Madoff trustee throws some new stuff at Wilpon and Katz

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Both the New York Times and the Post today run with the latest filing in the Bernie Madoff/Wilpon/Mets case. The allegation: in 2001 Wilpon and Katz went shopping for “fraud insurance,” and that by doing so it shows that they had reason to believe that Madoff was, in fact, a fraud, it says.

For those who forget, the trustee, Irving Picard, is claiming that because Wilpon and Katz “knew or should have known” that Madoff was a fraud, they are responsible to pay back hundreds of millions of dollars to Madoff victims, so this would be evidence supporting that, he claims.

Eh.  Look, I’m still generally skeptical of claims by the Wilpons that they were babes in the woods here, but this “shopping for fraud insurance” allegation doesn’t do much to support that in my mind.

For one thing, they didn’t buy the insurance. If they thought there was a serious risk of Madoff’s pyramid crumbling down, wouldn’t they have?

And more to the point, isn’t shopping for insurance a sign of prudence?  Just because I buy auto insurance doesn’t mean I’m gonna go crash my car into things. Just because I buy home owner’s insurance doesn’t mean I’m gonna burn the place down. I trust my doctor, but I’m damn glad he has malpractice coverage.

Insurance is just something you look into as a matter of course. You’d be shocked to see how many specialized insurance products are out there on the market. It’s almost as if insurance companies have a keen sense of how to prey on the insecurities of people in order to make a buck. They don’t mean anything in and of themselves.

So, sorry. If there were emails from back then saying “Hey, Fred! We all know that Madoff is a scam artist, so let’s buy some awesome insurance so we can skate!” fine, then it’s something. But the mere fact that someone was looking at this kind of insurance doesn’t do a whole hell of a lot for me. At best it’s spice in the gumbo. It’s not the shrimp, and without any shrimp, it’s pretty useless.

Max Fried loses to Braves in salary arbitration

Dale Zanine-USA TODAY Sports
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ST. PETERSBURG, Fla. — Pitcher Max Fried lost to the Atlanta Braves in salary arbitration and will make $13.5 million in the upcoming season instead of his $15 million request.

Mark Burstein, Fredric Horowitz and Jeanne Vonhof issued their decision a day after hearing arguments.

Fried won a $6.85 million salary last year in arbitration instead of the team’s $6.6 million proposal.

He followed former Atlanta teammate Dansby Swanson in going to a hearing in consecutive years. Swanson, a shortstop, lost in 2021 and won last year, then signed a seven-year, $177 million contract with the Chicago Cubs.

The last player to win hearings in consecutive years was pitcher Trevor Bauer against Cleveland in 2018 and 2019.

Fried, a 29-year-old left-hander, went 14-7 for the second straight season and lowered his ERA to 2.48 from 3.04 in 2021. Fried was a first-time All-Star last season, was second to Miami’s Sandy Alcantara in Cy Young Award voting and was third in the National League in ERA behind Alcantara and Julio Urias with the Los Angeles Dodgers.

In 2021, Fried pitched six shutout innings in World Series Game 6 as the Braves won their first title since 1995.