NY Mets owners made $48 million on Madoff investments
For all the people and institutions that lost tens of million of dollars investing with Bernie Madoff, a few had to make money. Someone had to be smart enough to take their gains and call it a day.
It turns out that among the more intelligent Madoff investors, or at least the more fortunate, were the owners of The New York Mets baseball team. Several media reports say that filings with the bankruptcy court handling the Madoff matter, by the trustee handling the victim's claims, show that the Mets Limited Partnership put $523 million into two Madoff accounts and withdrew $571 million.
There has been a great deal of talk that those who made money with Madoff may be required to give profits back as part of a process to make as many investors whole as possible.
Why did the Mets make $48 million when so many other investors posted losses? It may just have been good fortune. There is no evidence, nor is there likely to be, that the team's owners knew anything about the operations of Madoff's funds. Like others, they probably invested money with Madoff because of his reputation as a magician with money.
The Mets did not have a good season, but as investors they prove the belief that it is better to be lucky than good.
Douglas A. McIntyre is an editor at 24/7 Wall St.