Author Topic: NY Times: "Madoff Had Wide Role in Mets’ Finances"  (Read 600 times)

0 Members and 1 Guest are viewing this topic.

Offline welch

  • Posts: 11737
"When Fred Wilpon’s son Jeff was married at Fresh Meadow Country Club on Long Island, Bernard L. Madoff and his wife were there. When Mr. Madoff’s son Mark was married at the same country club, Mr. Wilpon, the principal owner of the Mets, was a guest as well.

"When the Mets negotiated their larger contracts with star players — complex deals with signing bonuses and performance incentives — they sometimes adopted the strategy of placing deferred money owed the players with Mr. Madoff’s investment firm. They would have to pay the player, but the owners of the club would be able to make money for themselves in the meantime. There never seemed to be much doubt about that, according to several people with knowledge of the arrangements.

“'Bernie was part of the business plan for the Mets,'” a former employee of the club said.

<snip>

Full story, and it is ugly, at:

http://www.nytimes.com/2011/02/02/sports/baseball/02mets.html?_r=1&hp

Offline Potomac Cannons

  • Posts: 3279
Wow.  Just wow.

Offline PANatsFan

  • Posts: 37397
  • dogs in uncensored, nudes in gameday
Madoff was a world-class bastard. He stole so much from charity.

Online tomterp

  • Global Moderator
  • ****
  • Posts: 31944
  • Hell yes!
Madoff was a world-class bastard. He stole so much from charity.

He also stole from other rich people who flattered themselves as being shrewd investors.  In the end, their self confidence was unfounded.

Online HalfSmokes

  • Posts: 18755
He also stole from other rich people who flattered themselves as being shrewd investors.  In the end, their self confidence was unfounded.

He also stole from a lot of endowments and charities run by said rich people


Offline welch

  • Posts: 11737
And it gets worse:

A lawsuit brought by the trustee for the victims of Bernard L. Madoff’s multibillion-dollar Ponzi scheme contends that the owners of the Mets used the profits from their years of investing with Mr. Madoff to enhance their personal fortunes, enrich a number of family trusts and financially fuel their array of businesses — all in the face of repeated warnings that Mr. Madoff’s investment firm might have been a fraud.

The lawsuit, unsealed in federal bankruptcy court in Manhattan on Friday, says the owners, Fred Wilpon and Saul Katz, their families and their businesses “made so much easy money from Madoff for so long” that despite the many warnings — from within their own inner circle, and by other investors and financial institutions — they “chose to simply look the other way.”

“There are thousands of victims of Madoff’s massive fraud,” the lawsuit states. “But Saul Katz is not one of them. Neither is Fred Wilpon.”


<snip>

Full story at:

http://www.nytimes.com/2011/02/05/sports/baseball/05mets.html?_r=1&hp

Offline PANatsFan

  • Posts: 37397
  • dogs in uncensored, nudes in gameday
GOO

Online tomterp

  • Global Moderator
  • ****
  • Posts: 31944
  • Hell yes!
I love it.

C'mon fatcats, let's disgorge those profits.  Great to see the victims' trustee is aggressively pursuing the not quite so victimized.

It couldn't happen to a better team-- okay, if it happened to the Phillies it would have been even better, but still.

Offline PANatsFan

  • Posts: 37397
  • dogs in uncensored, nudes in gameday
I like how Onley thinks Pujols will go to the Mets and complete ignores all of this. Sorry, he BELONGS in New York.