The Free Agent winner is........

[UKWoodford]

Bobby Bonilla. (not really, but still a good story)

This is the day. Every year on July 1st the Mets inject his bank account with $ 1.2M. This started in 2011 and will end in 2035.

The Mets owed him $ 5.9M back in 2000. His agent approached them with the wild idea to push it off a decade and then pay him $ 1.2M every July 1st from 2011-2035. Rather than cut the $ 5.9M check and be done with it, the Mets happily signed up for the nearly $ 30M payout over time. Brilliant!

The Mets were making nearly 20% returns off of the Berny Madoff Ponzi scheme back in 2000 and someone in the organization put their business hat on and quickly deduced that a) those returns would last forever and b) why not give Bobby B a tiny fraction of those returns each year and it will be like paying him nothing?

Happy Bobby Bo day.

 

[DreadLox]

Bobby Bonilla. (not really, but still a good story)

This is the day. Every year on July 1st the Mets inject his bank account with $ 1.2M. This started in 2011 and will end in 2035.

The Mets owed him $ 5.9M back in 2000. His agent approached them with the wild idea to push it off a decade and then pay him $ 1.2M every July 1st from 2011-2035. Rather than cut the $ 5.9M check and be done with it, the Mets happily signed up for the nearly $ 30M payout over time. Brilliant!

The Mets were making nearly 20% returns off of the Berny Madoff Ponzi scheme back in 2000 and someone in the organization put their business hat on and quickly deduced that a) those returns would last forever and b) why not give Bobby B a tiny fraction of those returns each year and it will be like paying him nothing?

Happy Bobby Bo day.

Cue "People Are Strange" by The Doors

 

[rick64]

It's Bobby Bonilla Day! Explaining why the former Met gets paid $1.19M today and every July 1

Bobby Bo hasn't played for the Mets since 1999, but Friday he'll receive a hefty check from his former employer. Here's what you need to know about the unusual annual payday.

www.espn.com

 

[PTI (pti)]

22 years ago, he invested in an annuity at the prime rate. Financially, this story just isn’t really exciting at all.

 

[Ron Mehico]

The Mets were making nearly 20% returns off of the Berny Madoff Ponzi scheme back in 2000 and someone in the organization put their business hat on and quickly deduced that a) those returns would last forever and b) why not give Bobby B a tiny fraction of those returns each year and it will be like paying him nothing?

From 2008-2021 they could’ve made 11% investing in a simple vanguard index fund. Maybe they both actually did make out well? Does anybody know how it turned out for the Mets?