"I can't take anymore losses!!!!"
This past baseball season, I have never felt as bad for a baseball team as the NY Mets. Their season was plagued with injuries, hell even Mr. Met needed Tommy John surgery. To make matters worse, their financial system was beginning to look like their record after the all-star break.
The Mets are owned by the Wilpon family and during the past year were reported that they might have to sell the team due to investments with Bernie Madoff. The reported sum was $750 million dollars. Now, according to court reports, The Mets actually MADE 48 million dollars. Now the Mets have the unfortunate feeling of walking into a courtroom where very angry people are demanding their money back, slipping to the front of the line and walking out with a check. Wouldn’t want to be the Wilpon’s limo driver that day.
I would have been happy if the $750 million dollar loss actually happened. It would have taught them a lesson. If a $750 million dollar loss was possible, and you would have to sell the team if you lose on the investment, why would you still invest the money to begin with? You already have acquired billions of dollars, own a sports franchise and maybe even a 1 bedroom in downtown Manhattan, why this need to invest more?
Well… maybe he wanted a parking spot.
Popularity: 1% [?]
10/26/09 - 9:18 am
Teach them a lesson? Take a look at some of the other investors that were swindled by Madoff:
http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
They include New York Law School, Yeshiva University, Jeffrey Katzenberg (Owner of DreamWorks), Banco Popolare, Fairfield, Ct (pension fund), Frank Lautenberg’s Charitable Foundation, Bard College, Zsa Zsa Gabor, Sandy Koufax, John Malkovich, and Larry King.
People invest their money in the stock market everday, and of course there is risk, but Madoff wasn’t an investor. He just moved money around to make people think they were making money. It was a game of musical chairs, and when the music stopped, some people were without seats. Madoff is a liar and swindler! The Mets, along with everyone else who “invested” with him are merely his victims.
[Reply]
10/26/09 - 10:57 am
@Z-Man, Im just saying, if the loss was even possible, is it worth the risk?
[Reply]
10/26/09 - 11:00 am
@Z-Man, That list was great information, thanks for posting it. I was expecting to see my fathers name show up somewhere on there. It prob be for a couple of grand, and that would probably piss my dad off, and you know my father. NOT the kinda guy you want to play footsie with if you know what I mean.
[Reply]
10/26/09 - 12:07 pm
Watch…the $50million comes from a combined effort of the Wilpons, Madoff, and Omar Minaya enslaving Latin American baseball prospects and filling every Roster Spot on the mets with them and paying their starving families in left over Shea Stadium concessions..
If only a collapse like this could happen to the Red Sox….
[Reply]