Arab Emirates
That is especially true of those such as Fairfield Greenwich that charged their investors hefty fees for the privilege - as much as 20 per cent of the ...
Madoff investor sued over losses
Calgary Herald, Canada
Funds including Walter Noel's Fairfield Greenwich Group, which invested $7.5 billion, and Ezra Merkin's Gabriel Capital LP and Ascot Partners LP, ...
Madoff scandal exposes US government failure
Daily Gleaner, Canada
... sophisticated investors, like Fairfield Greenwich Group’s Walter Noel and Hollywood’s Jeffrey Katzenberg, isn’ta market at all; it’sa shooting gallery. ...
New York Magazine
....we marveled at the genteel Christmas card Corina Noel Piedrahita, the eldest daughter and business partner of Fairfield Greenwich Group's Walter Noel ...
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