Great Moments in Financial Management

Mets! Yankees! Madoff! Stanford!

Johnny Damon, earning $13 million this season, cannot pay his bills.

Xavier Nady, earning $6.55 million, cannot purchase an apartment in New York.

The Stanford Financial Group scandal extends to Major League Baseball.

The issues facing Damon and Nady — both New York Yankees outfielders and both clients of agent Scott Boras — stem from the alleged $8 billion fraud scheme involving billionaire financier Robert Allen Stanford.

Damon, 35, and Nady, 30, told FOXSports.com on Friday morning that their finances are frozen because of money they have with a Stanford company.

Nady and Damon have something else in common: Scott Boras, whose financial division handles their money and, one presumes, directed them into the Stanford stuff. Oops.

Boras says it’s going to be alright and that neither Damon nor Nady are at risk of losing their money. Of course, Boras also said that Manny Ramirez had tons of better offers than what the Dodgers have made too, so we should probably not* take anything he says with a grain of salt.

(that’s what I get for editing on the fly; I was going to say “shouldn’t take what he says at face value,” got distracted, and out came nonsense)

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Comments

  1. splint chesthair said...

    I wonder if Boras was getting any kickback from Stanford for steering high dollars his way.  I sure hope so. 

    They should have called up Dykstra.

  2. Utpal Sandesara said...

    Stanford apparently hasn’t done the world of cricket a lot of favors either.

    http://www.nytimes.com/2009/02/20/world/europe/20cricket.html

    <<Mr. Stanford… was dismissed as “crass” and “vulgar,” after admitting he knew little about cricket, and disparaging the long-form game, the five-day international tests, as boring. Worst of all, perhaps, the Texan was accused of flirting with the wives and girlfriends of England’s players.>>

  3. Ethan Stock said...

    As long as we’re being persnickety, may I propose the Maris/Bonds rule of asterisks for bloggers:  Asterisks always come in pairs, one later than the other.

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