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Someone is going to testify that the Mets owners knew that Madoff was crooked

Feb 10, 2012, 12:33 PM EDT

File image of New York Mets chairman and CEO Fred Wilpon talking to reporters at a news conference in New York Reuters

Howard Megdal had his credentials revoked by the Mets recently because they “didn’t like his reporting.”  After reading his report about the witness who is going to testify that the Mets’ owners knew that Bernie Madoff was a scammer but stuck with him anyway, they’re gonna double revoke them.

It’s a pretty complicated storyline, so I recommend that you read the article rather than leave me to blockquote any of it.

This all goes to trial on March 19. For those who have forgotten, the bankruptcy trustee, Irving Picard, contends that the Mets owners knew or should have known that Madoff was scamming, and thus should be required to disgorge huge, huge dollars as a penalty.  The Mets owners contend, however, that they were victims like everyone else.

Not that this story gives us any definitive insight as to what will happen. Picard has this witness. The Mets owners will testify about their lack of knowledge.  Ultimately everyone’s credibility will be judged. Could go either way.

  1. WhenMattStairsIsKing - Feb 10, 2012 at 12:37 PM

    I can’t wait until this mess is gone for good and the Wilipons get theirs. This is bad for business, bad for baseball, and ugly altogether.

  2. lardin - Feb 10, 2012 at 12:44 PM

    If this is true, the Wilpons are done and not just with the Mets.

  3. JBerardi - Feb 10, 2012 at 12:53 PM

    “Ultimately everyone’s credibility will be judged. Could go either way.

    Which in and of itself means, to me at least, that the Wilpons have no business owning an MLB franchise (nevermind one of the two NYC teams). Hey, Bud Selig, do you think you could take a break from ruining the amateur talent markets and not ever resolving the Red Sox/Cubs Theo compensation to maybe deal with this?

  4. loge23 - Feb 10, 2012 at 12:58 PM

    Into my dreary existence as a life-long Mets fan, a little ray of hope.
    My only hesitation with this potentially great, fantastic, awesome news is that I doubt the Wilpons know very much about anything.

  5. jrspike - Feb 10, 2012 at 1:09 PM

    They will need all Philly fans on the jury.

    • umrguy42 - Feb 12, 2012 at 12:39 AM

      Who, the bankruptcy trustee, or the Wilpons? I’d think Philly fans would rather let the Wilpons stay there and keep the Mets from making progress :P

  6. phillysoulfan - Feb 10, 2012 at 1:12 PM

    If someone is telling you that the company you invested 100′s of millions of dollars in is a scam, don’t you think you would remember THAT meeting? I know I would. So, if Katz doesn’t say something definitive like “That meeting never happened” or “It happened but I felt she was wrong” then he is lying. Case closed.

  7. paperlions - Feb 10, 2012 at 1:28 PM

    Wait a second. Are you telling me that business men that make hundreds of millions of dollars without actually providing any goods or services to the marketplace would lie, cheat, or circumvent rules simply because it was highly profitable to do so?

    Now I’ve heard everything.

  8. aaronmoreno - Feb 10, 2012 at 1:43 PM

    The real shock would be if Chris is the witness.

  9. cshearing - Feb 10, 2012 at 1:59 PM

    I know it’s not right to say perhaps, but…Wilpon just looks like a weasel. I would have no problems believing this.

  10. chiadam - Feb 10, 2012 at 3:14 PM

    Someone will also testify that the Wilpons knew the sky was blue.

  11. drewzducks - Feb 10, 2012 at 3:25 PM

    Am I the only one who wouldnt be suprised to see the “mystery” witness take the stand wearing a fake mustache, glasses and a rubber nose?

  12. 1943mrmojorisin1971 - Feb 10, 2012 at 3:28 PM

    I’m pretty sure Harry Markopolos told the SEC the same thing in much more detail. When do the people who rebuffed him go on trial?

  13. The Rabbit - Feb 10, 2012 at 3:31 PM

    The story isn’t really complicated. Just hard to excerpt without losing context.
    Harrington used the key phrase “due diligence.” Everyone who holds a security license is required by the SEC and NASD to exercise it.
    One would think someone or the partners in Sterling Securities held licenses. It would have been required if they were soliciting outside investors.
    Picard is correct: The Wilpons may be screwed either way. If they didn’t know and if they were broker/dealers, it doesn’t look like they can come close to proving “due diligence” (the “should have known” part of Picard’s statement). Harrington is alleging they did know.
    Great news for Mets fans!

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