From the NY Times:
Mets’ Owners Guarded an Investment Pipeline
Mr. Madoff was their treasured secret, and Sterling partners were going to run the show. They also screened out those who they thought might present problems, according to the lawsuit. Certain types of more sophisticated investors — those who might have wanted to engage Mr. Madoff about his strategy and his handling of their fortunes or more modest savings — were kept out.
“Far more outsiders were turned down than actually got into the elite pool of Madoff investors through Sterling,” the lawsuit said, adding that it was Mr. Katz who finally determined which people were approved for accounts.
Interesting. On the one hand, getting their friends and family involved might suggest that the Mets owners didn't know it was a scam. (Though Bernie involved his friends and family, and he of all people knew the score.) OTOH, investors were apparently carefully screened for their ignorance about investing...by Katz.
Larry King was one of the chosen few. Sandy Koufax was, too. They both support the Wilpons. Of course, they were among the lucky ones who didn't lose any money.
I have to think the financially-savvy Wilpons must have at least suspected. Picking investors for their ignorance? Who does that, except con men?
Labels: crime and punishment
