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.
ST. PETERSBURG, Fla. (AP) Baseball Commissioner Rob Manfred wants Tampa Bay to work a little quicker on getting the Rays a new ballpark.
Rays Principal Owner Stuart Sternberg has been working for nearly a decade to get a new stadium for the club and signed a three-year agreement with the City of St. Petersburg early in 2016 to search for a site in the Tampa Bay area. Manfred wants that search to pick up some steam.
“I think it’s fair to say we want the process to take on a better pace moving forward,” Manfred said Wednesday night at Tropicana Field, home of the Rays since their first season in 1998.
The Rays were averaging 15,815 fans per game before Wednesday night’s contest against the Toronto Blue Jays. That is just over half the major league average of 30,470. Tropicana Field and its location have been almost universally blamed as the reason for the poor attendance.
“I’ve been pretty clear that they need a new facility here, a major league quality facility in an A-plus location,” Manfred said. “It is time to move that decision to the front burner here in Tampa.”
The matter of how a stadium would be financed has been tabled until a site is determined, but Sternberg continued to express confidence in the Tampa Bay market.
“I’ve had the opportunity to bail on it many times over the years,” he said. “I won’t say this is a slam dunk, it’s certainly not. But I think we can do something that’ll at least double our attendance. That’s a lot to ask for.”
Manfred said Major League Baseball “doesn’t have a firm timetable” for what steps to take if the Rays fail to get an agreement to build a new stadium in the Tampa Bay area, but but added that “it is a topic of discussion in the industry, the lack of progress.”
More AP baseball: https://apnews.com/tag/MLBbaseball
Bad news for the Mariners this evening: Robinson Cano left Seattle’s game against the Atlanta Braves with tightness in his left hamstring.
Cano walked off the field after legging out a double — his second of the game — in the third inning. He pulled up as he approached second base and walked off the field, accompanied by a trainer. There was no immediate word on the severity of the injury. The Mariners have a day off Thursday before opening a series at the Yankees on Friday night, so they have some time to evaluate him.
Cano is hitting .277/.377/.460 with 19 homers and 78 RBI on the year.