So many starbursts, so little time Balloon Juice
Obviously, it won’t be possible to chronicle all of the fawning media coverage the various finance world moochers and looters received back when they were still viewed as conquering heroes. But this Vanity Fair piece about Walter Noel’s family is probably representative of the worst of it:
The Noel sisters of Greenwich, Connecticut, are turning tabloid-fodder sister acts (that is, Nicky and Paris Hilton) on their heads. In lieu of dancing on tables, the five Noel women have made a name for themselves by shoring up the virtues of a nearly extinct aristocracy. They’re well educated and well married, and they’re raising a pack of well-behaved, multi-lingual children while keeping their string-bikini figures intact.
The eldest sister, Corina, graduated from Yale and, while raising four daughters, works alongside her Colombian husband, Andrés Piedrahita, at the London office of the Fairfield Greenwich Group, an international hedge fund founded by Walter Noel. Lisina, a Georgetown graduate, met Yanko Della Schiava, an Italian alumnus of Aiglon College, in Saint-Tropez. She married him, and he now works at the Lugano, Switzerland, office of the Noel-family hedge fund. Ariane followed Lisina to Georgetown and Corina to London with her husband, Marco Sodi, an Italian who works for the Veronis Suhler Stevenson media-investment firm. Alix went to Brown and later married Philip Toub, an alumnus of Deerfield Academy and Middlebury College, who now works at the family office in Rio. Marisa, an all-American in lacrosse, graduated from Harvard after serving as president of its Hasty Pudding Club. She met Matt Brown, her fiancé, through Alix and Philip, and—surprise—he works not for the Noel-family hedge fund but for his own.
The Noel sisters—with not a divorce or scandale among them—seem to have heeded the wisdom of their grandmother Trudy Haegler, who once wrote up her own 10 commandments for the family’s future brides, including: “Make your husband believe that he is your Lord and Master, no matter what the feminists say”.....
....And the enterprise that funded all the Brazilian nannies and houses in Palm Beach and Park Avenue and Southampton? You can probably guess.
Mr. Noel’s firm, including four sons-in-law as partners, now has the distinction of being the biggest known loser in the Madoff scandal, to the tune of $7.5 billion.
The Fairfield Greenwich Group charged clients an annual fee of 1 percent of assets invested for providing access to exclusive hedge funds and performing due diligence on them, in addition to a fee of 20 percent on investment gains each year, according to people close to the fund’s operations. At that rate, an investment of $7 billion would have paid Mr. Noel’s company $70 million annually, and then $140 million more in a year in which Mr. Madoff reported a 10 percent gain (he steadily reported returns of 10 to 12 percent)......
THE ONLY QUESTION LEFT IS......
Why Isn't Walter And His Faboulous Daughters Under Arrest?
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