Alison Cowan of the New York Times reports that the Bernie Madoff affair was not the first time the Wilpons have had to pay back money as a result of getting in early on a Ponzi scheme:
But for the owners, Fred Wilpon and Saul Katz, it is not the first time they have had their names and personal fortunes roughed up in a Ponzi scheme. An investment firm started by the two men had to pay back nearly $13 million two years ago when a hedge fund run by the scion of a wealthy New Orleans family collapsed in what was then regarded as one of Wall Street’s more brazen frauds.
I spent two years of my professional life defending a guy convicted of running a $50 million fraud, and part of that involved a number of mini-ponzi schemes and other assorted activities. One thing I learned is that a great number of the victims of such schemes are people who really like the idea of getting rich quick and who, either out of simple negligence or out of willful blindness, are eager to give their money to someone who promises quick and/or outsized returns on investment. Yes, some people are truly innocent victims, with the fraudsters creating elaborate schemes which withstand a reasonable amount of due diligence by the investor. But often times people are willing to skimp on the diligence because they are so dazzled by the prospect of boffo returns.
I have no idea where the Wilpons fall in all of this. But I do know that it’s not often that investors get burned by not just one, but two ponzi schemes. Especially allegedly sophisticated investors like the Wilpons.
Here are the Rangers and Blue Jays lineups for Game 1 of the ALDS in Toronto:
CF Delino DeShields
RF Shin-Soo Choo
3B Adrian Beltre
DH Prince Fielder
1B Mike Napoli
LF Josh Hamilton
SS Elvis Andrus
2B Rougned Odor
C Robinson Chirinos
SP Yovani Gallardo
With left-hander David Price on the mound for Toronto the Rangers are going with Mike Napoli at first base over Mitch Moreland. Beyond that it’s a pretty standard lineup for Texas, or at least standard for what manager Jeff Banister used down the stretch once Josh Hamilton was healthy enough to play left field.
LF Ben Revere
3B Josh Donaldson
RF Jose Bautista
DH Edwin Encarnacion
SS Troy Tulowitzki
1B Justin Smoak
C Russell Martin
2B Ryan Goins
CF Kevin Pillar
SP David Price
After returning from the disabled list for the final weekend of the regular season Troy Tulowitzki is in the lineup and batting fifth. That allows Ryan Goins to play second base in place of the injured Devon Travis. Justin Smoak gets the nod over Chris Colabello at first base against a right-hander.
Houston made one unexpected change to the roster for the ALDS, leaving off veteran reliever Chad Qualls.
Qualls warmed up but never appeared in the Wild Card game win over the Yankees and during the regular season the 36-year-old right-hander logged 49 innings with a 4.38 ERA and 46/9 K/BB ratio. Qualls was on the Astros’ last playoff team in 2005.
Utility man Jonathan Villar has been bumped off the roster in favor of outfielder Preston Tucker, as the Astros opted for a good left-handed bat off the bench versus the Royals rather than Villar’s speed.