Streams

Mets Settle on Madoff Money

Tuesday, March 20, 2012

A Bernard Madoff New York Mets baseball jacket is displayed during a press preview of a U.S. Marhals Service auction of personal property seized from Bernard and Ruth Madoff. (Mario Tama/Getty)

Greg David, director of the Business & Economics Reporting Program at CUNY Journalism School and contributor to Crain's New York Business Modern New York:The Life and Economics of a City, discusses the settlement in the civil suit alleging the Mets' owners knowingly profited from Madoff's fraud.

Guests:

Greg David
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Comments [8]

Greg from NYC

Even if Goldman managers won't face criminal charges as Madoff did, Goldman is still open to civil liability and I'm certain that snippets of the Greg Smith farewell salvo will end up in a number of complaints filed against Goldman.

Mar. 20 2012 10:27 AM

This conflict of interest permeates our entire culture. INCLUDING our "esteemed" medical profession®. Mental health providers and medical professionals all participate in a system of conflict of interest - it's more profitable to guide a patient toward more and more expensive treatments. If you get better they they don't get paid as much - same as Goldman Sachs™.

Mar. 20 2012 10:25 AM
fuva from Harlemworld

The conflicts of interest with so-called financial advisors, who prey on the largely financially illiterate/intimidated masses, is why the corporation-led move toward 401Ks and against pensions is highly problematic and unsustainable.

Mar. 20 2012 10:24 AM
Antonio from bayside

I think I finally agreed with Greg David...The stuff about your investor advisor...
time for some ardmore..j/k...

Mar. 20 2012 10:21 AM
John A.

I always hear horns piercing skin and reaching skyward when this guy talks.

Mar. 20 2012 10:20 AM
fuva from Harlemworld

Sheldon, you most definitely are still paying for Bonilla.

Mar. 20 2012 10:19 AM
fuva from Harlemworld

In these times, the trustee "couldn't prove" that sophisticated investors like the Wilpons shouldn't have reasonably been suspicious of Madoff's returns? Please.
The SEC's failure to go after Madoff wasn't about the inability to ID his scam, but under-regulation, so the SEC wouldn't have necessarily been a robust defense for the Wilpons...
This settlement is highly suspicious, given the low degree of separation between politicians, the government, "mediators", the courts and defendants.

Mar. 20 2012 10:17 AM
Sheldon from Brooklyn

What about the scam they run called the Mets, they promise their fans returns and all we get are over-priced hot dogs and crocked players, we are probably still paying for Bonilla.

Mar. 20 2012 10:15 AM

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