... two longtime Selig allies Mets owner Fred Wilpon and Royals owner David Glass came off the council but were appointed as chairmen of two important committees Glass for business and Wilpon for finance.
The fact that he lost his money to someone he trusted in a con doesn't negate everything else he knows as a business man. For that matter if you take personal feelings of a fan out of it what he has had to deal with as a result of that mess likely only made him a better manager of finances of a baseball team having been forced to the brink himself. He was not in trouble by by running an unprofitable team but lost his money in one unforeseen occurrence unrelated to baseball. The things he has learned since could likely help other teams who might find themselves struggling finically.
I once took over a failing business of a friends to help him out before it could go bankrupt. In turning it around I learned more from that experience than I did from managing or owning other ones which never experienced any real financial failures.
That's a valid point and probably simply having him on the committee instead of making him chairman of it would have satisfied any benefit he may be able to offer without opening themselves to criticism for doing so.
Would a position like this one be involved in that process? Do the Mets still owe money on their stadium and on said bridge loans?
I mean, I get the people be defensive since we don't have all the facts of both their personal situation and the role, but regardless this doesn't look great for MLB and deserves some further scrutiny. Their handling of the Mets has clearly been less than ideal in terms of how much leverage they've had to accept, not to mention their ability to run a profitable / high attendance team.
are more critical of Wilpon and his finances than the rest of the country. In the big scheme of things the name Fred Wilpon doesn't register with most fans throughout that country.
and aren't aware of Fred's history and you weren't aware American sniper story despite it breaking in Feb 2013. Blame yourself happy. Others progressed in life
The fact that he lost his money to someone he trusted in a con doesn't negate everything else he knows as a business man."
I like you Steve, but that is just utter bullcrap. As I have written before, his behavior after the losses in the scam defies the basic rules of microeconomics. A team owner has to pay for the amount of talent necessary to optimize net revenues--tickets, TV, concessions etc. minus expenses, including player salaries.
If you can't afford to do that, then you sell part of the team and bring in a partner. Anything less, reduces the value of the team while screwing the fans. His behavior was inexcusable, and everyone in baseball with half a business brain knows that.
His getting this role shows how much MLB is ruled by politics and cronyism, not sound business practices. When you are as rich as nearly all of these guys are, I guess sound business practices on their sports team--which is basically treated as a grownup's toy--just don't matter much.
He is implicated in one of the more nefarious finance scandals ever
It is understandable for a "small fry" to lose a couple of million to Maddoff because they relied on the advice of others and didn't know how to do independent due diligence.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
its like making the Grinch in charge of holiday planning
The fact that he lost his money to someone he trusted in a con doesn't negate everything else he knows as a business man."
.
Respectfully, it wasn't his money in the place. He couldn't afford the Mets. The scam was others money which bought the Mets and he cashed out a prior to the collapse. Then we saw the market almost triple since 7500 yet this (lol) businessman (my ass) still never touched his principle while refinancing debt to the tune of 1.2 billion.
At least he really loves the Mets right? No hurry in updating his Sterling Equities website photo sporting Willie Randolph, Kaz Matsui and Jose Reyes. The aged photo and preaching "integrity" speak volumes about where his interest lies with an emphasis on "lies".
It is understandable for a "small fry" to lose a couple of million to Maddoff because they relied on the advice of others and didn't know how to do independent due diligence.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
Not to defend Wilpon, but Madoff had fantastic historical results, on paper. Incredibly consistent, regardless of market fluctuations. That's why people had raised questions about the fund in the first place.
It is understandable for a "small fry" to lose a couple of million to Maddoff because they relied on the advice of others and didn't know how to do independent due diligence.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
To be fair, it's not like the Wilpons were the biggest fish in the pond. Dozens of banks, large pension and investment funds and other institutional investors had big money with Madoff.
yes, they were on e of the biggest. Others were investing on behalf of large groups of smaller investors, for the most part. Doesn;t excuse their laziness, but it certianly doesn't excuse the Wilpons'. The Wilpons put a vast proportion of their family's entire fortune with a single scammer. No diversification, no due diligence. Just sheer and utter laziness. There are few parallels in all of investing history.
You can sorta excuse them in small part by the fact that big institutions investing on behalf of others were also scammed. You can't justify making one of them chair of the Finance Committee though. Not even a little.
On two counts:
1) He's so easily duped by a "too good to be true scam," out of nearly his entire fortune. The fact that so many other magnates fell for the scam means nothing. It just emphasizes how phony all these supposed financial geniuses are.
2) He's supposed to be a real-estate magnate. But he was stuck with the Mets throughout the last five years, because he got so underwater in the real estate market that the baseball team was his only decent asset.
Wilpon may be a decent guy, but he's a very average businessman, from where I'm sitting. He'd be perfect for Major League Baseball's finance committee, seeing as they made a name for themselves killing the goose that laid the golden egg (PED users that they encouraged at the time, now branded as cheaters).
