And speaking of gambling . . .
The Hardball Times —
. . . Darren Rovell reports that the Wilpons had money tied up with the spectacularly-disgraced Bernard Madoff:
It’s believed Madoff and the Mets owners have been connected for at least 20 years . . . The question now is how much money was invested? If we’re talking hundreds of millions of dollars, which is not out of the question, you’d have to think it could affect the Mets ability to further itself this off-season beyond the pitching moves they’ve already made.
Memo to K-Rod: ask to be paid in ...
Mets owners victim of 50B Ponzi scheme
SmackCaster SmackBlog —
... , had some high-profile marks. One appears to have been the New York Mets and the Wilpons, according CNBC is reporting that Mets owner Fred Wilpon and partner Saul Katz, though their investment entity Sterling Stamos could have lost as much as $300 million. ...
Mets owner suffers big losses in Wall Street scheme
Sports stories from Newsday —
Reports have surfaced in the business media this Friday of massive losses for Mets owner Fred Wilpon through his Sterling Equities in the scandal involving investment banker Bernard Madoff, who bilked clients out of $50 billion in a giant Ponzi scheme.
(Wasn't the entire U.S. financial system a giant Ponzi scheme, as it turned out?)
Here are articles from CBNC and Bloomberg on this. Not clear yet whether or how this might affect the Mets.
If The Mets Don't Get Derek Lowe ...
The Musings and Prophecies of Metstradamus —
Blame this guy ... Investors scrambled on Friday to assess potential losses from the $50 billion fraud allegedly perpetrated by Bernard Madoff, a day after the arrest of the prominent Wall Street trader. Prosecutors and regulators accused the 70-year-old former chairman of the Nasdaq Stock Market of masterminding a Ponzi scheme of epic proportions through a hedge fund he ran (...) The real estate investment firm Sterling Equities, co-founded by New York Mets owners Fred Wilpon and Saul Katz, had money invested with Bernard ...
Mets Lose $300 Million In Wall Street Fraud Case?
SPORTSbyBROOKS —
... But this scandal could have a deep impact in the world of sports. CNBC is reporting that through their real estate investment firm Sterling Equities, Mets owners Fred Wilpon and Saul Katz may have had as much as $300 million invested with Madoff . That’s about eight Frankie Rodriguez contracts. And it doesn’t look like they’ll be getting much, if any, of that money back. I wonder if this means that Frank and Jamie McCourt actually have more money than another set of owners now? Basically, Madoff’s firm was losing money on its investments, but paid its investors ...
Sterling Equities Suffers Huge Loss
Mike Silva's New York Baseball Digest —
via Darren Rovell CNBC:
The real estate investment firm Sterling Equities, co-founded by New York Mets owners Fred Wilpon and Saul Katz, had money invested with Bernard Madoff’s firm, CNBC has confirmed.
“Among our various investments, we have accounts managed by Madoff Securities,” the company said, in a statement. “We are shocked by recent events and, like all investors, will continue to monitor the situation.”
Madoff had $17 billion in his investment advisory firm last month, but the 70-year-old former NASDAQ chairman told his ...
WILL THE METS BE UP FOR SALE?
Kranepool Society :: A New York Mets Blog —
... How much does this Madoff Securites scam really hurt the Mets? From the report I read on CNBC.com, Sterling Equities may have lost over $300 mil in this big time rip off of investors by Bernard Madoff who is so much a big scumbag that his own sons turned him in. Beside ripping off private investors he stole money from charities as well. ...
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