From the Daily News:If Fred Wilpon and Saul Katz are going to retain control of the Mets, and their family's fortune, their best hope may be legislation introduced last week by a New York congressman.
Rep. Gary Ackerman's bill would bar bankruptcy trustees such as Irving Picard, the Madoff trustee who filed a $1 billion lawsuit against the Mets owners in December, from suing investors victimized by a Ponzi scheme unless the trustee could prove they participated in the scam.
Under the Ponzi Scheme Investor Protection Act of 2011 sponsored by Ackerman (D-NY), the only investors who would face "clawback" litigation would be investors whom the trustee can legally establish were complicit in a Ponzi scheme or negligent investment professionals. Trustees are currently permitted to sue Ponzi scheme victims even if they did not have involvement or knowledge of the fraud - and the Mets' owners say they did not.
If Ackerman's bill passes, it would be applied retroactively, which means Picard would have to drop the suit against the Mets' owners or prove that Wilpon and Katz were complicit in Madoff's $64 billion scam.
The measure was sent to the House Financial Services Committee. Ackerman said it will be an uphill battle to win congressional approval for the bill.
"Whether rich people make money or lose money, they get no sympathy from the public," Ackerman said.
11 comments:
It figures that Ackerman would try to protect his pals. I wonder how the Zises family is doing? The crooked congressman dodged a bullet on his association with that family. Hey Gary---how's Xenonics doing these days? Did you find the date of the meeting with Israeli officials yet?
http://articles.nydailynews.com/2010-07-18/local/27070254_1_xenonics-investment-partners-campaign-cash
Whatever happened to that ethics investigation? Did Ackerman blow his way out of that one? Just checking...
when ackerman's daughter got married at the former met's shea stadium home plate,the N.Y.C. High School
Baseball Championship game was diverted elsewhere.
drop dead kids baseball......
ZOG
ARP!
Some years ago, prior to iraq war, Ackerman profited by borrowing money, and buying and selling shares of xenonics, a company that developed night vision equipment. Ackerman never came clean on this controversy. Anyone recall this? Here is a daily news editorial on the matter:
http://www.nydailynews.com/opinions/2010/01/11/2010-01-11_come_clean_gary.html
Look...it was all a misunderstanding. You folks don't understand that no one is going to win by attacking me. I'm your teflon congressman!
I get mine and that's all you need to know!
See ya, suckers!
Whatever happened to that ethics investigation? Did Ackerman blow his way out of that one? Just checking...
________________________________________________
Queens Crap was on this schmuck for a long time:
http://queenscrap.blogspot.com/2009/10/reader-asks-for-ethics-probe-of.html
Someone should push for an Ackerman protection bill.
Personally, Gary Ackerman is the best congressman money can buy!
But who will step up to run against him? Can't we get a decent Republican candidate, or an independent Democrat who will challenge the Queens machine?
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