On two counts:
1) He's so easily duped by a "too good to be true scam," out of nearly his entire fortune. The fact that so many other magnates fell for the scam means nothing. It just emphasizes how phony all these supposed financial geniuses are.
2) He's supposed to be a real-estate magnate. But he was stuck with the Mets throughout the last five years, because he got so underwater in the real estate market that the baseball team was his only decent asset.
Wilpon may be a decent guy, but he's a very average businessman, from where I'm sitting. He'd be perfect for Major League Baseball's finance committee, seeing as they made a name for themselves killing the goose that laid the golden egg (PED users that they encouraged at the time, now branded as cheaters).
Yes, just your ordinary, average businessman from a working class family who managed to save enough nickels to buy a major leauge baseball team.
NEW YORK -- Incoming commissioner Rob Manfred defended the decision to appoint Mets owner Fred Wilpon as the chairman of MLB's finance committee.
I understand the whole Madoff thing, Manfred told The New York Times, but before and since, Fred Wilpon was an extraordinarily successful businessman. The committee -- the finance and compensation committee -- really deals with two issues, principally: executive compensation, which hes more than capable of dealing with, and a central office budget. Obviously, to be a successful businessman, you have to know how to budget. ...
If you really understand which committees do what, I dont see it as an issue. He understands how the budget process in baseball has worked, and hes more than qualified to fill that role.
Manfred told the newspaper there are two separate committees unaffiliated with Wilpon that oversee audits to safeguard against fraud. Rubin ... - ( New Window )
I love the fact that this decision was questioned so much
that the commish felt the need to publicly address it. Thats great.
Right, wilpon is a successful businessman right now. Sacraficing and siphoning his profits from his MLB team to fund his other failing business.
Lets just call it what it is...freddy's buddy, the commish, gifted him this position on his way out. I said it before and I'll say it again, appointing the posterchild for financial instability to this position is insulting and ignorant. Bud Selig is a joke.
Bart Hubbuch @BartHubbuch 5 minutes ago
MLB naming Bernie Madoff's BFF Fred Wilpon to its finance committee is quite possibly the funniest thing I've ever heard.
Would a position like this one be involved in that process? Do the Mets still owe money on their stadium and on said bridge loans?
I mean, I get the people be defensive since we don't have all the facts of both their personal situation and the role, but regardless this doesn't look great for MLB and deserves some further scrutiny. Their handling of the Mets has clearly been less than ideal in terms of how much leverage they've had to accept, not to mention their ability to run a profitable / high attendance team.
Bonds or Clemens leadinging the Anti-PED Committee.
Yes. Now for the disgusting part:
Committee chairman get paid by MLB, and I suspect, but do not have proof, that its a high-six, low-seven figure number. Its work that any idiot can do, because hired accountants do the actual work. Its basically pure cronyism.
is that Manfred got 7 of the 8 owners kicked off the executive counsel, and replaced them with his most ardent supporters. Not at all clear to me what the commish would be allowed to do this -- he works for the owners, not the other way around. But whatever. Wilpon was one of the 7 casted aside. But Wilpon and KC's Glass were big Selig allies and were thus given some committee chairs.
So two conclusions: (1) this was actually a step down for Wilpon, not a promotion, and (2) Manfred's high road defense of Wilpon as qualified is a bunch of bullshit; this is palace politicking 101.
I once took over a failing business of a friends to help him out before it could go bankrupt. In turning it around I learned more from that experience than I did from managing or owning other ones which never experienced any real financial failures.
Forget the fact that he MAY be qualified for the position. .
how do you put the posterchild for the Madoff mess in that position? Pure comedy.
SURELY YOU JEST.
SURELY YOU JEST.
Some clarification
Link - ( New Window )
What kind of return should they expect for Gee? Is there a bidding war? Can Sandy spin off Colon or Niese to the team who doesn't get Gee?
Take the savings you get from Gee, use it to supplement Colons salary in a trade for a better player?
I'd be ok with :
Harvey
Degrom
Harvey
Niese
Montero
I'm finally sold on trading Murphy by deadline. If Herrera isn't ready, let Reynolds take over.
Maybe it does, maybe it doesn't.
But nobody really gives a shit if it matters to you.
I suupose you believe all criminals are in prison.
I mean, I get the people be defensive since we don't have all the facts of both their personal situation and the role, but regardless this doesn't look great for MLB and deserves some further scrutiny. Their handling of the Mets has clearly been less than ideal in terms of how much leverage they've had to accept, not to mention their ability to run a profitable / high attendance team.
Har har har...what an original turdbuger comment from the BBI contrarian.
Frat boy...oh what a burn. I hope you didnt hurt your peabrain coming up with that gem.
In the famous words of John MacEnroe, you cannot be serious!
