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.

Free agent slugger José Abreu signs 3-year, $58.5M deal with Astros

Kamil Krzaczynski-USA TODAY Sports
0 Comments

HOUSTON — Jose Abreu and the World Series champion Astros agreed to a three-year, $58.5 million contract, adding another powerful bat to Houston’s lineup.

Abreu, the 2020 AL MVP, gets $19.5 million in each of the next three seasons.

He spent his first nine major league seasons with the Chicago White Sox. The first baseman became a free agent after batting .304 with 15 home runs, 75 RBIs and an .824 OPS this year.

With the Astros, he replaces Yuli Gurriel at first base in a batting order that also features All-Star sluggers Yordan Alvarez, Jose Altuve, Alex Bregman and Kyle Tucker.

Gurriel became a free agent after Houston defeated the Philadelphia Phillies this month for its second World Series championship.

The 35-year-old Abreu becomes the biggest free agent to switch teams so far this offseason. Born in Cuba, the three-time All-Star and 2014 AL Rookie of the Year is a .292 career hitter in the majors with 243 homers, 863 RBIs and an .860 OPS.

The Astros announced the signing. Abreu was scheduled to be introduced in a news conference at Minute Maid Park.

He would get a $200,000 for winning an MVP award, $175,000 for finishing second in the voting, $150,000 for third, $125,000 for fourth and $100,000 for fifth. Abreu also would get $100,000 for earning World Series MVP and $75,000 for League Championship Series MVP, $75,000 for making the All-Star team and $75,000 for winning a Gold Glove or a Silver Slugger.

Abreu gets a hotel suite on road trips and the right to buy a luxury suite for all Astros home games.