No, not by cutting Jeff Francoeur into pieces and selling him for scrap, but by virtue of a law winding its way through Congress that could allow them to hold on to $48 million that, under current law, they might have had to forfeit as a result of their connection to the Bernie Madoff Ponzi scheme.
The law — the details of which are are much better spelled-out in Dan Freed’s column at TheStreet.com — would prevent trustees cleaning up after Madoff-like scams from from collecting earlier investors’ “gains” and redistributing them to later, less lucky investors. Such a move is called a clawback, and this proposed law would limit the maneuver. The Wilpons actually came out of the Madoff scam with a bit more money in their account than they
started with — $48 million, actually. Under present law, they’d be subject to clawbacks. If the law passes, the Wilpons will likely be in the clear.
Which isn’t necessarily an injustice or anything. On a very basic level, the Wilpons were victims just like the other investors. That they happened to be in earlier than others and thus got the benefit of Madoff’s phony investment gains as opposed to getting the shaft is not their fault. And besides, just because they got more money back than they put in doesn’t mean that they weren’t losers too. Indeed, they thought they were doing way better than their $48 million gain they got and likely structured their lives and businesses accordingly. Because of this sort of thing clawbacks are controversial and problematic. I can’t really speak to the merits of this particular law (I’m a bit out of my depth here), but the beliefs that clawbacks often work to unwittingly unjust ends is pretty widely held.
But I do know this much: as things currently stand, the Wilpons, if they have a bit of business sense, have $48 million mentally socked away to be given up in clawbacks later. If the law passes, however, it will be theirs to spend once again.
Maybe — just maybe — they’ll spend it on the Mets.
In light of the Astros’ deal for veteran designated hitter Carlos Beltran on Saturday, the Yankees are thought to be intensifying their pursuit of free agent Edwin Encarnacion, reports Jon Morosi of FOX Sports. The Yankees never made an official offer to Beltran, but remain in need of a DH/first baseman to give them a little more power outside of a Tyler Austin–Greg Bird combo in 2017.
The Red Sox, on the other hand, are reportedly withdrawing their interest when it comes to the Encarnacion sweepstakes. According to FanRag Sports’ Jon Heyman, they will look for a hitter to beef up their lineup without taking a “big plunge” on the 34-year-old.
Encarnacion enjoyed another All-Star run with the Blue Jays in 2016, hitting at a .263/.357/.529 clip with 42 homers and a league-leading 127 RBI in 702 PA. He’s expected to command a significant contract in free agency, and agent Paul Kinzer said that a potential deal is unlikely to be finalized before the Winter Meetings as Encarnacion is not close to agreeing to any offer. Interested teams include the Blue Jays and the Astros, though Beltran’s signing appears to have effectively taken Houston out of the running for the slugger.
The Nationals are trying to go big this offseason, and FOX Sports’ Ken Rosenthal notes that they are still in trade talks for White Sox’ left-hander Chris Sale and Pirates’ center fielder Andrew McCutchen. Both players figure to command a big return, as Sale delivered another Cy Young-worthy performance in 2016 and, despite a downturn in his production rate, McCutchen is still one of the more coveted sluggers in the National League.
In 2016, Sale led the league in complete games, with six, and turned in a 3.34 ERA and 5.2 fWAR in 226 2/3 innings. While teams have been sniffing around the White Sox’ ace since the trade deadline, the club is expected to maintain a high asking price — so high, said FanRag Sports’ Jon Heyman, that it may keep the left-hander in Chicago for the foreseeable future.
According to Heyman, four other teams are reportedly in the mix for Sale, including the Red Sox, Astros, Rangers, and Braves, though parts of Rosenthal’s tweet hinted that the Red Sox were maintaining their interest in hopes of striking a more affordable deal. Should the Nationals pursue a deal for Sale, it’s likely that they’d have to move shortstop/center fielder Trea Turner, which they appear reluctant to do.
McCutchen, meanwhile, is also drawing interest around the league after batting .256/.336/.430 with 24 home runs in 675 PA during 2016. He didn’t appear to lose much power in his eighth season with the Pirates, but took considerably fewer walks and struck out at a career-high clip.
The Nationals were said to be in the lead for McCutchen on Thursday, and there was some expectation that the club would wrap up a trade for the center fielder by the non-tender deadline on Friday. FOX Sports’ Jon Morosi pointed out that the Rangers were also talking to the Pirates, however, and no deal has come to fruition as of yet.