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In reality the Mets owner invested the money in the Bernie Madoff Ponzi scheme and lost it, along with hundreds of millions more, before paying the first dime on the Bonilla deal. So I stick by my “Mets were stupid” assessment.
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My blog about collecting cards in Japan: https://baseballcardsinjapan.blogspot.jp/ Last edited by seanofjapan; 07-01-2020 at 05:40 PM. |
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And of course Bonilla, if he had taken the 5.9 Million up front and invested it wisely in a diversified portfolio, would have likely found himself with about the same amount or slightly less in 2010. Because he didn't do that though, he is instead coming out way on top with annual payments of over 1 million $ for 25 years, way more than he would have likely ended up with if he had taken the 5.9 in 2000. I realize this is all being evaluated with the benefit of hindsight, but I don't think you can say it was a smart deal for the Mets even at the time. The same stupidity that led the guy to invest in the Madoff scam led him to commit to the Bonilla deal because he unrealistically expected the returns on the ponzi scheme to go on indefinitely, without which the Bonilla deal wouldn't have made sense. That itself was a stupid judgment, even at the time. And of course, the stupidity of the deal doesn't just relate to the deferred payment plan, but also to the wisdom of having signed him for that much in the first place.
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My blog about collecting cards in Japan: https://baseballcardsinjapan.blogspot.jp/ Last edited by seanofjapan; 07-01-2020 at 07:24 PM. |
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