Another day, another crippling blow to Wall Street: Bernard Madoff, former NASDAQ chairman and founder of major investment advisory firm Madoff Securities, was arrested yesterday and charged with fraud, after losing up to $50 billion in a Ponzi scheme. (Not a Fonzie scheme: that involves betting someone you can jump a shark on your water skis.)
But this scandal could have a deep impact in the world of sports. CNBC is reporting that through their real estate investment firm Sterling Equities, Mets owners Fred Wilpon and Saul Katz may have had as much as $300 million invested with Madoff. That’s about eight Frankie Rodriguez contracts. And it doesn’t look like they’ll be getting much, if any, of that money back.
I wonder if this means that Frank and Jamie McCourt actually have more money than another set of owners now?