How many All-Star free agents could $162 million have bought the New York Mets? Unfortunately, Mets fans will never know because the money will be used to settle a lawsuit between Irving Picard and Mets owners Fred Wilpon and Saul Katz.
Picard, the trustee for victims of Bernard Madoff’s multibillion scheme, alleged that Mets owners profited from Madoff’s scam despite the very obvious signs Madoff’s investment returns were false.
Here are a few lessons we learn from the $162 million strikeout by Mets owners:
1) The “smart money” is pretty dumb. While it’s true the “smart money” like Wilpon and Katz may have avoided the dot-com and housing crash, it was only because they were fully invested in Madoff’s fictitious investment scam.