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TUESDAY, NOVEMBER 24, 2009
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Madoff-Burned Owners Must Sell Mets: Author

Mets call remark 'completely irresponsible'

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(Newser) – The Wilpon family will have to sell the New York Mets after losing $700 million to Bernie Madoff's Ponzi scheme, according to an author who wrote about the money manager. “It's possible they would have to sell by next year,” says Erin Arvedlund, author of Too Good to Be True. The team denied it, calling her remark "completely false" and "irresponsible." The Mets are valued at $912 million, second-highest after the Yankees, Reuters reports.

Bernard Madoff.
Bernard Madoff.   (AP Photo)
The New York Mets play the New York Yankees at Citi Field.
The New York Mets play the New York Yankees at Citi Field.   (AP Photo)
Fans walk outside Citi Field.
Fans walk outside Citi Field.   (AP Photo)
New York Mets chief executive officer Fred Wilpon.
New York Mets chief executive officer Fred Wilpon.   (AP Photo)
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youngblood
Aug 28, 09 2:28 PM CDT
The investors who were with Madoff, I wonder why with all their business savvy like the Wilpon Family, why they could not figure out that 20% consistently on their money is just too good to be true? Reply
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Spudsy
Aug 28, 09 2:37 PM CDT
Greed. It sneaks up on you. Hard to resist.
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