Fred Wilpon, Mets Owner, Made Money Off Bernie Madoff

nypost.com:

Talk about getting caught in a jam.

After watching his team go down to defeat this season, Mets owner Fred Wilpon now faces potential "clawback" suits for raking in nearly $50 million in phony profits from Bernard Madoff's $65 billion Ponzi scheme.

Read the whole story: nypost.com

Comments

[InofTouch]

08:04 PM on 10/22/2009

Sorry Stewart

Karma for Wilpon for the mets

[ProudAuntLynda]

01:34 PM on 10/22/2009

Maybe this will force the Wilpons to sell the team so we can get real owners, GM and Medical team.

[NightflyLester]

07:41 PM on 10/21/2009

This one's pretty easy: They are ill-gotten gains. Period. Give it back.

[mytradingg]

12:14 PM on 10/21/2009

For a more perfect unions we must have:

Jobs,job securi.ty, job benefits, universal pre school-K.1­2, housing, affordable college education affordable health are that doesn't ban.krupt sic.k families

good articles; http://ow.­ly/dmzm

a better society is one that creates opportunit­y

[MIKEinNYC]

11:00 AM on 10/21/2009

The bad news is if you cashed out like the Wilpons and feel like you've come out of this unscathed, prepare to be scathed.

The trustee needs to to establish something like a Madoff Victims Compensati­on Fund. What’s going to have to be done here is that, over the life of the Madoff activities­, (i) we need to figure out how much money was invested with Madoff; (ii) then we figure out how much was paid out and add that to assets currently on-hand. The difference is the loss.

Now let’s look at this realistica­lly. When people cashed out and collected dividends the money that they collected was other people’s money. If I know that you are holding my money I am going to come after you. As such, people who cashed out will have to repay a portion of what they took to the aforesaid Fund which will collect it and proportion­ally distribute it so that the loss is equally borne by all Madoff investors.

The good news is that people who think that they lost all should be able to recover a portion of their investment­s.

The tricky part will be what to do about the people who cashed out but don’t have the money anymore. Will they have to sell assets? Maybe. It will depend on their station in life. If they took their money and bought a yacht with it, probably. If they are no just getting by or otherwise living modestly, probably not.

[ADunafraid]

10:38 AM on 10/21/2009

That is the catch 22 of this Ponzi Scheme because it went on so long. There are people who might have put in a couple hundred thousand dollars 25 years ago whose accounts fictitious­ly ballooned to millions on paper.