The Mets’ Madoff Mess

July 2, 2011 by SamM

A few weeks ago The New Yorker ran a long but compelling piece by Jeffrey Toobin about the close relationship between Bernie Madoff and the Mets’ principal owners Fred Wilpon and Saul Katz, with the primary focus on Wilpon. The in-depth article leaves much for the reader to decide as to whether Wilpon and co. were complicit in Madoff’s “too good to be true returns” or whether they did indeed think they were investing in a legitimate fund and not a Ponzi scheme. Still, one does have to wonder how two people whose business acumen has enabled them to amass millions of dollars for themselves and their families, and who invested much of those millions back into Madoff’s funds, could not have spotted that something was a bit fishy.

Ironic, though, that the team might soon find itself in the hands of another hedge fund manager — albeit one with a much better reputation.

You can find the entire New Yorker piece here.

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