What Picard News Today

Catastrophe for them. >> principal, you mean the amount they actually invested. >> correct. >> now, lets drill down to the one factual question that picard would have to prove. >> right. >> how does he claim wilpon knew that bernie madoff was a ponzi schemer? >> he says he should have known. >> based on what? >> based on a variety of factors starting with the fact that madoff paid steady, very steady, suspiciously steady returns for year after year after year. 10% to 12%. >> my bank pays me stea...

Returns on my saving account. >> this is more than that. it was like 10% to 12%, which was not, you know, doubling your money all the time but more than youd get in any other risk-free investment. thats the starters. also, and heres where it gets very controversial, he says, picard says there were certain red flags, that there were warnings. now, i looked very deeply into this, and this was the heart of my story about fred wilpon. and frankly, i am sympathetic to wilpon on this score, that i did...

It was like 10% to 12%, which was not, you know, doubling your money all the time but more than youd get in any other risk-free investment. thats the starters. also, and heres where it gets very controversial, he says, picard says there were certain red flags, that there were warnings. now, i looked very deeply into this, and this was the heart of my story about fred wilpon. and frankly, i am sympathetic to wilpon on this score, that i didnt see going back into the history the red flags that fre...

>> the theory is that since the whole thing was fictional, the people who profited from it dont deserve to profit from it. >> let me stop you there. even if they didnt know. >> none of them knew. even if they didnt know. >> thats an assertion that will be challenged. >> correct. right. but this is where the story gets very interesting, is that he, the trustee, is not treating wilpon and company like all the other victims. if he was treating wilpon like the rest of them, wilpon would have to give...

Back, because what picard is saying is that wilpon is not like all the other investors who were essentially innocent victims. what picard is saying is that wilpon and company were complicit, that they knew or should have known that madoff was running a ponzi scheme. so they dont have to give back their profits. they have to give back their principal, which would be a catastrophe for them. >> principal, you mean the amount they actually invested. >> correct. >> now, lets drill down to the one fac...

>> youre saying picard is overreaching. >> i think he is. >> because hes seeking a billion dollars back, whats that doing to the mets? >> well, the mets are in grave, grave trouble. first of all, they stink. i mean, the team is no good. im a mets fan. thats the thing. im also realistic about that. and so attendance is down. >> right. >> in addition, theyve made a lot of bad investments in players who didnt turn out to be -- >> talks about that. >> that turned out to be a big story here in new yo...

Have to give back about $160 million, which he could do. >> how much does he want back? >> he wants a billion dollars back, because what picard is saying is that wilpon is not like all the other investors who were essentially innocent victims. what picard is saying is that wilpon and company were complicit, that they knew or should have known that madoff was running a ponzi scheme. so they dont have to give back their profits. they have to give back their principal, which would be a catastrophe ...

My story about fred wilpon. and frankly, i am sympathetic to wilpon on this score, that i didnt see going back into the history the red flags that fred and company knew or should have known that this was a ponzi scheme. you know, those of us who are not involved in the financial world, i never heard of bernie madoff until the story came out. >> right. >> in that world, madoff had a very good reputation. he was chairman of nasdaq for three terms. he had been investigated by the s.e.c. and cleared...

Him. >> youre saying picard is overreaching. >> i think he is. >> because hes seeking a billion dollars back, whats that doing to the mets? >> well, the mets are in grave, grave trouble. first of all, they stink. i mean, the team is no good. im a mets fan. thats the thing. im also realistic about that. and so attendance is down. >> right. >> in addition, theyve made a lot of bad investments in players who didnt turn out to be -- >> talks about that. >> that turned out to be a big story here in n...

>> shes back after a season of reality tv. sarah palin returns to what she does best. >> wow. >> scaring the heck out of some republicans. >> tea party americans, youre winning. >> is she the king maker or the queen? and baseball and ponzi schemes. >> i got it, i got it, i got it! >> jeff toobin say the new york mets and bernie madoff used to be on the same team. can the mets survive and win again, or will they strike out? >> youre out of here! then, the financial meltdown. whos th...