Walter Noel: Bruised But Not Broken
Fairfield Greenwich, the hedge fund that directed billions to Bernie Madoff, was handed over to another fund last month called Sciens Capital. Sciens didn't pay anything for it (not that anyone would pay anything for Walter Noel's heaping pile of crap). And now it seems the change in ownership is ensuring that some of Noel's cronies continue to receive paychecks. A tipster with a copy of a Sciens Powerpoint presentation tells Dealbreaker that the fund "seems to be basically a bunch of FGG guys," the transfer was a "smoke and mirrors show for the investors, and "nothing has changed." In that case, champagne by the pool in Mustique in 15 minutes! Be there! [Dealbreaker]