The Mets are hoping for blue skies ahead now that they've settled for $162 million in the Madoff case. This settlement is in addition to an $83 million they had already been ordered to pay, yet a far cry from the $1 billion originally sought. Since the Mets have a $178 million claim against Madoff as a recorded net loss, how much of that $162 million are they liable for? "Once we watched a lazy world go by; now the days seem to fly." Fred Wilpon and Saul Katz can now focus on baseball.
Trustee Irving Picard has filed hundreds of law suits on behalf of Madoff's victims, against those who profited. Stealing from the rich to give to the poor, it doesn't matter one iota if those who made money were actually in cahoots with the fraudster. What matters is that they withdrew more money than they put in, before they learned what Bernard Madoff was all about. "Don't tell me it's not worth fighting for." Mr. Picard is suing a retired 83 year old man in FL, for his tax refund. The man reportedly received a 900,000 tax refund on the taxes he paid on the fictitious income. The taxes were very real, however the income wasn't―check please.
"Can't you see the tears we're cryin'?" The retiree from FL is not the only one with worries of Mr. Picard. There are victims who lost their life savings to Madoff, who now have to worry about being sued by Irving Picard. There are retirees who knew nothing about the Ponzi scheme, who had thought they were withdrawing money from their accounts that belonged to them, who find themselves late in their lives back in the work force. Are these folks being victimized a second time?
Not all stories have a Disney ending. Modern day Robin Hood, Irving Picard, could almost be seen as the con man in this case. Now that the Mets have settled, it may be time to move on to the $6.4 billion suit against JP Morgan Chase. "O-Da-Lalli, O-Da-Lalli, Golly what a day!"
** all quotes from song lyrics on Robin Hood soundtrack.