The Wilpons didn't lose as much money to Madoff as believed

Leave a comment

If you believe financial experts like Larry King, Mets owner Fred Wilpon and family lost as much as $700 million investing with former friend and current inmate Bernie Madoff.  That, however, may be a slight exaggeration:

A partnership connected to the baseball team — which had widely been rumored to have lost money investing with Bernard Madoff — actually gained a net $48 million from its dealings with the convicted swindler, according to a bankruptcy-court filing.

The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend.

The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr. Madoff — and withdrew about $571 million.

Now that doesn’t necessarily mean that the Wilpons made money.  Yes, it’s a net increase in the money in play, but (a) the Wilpons may have had his money with Madoff for many, many years; and (b) they may have believed, via Madoff’s fraud, that they were up way, way above that.  So in financial terms the Wilpons could have suffered a huge loss in terms of forgone, legitimate gains, and they may have been making financial decisions based on a radically different position than the one in which they actually found themselves to be once the fraud was discovered.  That’s not a $700 million loss, but it’s certainly not great either.

Sadly for Mets fans, however, the team’s competitive position remains just as dire as previously believed.

Rafael Devers won’t visit White House with Red Sox

Sean M. Haffey/Getty Images
19 Comments

The World Series champion Red Sox are scheduled to visit President Trump in the White House on February 15. Some have speculated that manager Álex Cora, who is from Puerto Rico and has been critical of Trump and has been a big factor in Hurricane Maria relief efforts, might not go as a form of protest. Thus far, nothing concrete has been reported on that front.

However, third baseman Rafael Devers says he isn’t going to join the Red Sox on their visit to the White House, Evan Drellich of NBC Sports Boston reports. Devers would prefer to focus on baseball, as the Red Sox open spring training on February 13 and position players have to report on February 17. Per Chris Mason, Devers also said via a translator, “The opportunity was presented and I just wasn’t compelled to go.”

Devers hails from the Dominican Republic and he, like many of Major League Baseball’s foreign-born player base, might not be happy about Trump’s immigration policies. Understandably, he is being tight-lipped about his motivation, but it wouldn’t be surprising if Devers is making a silent protest by choosing not to attend. He is thus far the only member of the team to bow out.

Devers, 22, hit .240/.298/.433 with 21 home runs, 66 RBI, and 59 runs scored in 490 plate appearances last season.

Last year, when the Astros visited Trump at the White House, they did so without Carlos Correa and Carlos Beltrán. Both are from Puerto Rico. It is certainly not unprecedented for individual players to opt out of the White House visit.

No word yet on what food will be served during Boston’s trip to the nation’s capital, but the smart money is on hamberders.