Section 518

Where we endeavor to stay positive about the 2011 Mets…

More Madoff Stuff

Posted by JD on February 4, 2011

Craig Calcaterra provides his commentary on another New York Times article about Bernie Madoff and the Mets’ ownership group. This one is worse than the article I linked to in my previous post, as it highlights the lawsuit filed by the spouse of a former Wilpon employee that contends that the Mets owner was negligent and conflicted in investing employee 401K’s with Madoff. This comes in advance of the unsealing of the trustee’s lawsuit later today. All in all, not a good day to be a Wilpon.

I’ve done a lot thinking on the whole situation since my previous post. I stand by my assertion that, in the very best case scenario, Fred Wilpon, Saul Katz, and other Mets officials involved will be found guilty of a stunning lack of financial acumen. It could (obviously) wind up being much worse, but that’s the baseline we’re working with here. And as such, that’s about as much as I can say on the topic. Out of curiosity, I’m going to look at the lawsuits just to see what’s in them. But I’m not a lawyer, so I doubt I’ll have much of any value to contribute on the topic.

And quite frankly, even if I do, I’m exhausted by the whole affair. It’s February, players are already in Port St. Lucie getting ready for the coming season, and I’m kind of done with the lawsuits and ownership sales. Yes, these topics will impact the franchise in profound ways, some of which are impossible to predict at the moment. But I want to think (and write) about baseball. I reserve the right to come back to the topic, but for now I’m moving on. And in that spirit, I will present you with a mind-numbing post about Scott Erickson shortly. Enjoy.

If you are looking for top-notch commentary on the Madoff/Wilpon situation, you have to read Craig Calcaterra’s posts on the matter over at Hardball Talk. Calcaterra is a former lawyer and a top-notch blogger, and I find his take on this issue indispensable.

UPDATE: The documents have been unsealed. Here’s Craig’s take on it. Short version: not good. But read the details for yourself.

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