Daily News: MLB Puts Ponzi Linked Owner, who nearly lost his club

[weams]

As CHAIRMAN of the MLB finance committee.

http://metsblog.com/metsblog/daily-news-fred-wilpon-named-chairman-of-mlbs-finance-committee/

Wilpon who was closely allied with Bernie Madoff and had to sell controlling interest in his club to retain it, helped MLB railroad the MASN arbitration while serving on it's panel. He is now rewarded in kind.

http://metsmerizedonline.com/2015/01/fred-wilpon-named-chairman-of-mlb-finance-committee.html/

In what was his first major decision as the 10th commissioner of baseball, Manfred showed that the commissioner’s office will continue to have the same close and binding relationship with Fred and Jeff Wilpon – just as it had for nearly a quarter of a century under Bud Selig.

Wilpon, who allegedly lost about $700 million in the largest Ponzi scheme in American History – the second time he was embroiled in a massive Ponzi scheme – was nearly forced to sell the team three years ago and is still on uncertain financial footing.

[Larry18]

I guess Charlie Sheen will be put in charge of the substance abuse program.

[weams]

The new executive council are Yankees general partner Hal Steinbrenner, Twins owner Jim Pohlad, Rays owner Stu Sternberg, Rangers co-chairman Ray Davis, Pirates owner Bob Nutting, Braves chairman Terry McGuirk and Cubs owner Tom Ricketts. Among those coming off the council are White Sox board chairman Jerry Reinsdorf, Red Sox owner John Henry and Reds owner Bob Castellini, all of whom — perhaps also not coincidentally — opposed Manfred last summer.

A brave new world.

[mdbdotcom]

They didn't add Ed Rogers?

[Can_of_corn]

A brave new world.

I thought the Twins got dissolved back in 2002?

[weams]

http://deadspin.com/5886867/how-bernie-madoffs-money-ran-the-mets

15 years of at least 10 percent returns on their investments with Madoff, Wilpon and Katz felt they were playing with house money. A "vig," Saul Katz's son David called it, borrowing the gambling term for the fee collected by a bookie on every transaction. Irving Picard, the trustee suing Wilpon and Katz on behalf of Madoff's victims, alleges that the owners were so dependent on their ill-gotten gains from Madoff, that they spent recklessly and should have been in the red.

"In at least 2002, the Mets would not have made a profit but for the Madoff income," Picard said, adding that in multiple seasons, the Mets would not have been able to make payroll without Madoff's returns. "They were so expectant of those steady, 10 to 14 percent returns that they began to budget them into their business plans."

[weams]

Weams, you do have a certain flair. Ponzi linked owner. He was kind of the victim, no? Railroaded the MASN decision. You don't sound very objective.

He ran the Mets for 15 years on the return off the scamming of others. When Madoff went down he did loss 700 million. Not before. He was one of the biggest profiteers.

[weams]

They didn't add Ed Rogers?

Ed Rogers was deposed by the Corporate board. He only leads the trust now.

[weams]

http://money.cnn.com/2012/03/19/news/companies/madoff-mets-ponzi/

...figure represents how much the Mets profited from Madoff's Ponzi scheme, which cheated thousands of investors out of more than $17 billion.

[mdbdotcom]

Ed Rogers was deposed by the Corporate board. He only leads the trust now.

So, the guy trying to hire Duquette doesn't have the authority to hire him?

[weams]

And biggest loser.

When it all fell down. Not during the 15 years that they wore the chandeliers.

[weams]

So, the guy trying to hire Duquette doesn't have the authority to hire him?

There is a question of whether the trust itself, with the Rogers daughter as well, can make that move. They certainly have control of enough money to pay him. So yeah, they could hire him. To research dome grasses.

[weams]

So, the guy trying to hire Duquette doesn't have the authority to hire him?

The trust controls a lot of money. But not the company.

[OFFNY]

o

Here is the actual article from the NY Daily News of which the blog is linked to:

Billy Beane's Moves Have Athletics Good to Go, While John Hart's Deals Have Braves Gone for Season

(By Bill Madden)

http://www.nydailynews.com/sports/baseball/madden-beane-good-hart-braves-year-article-1.2082692

[weams]

There is a question of whether the trust itself, with the Rogers daughter as well, can make that move. They certainly have control of enough money to pay him. So yeah, they could hire him. To research dome grasses.

The Trust itself has a voting majority of shares, but has been ousted from the board of directors.