The Wilpons may save some money

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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. 

Cardinals tab Miles Mikolas for Opening Day start

Miles Mikolas
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The Cardinals have selected right-hander Miles Mikolas as their Opening Day starter, the club revealed Saturday. It’ll mark the first career Opening Day start for Mikolas, who is scheduled to go up against the Brewers when the team hits the road on March 28.

The 29-year-old righty was a strong contender for the 2018 NL Cy Young Award, earning All-Star distinctions and pitching to a career-best 18-4 record with a 2.83 ERA, 1.3 BB/9, 6.5 SO/9, and 4.3 fWAR over 200 2/3 innings. He’s positioned to lead the Cardinals rotation in 2019 as well, with former Opening Day starters Carlos Martínez and Adam Wainwright and some combination of right-handers Jack Flaherty, Michael Wacha, Alex Reyes, and John Gant behind him.

Manager Mike Shildt told reporters that Flaherty, Wacha, Wainwright, and Martínez had all been considered for the honor, but admitted that Opening Day honors were ultimately handed to Mikolas “in recognition of [his performance] last year.” The Cardinals are scheduled to play a four-game set against the Brewers to start the season and will stop over in Pittsburgh for another two games before returning to St. Louis for their opening homestand against the Padres on April 4. Additional pitching assignments have yet to be announced.