ET The New York Mets, Bobby Bonilla and Bernie Madoff. - Alan ... When Madoff's scheme collapsed, the Mets started pinching pennies but their obligation to Bonilla remained unchanged. RIP Bernie Madoff, the man who made Bobby Bonilla day possible. According to CNN, disgraced financier Bernie Madoff played an indirect role in Bonilla's long-term deal. In total, Bonilla will walk away with a $29.8 million payday because of Wilpon's blunder. Because of that belief, Mets ownership deferred Bonilla's salary . With the historical context around the Bobby Bonilla Contract what are the financial lessons we can take from Bobby Bonilla Day? At the time, the Mets were counting on investments they had made with Bernie Madoff to make Bonilla's payments. Want to learn more about sound investment strategies that will build you wealth without the need for a functioning crystal ball? Bobby Bonilla Day: How Bernie Madoff Helped Screw Over The New York Mets. During Bonilla's '99 season he was owed $5.6M, but the Wilpons, thinking they'd get big returns investing through Bernie Madoff, elected some bizarre scheme to pay out . Don't be like the Mets. Bobby Bonilla was the highest paid player in the National League when the New York Mets signed him to a 5 year, $29 million contract in 1991. During Bonilla's '99 season he was owed $5.6M, but the Wilpons, thinking they'd get big returns investing through Bernie Madoff, elected some bizarre scheme to pay out . So, as Madoff serves 150 years in prison and the Wilpons search for a buyer for their cash-hemorrhaging club, Bonilla gets paid more by the Mets than Pete Alonso and Jeff McNeil, adding to an ever . In short, be like Bobby. In total, Bonilla will walk away with a $29.8 million payday because of Wilpon's blunder. At the time, New York believed that they were going to make a significant profit from the team's investments with Bernie Madoff. So, Bobby Bonilla and his fans are thanking Bernie Madoff for his service. Go figure. NEW YORK -- Bernie Madoff, . "Remember, it's not what you make or what you have. That deal . This sort of deal occasionally occurs in professional baseball. So, Bobby Bonilla and his fans are thanking Bernie Madoff for his service. including Bobby Bonilla's infamous deal that pays the retired slugger $1 million a year through 2035 -- in order to invest . Go figure. He hasn't played pro ball in 20 years. But right behind the Madoff investment is the deal the Mets are making their annual $1.19 million payment on today: the Bobby Bonilla contract. All Thanks to Bernie Madoff. Bonilla hasn't picked up a bat in an MLB game since 2001, but he's been collecting more than million dollars on July 1 every year since 2011 after the Wilpons worked out a 25-year deferred . The former Mets slugger receives $1,193,248.20, as . Well, the Madoff ponzi scheme fell apart, and Bonilla's $5.9 million swelled to $29.8 million from 2000-11. The Mets are paying Bobby Bonilla over $1 million a year because of Bernie Madoff Published: July 1, 2015 at 3:12 p.m. Bernie Madoff, Fred Wilpon Getty Images; . CNN's AJ . (@andrewbloomberg) April 14, 2021 RIP Bernie Madoff. Bonilla was a six-time Major League . The Bernie Madoff connection to Bobby Bonilla's contract. Every year, on July 1, Bonilla gets a check from the Mets worth $1.19 million. Bobby Bonilla and a history of dead-money deals (1:00) In celebration of the Mets paying Bobby Bonilla his annual $1.19 million, we look back at some of the worst dead-money sports contracts. Bobby Bonilla and a history of dead-money deals (1:00) In celebration of the Mets paying Bobby Bonilla his annual $1.19 million, we look back at some of the worst dead-money sports contracts. And yet it's remembered with humiliation because of Bernie Madoff, because at the moment in 2011 when Bonilla started getting his $1.2 million checks, the Mets were broke. July 1 has been referred to colloquially as Bobby Bonilla Day in many circles. — Aaron Nadell (@AaronNadell) April 14, 2021 That $29.8 million divided by 25 years equals the annual $1.19 million payment. He didn't get the presidential get-out-of-jail-free card . arrest — to agree to the epic deferred-payment deal that turned less than $6 million in due salary into the 25-year Bobby Bonilla Annuity. In 2000, Mets ownership deferred Bobby Bonilla's contract at a whopping 8% interest because they thought they could make more by investing with Bernie Madoff. But Bonilla's play on the field for the Mets never quite rose to his play with the Pittsburg Pirates which earned him the free agent offer from the Mets. Madoff is serving 150 years in prison for the multibillion-dollar scheme that he ran for decades. RIP Bernie Madoff, the man who made Bobby Bonilla day possible. Because of that belief, Mets ownership deferred Bonilla's salary . Unfortunately for the Mets, Bernie Madoff's investment fund was actually a gigantic scam that wiped out between $20 and $65 billion in wealth for thousands of investors. July 1 has been referred to colloquially as Bobby Bonilla Day in many circles. Today, as you may have heard, is Bobby Bonilla's payday. That $29.8 million divided by 25 years equals the annual $1.19 million payment. Madoff's in jail for the rest of his life, Bonilla is a lifetime millionaire and Wilpon is still majority owner of the New York Mets. As will be the case every July 1 through 2035, ex-Met Bobby Bonilla will collect a cool mil today. Bonilla was traded by the Mets to the Baltimore . But Bonilla's play on the field for the Mets never quite rose to his play with the Pittsburg Pirates which earned him the free agent offer from the Mets. At the time, New York believed that they were going to make a significant profit from the team's investments with Bernie Madoff. In 2000, Mets ownership deferred Bobby Bonilla's contract at a whopping 8% interest because they thought they could make more by investing with Bernie Madoff. I was going to make a joke about Bernie Madoff and the Mets, and then I saw that Bobby Bonilla is already trending. Even with a low 10% return from Bernie Madoff, they expected to end up ahead. And yet it's remembered with humiliation because of Bernie Madoff, because at the moment in 2011 when Bonilla started getting his $1.2 million checks, the Mets were broke.
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