If The Money Didn't Go To Charity, Then Where Did It Go?

by Rachelle Hruska · December 24, 2008

Walter NoelCityfile acquired the statements of the Walter and Monica Noel Family Foundation for 2006 which showed $169,000 in donations. Compared to the many millions of dollars in fees he made funneling his investors money into Bernard Madoff, it seems relatively small.  And given the large overhead costs of running a foundation it almost seems not really worth the effort.  Moreover, many of the "donations" look to be in the amount of a ticket or "social toll" to a charity gala, essentially a write off for a night on the town. Opinions aside, their giving could have ramped up a lot in '07 and '08, we simply don't know.  But what other "charitable" interests or hobbies did they have other than "giving" to Bernie Madoff?

Oh right, politics!  Mitt Romney, John McCain, Rudy Giuliani, and George W. Bush all received hefty personal donations from Walter and Monica from 2004 onward.  So this doesn't actually explain where the other millions actually went (aside from $20 million dollars in real estate), but it does show they are one big happy Republican family.