PASTOR LORAN LIVINGSTON (@CentralChurchNC): โThere has never been a Christian nation, and never will be. You donโt live in one now. A Christian nation wouldnโt have killed and displaced 20 million Native Americans, or thought owning slaves was pleasing to God.โ
Bernie Madoff is the reason the Mets still wire Bobby Bonilla $1,193,248.20 every single July 1 until 2035.
Here's the math nobody runs. In 2000 the Mets owed Bobby $5.9M and wanted him gone. Rather than cut the check, they spread it across 25 years at 8% interest, starting in 2011. Total payout $29.8M. On its face it reads as lunacy. Pay $30M to escape a $6M bill.
Except Fred Wilpon had a plan for that $5.9M. He parked it with Madoff, whose accounts were printing steady 12% returns like clockwork.
Borrow at 8%, compound at 12%, keep the spread. That was the whole trade.
One analyst reverse-engineered it and found a second punchline hiding inside the first. At 12%, the $5.9M grows to roughly $8.5M before Bobby's opening check clears in 2011. From there the Mets pocket the four-point gap, about $236K a year, $5.9M across the life of the deal. That spread lands on the buyout amount almost to the dollar. The structure was built so Madoff's returns would make Bonilla functionally free.
Then the whole thing turned out to be a Ponzi scheme. The 12% never existed. The compounding never happened. Wilpon and his circle were wired into 483 Madoff accounts and lost hundreds of millions when it caved, and the "free" contract became a real $30M liability with nothing holding it up.
The proof the math itself was sound: Steve Cohen bought the team. Cohen built one of the highest-returning hedge funds ever run. For someone who clears 8% without breaking a sweat, a $1.19M annual payment is a rounding error he can fund out of pocket until 2035. So he did the one rational thing left and turned it into a marketing holiday.
Bobby's payout was only ever as smart as the investor standing behind it. For the years that decided everything, that investor was Bernie Madoff.
I don't post these videos here very often... but since I live in Charlotte and the Melo and Miles trades are a hot button issue... here's an explanation to this tweet.
Runs the floor.
Finds open space.
Finishes in transition.
Those are the exact traits a new look Hornets team built around Brandon Miller and Kon Knueppel needs