I like you Steve, but that is just utter bullcrap. As I have written before, his behavior after the losses in the scam defies the basic rules of microeconomics. A team owner has to pay for the amount of talent necessary to optimize net revenues--tickets, TV, concessions etc. minus expenses, including player salaries.
If you can't afford to do that, then you sell part of the team and bring in a partner. Anything less, reduces the value of the team while screwing the fans. His behavior was inexcusable, and everyone in baseball with half a business brain knows that.
His getting this role shows how much MLB is ruled by politics and cronyism, not sound business practices. When you are as rich as nearly all of these guys are, I guess sound business practices on their sports team--which is basically treated as a grownup's toy--just don't matter much.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
.
Respectfully, it wasn't his money in the place. He couldn't afford the Mets. The scam was others money which bought the Mets and he cashed out a prior to the collapse. Then we saw the market almost triple since 7500 yet this (lol) businessman (my ass) still never touched his principle while refinancing debt to the tune of 1.2 billion.
At least he really loves the Mets right? No hurry in updating his Sterling Equities website photo sporting Willie Randolph, Kaz Matsui and Jose Reyes. The aged photo and preaching "integrity" speak volumes about where his interest lies with an emphasis on "lies".
Another spoiler for few.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
I had the same thought about The Onion.
It smacks of sheer laziness and absolute incompetence to invest close to a $billion without checking the investment thesis and historical results. So, the Wilpons fucked up their own investments, fucked up the business of running the Mets, and now head the Finance Committee?
The Onion wouldn't run this. It isn't credible enough to function as satire.
To be fair, it's not like the Wilpons were the biggest fish in the pond. Dozens of banks, large pension and investment funds and other institutional investors had big money with Madoff.
You can sorta excuse them in small part by the fact that big institutions investing on behalf of others were also scammed. You can't justify making one of them chair of the Finance Committee though. Not even a little.
1) He's so easily duped by a "too good to be true scam," out of nearly his entire fortune. The fact that so many other magnates fell for the scam means nothing. It just emphasizes how phony all these supposed financial geniuses are.
2) He's supposed to be a real-estate magnate. But he was stuck with the Mets throughout the last five years, because he got so underwater in the real estate market that the baseball team was his only decent asset.
Wilpon may be a decent guy, but he's a very average businessman, from where I'm sitting. He'd be perfect for Major League Baseball's finance committee, seeing as they made a name for themselves killing the goose that laid the golden egg (PED users that they encouraged at the time, now branded as cheaters).
1) He's so easily duped by a "too good to be true scam," out of nearly his entire fortune. The fact that so many other magnates fell for the scam means nothing. It just emphasizes how phony all these supposed financial geniuses are.
2) He's supposed to be a real-estate magnate. But he was stuck with the Mets throughout the last five years, because he got so underwater in the real estate market that the baseball team was his only decent asset.
Wilpon may be a decent guy, but he's a very average businessman, from where I'm sitting. He'd be perfect for Major League Baseball's finance committee, seeing as they made a name for themselves killing the goose that laid the golden egg (PED users that they encouraged at the time, now branded as cheaters).
Yes, just your ordinary, average businessman from a working class family who managed to save enough nickels to buy a major leauge baseball team.
I understand the whole Madoff thing, Manfred told The New York Times, but before and since, Fred Wilpon was an extraordinarily successful businessman. The committee -- the finance and compensation committee -- really deals with two issues, principally: executive compensation, which hes more than capable of dealing with, and a central office budget. Obviously, to be a successful businessman, you have to know how to budget. ...
If you really understand which committees do what, I dont see it as an issue. He understands how the budget process in baseball has worked, and hes more than qualified to fill that role.
Manfred told the newspaper there are two separate committees unaffiliated with Wilpon that oversee audits to safeguard against fraud.
Rubin ... - ( New Window )
Right, wilpon is a successful businessman right now. Sacraficing and siphoning his profits from his MLB team to fund his other failing business.
Lets just call it what it is...freddy's buddy, the commish, gifted him this position on his way out. I said it before and I'll say it again, appointing the posterchild for financial instability to this position is insulting and ignorant. Bud Selig is a joke.
MLB naming Bernie Madoff's BFF Fred Wilpon to its finance committee is quite possibly the funniest thing I've ever heard.
I mean, I get the people be defensive since we don't have all the facts of both their personal situation and the role, but regardless this doesn't look great for MLB and deserves some further scrutiny. Their handling of the Mets has clearly been less than ideal in terms of how much leverage they've had to accept, not to mention their ability to run a profitable / high attendance team.
^^^^
Yes. Now for the disgusting part:
Committee chairman get paid by MLB, and I suspect, but do not have proof, that its a high-six, low-seven figure number. Its work that any idiot can do, because hired accountants do the actual work. Its basically pure cronyism.
So two conclusions: (1) this was actually a step down for Wilpon, not a promotion, and (2) Manfred's high road defense of Wilpon as qualified is a bunch of bullshit; this is palace politicking 101.