Madoff trustee throws some new stuff at Wilpon and Katz

8 Comments

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.

Blue Jays place Aaron Sanchez on 10-day disabled list

Toronto Blue Jays v Los Angeles Angels of Anaheim
Getty Images
Leave a comment

The Blue Jays placed right-hander Aaron Sanchez on the 10-day disabled list with a contusion in his right index finger, per a team announcement on Saturday. The assignment is retroactive to Friday. In a corresponding move, righty Marcus Stroman was activated from the DL (right shoulder fatigue) and will take the mound for the Blue Jays at 9:07 PM ET tonight.

Sanchez, 25, is in his fifth season with the club. He hasn’t looked his sharpest so far this year, going 3-5 in 15 starts with a career-worst 4.52 ERA, 5.1 BB/9 and 7.6 SO/9 through 79 2/3 innings. It’s not yet clear how long he’ll be sidelined, though he could miss as little as one turn in the rotation before returning to the roster in the next week or two.

Sanchez isn’t the only struggling starter in Toronto’s rotation, either. Per MLB.com’s Gregor Chisholm, the team placed southpaw Jaime Garcia on the DL (right shoulder tenderness) as well, with lefty reliever Tim Mayza scheduled to take his spot on the roster. In 13 starts this season, Garcia carried a 2-6 record, 6.16 ERA, 4.5 BB/9 and 8.2 SO/9 over 61 1/3 innings. Any further decisions pertaining to the rotation — including Tuesday’s starter against the Astros — have yet to be publicly addressed.