Yesterday was a holiday for Canada. They call it like Canada Day or something like that. I don’t really know what it’s for or what they do. I just hope Joey Votto enjoyed it.
Well, Canadians. Us Americans celebrated a holiday yesterday, too. We call it Bobby Bonilla Day.
Bobby Bonilla was a 6-time All-Star who is a .287 career hitter. In 1999, Bobby Bonilla played for the Mets for 60 games. Bonilla hit .160.
The Mets decided they didn’t want Bobby anymore, but they still owed him $5.9M. The two agreed to do some kind of installment plan, and then like 8 percent annual interest and stuff and like money and everything. I don’t know what it all means. All I know is they owed him money, and they didn’t start paying it until July 1, 2011 and they will pay him every July 1 until 2035. Bobby’s getting a good chunk of change to do nothing.
So Bonilla went from getting $5.9M to not play for the Mets, to getting $29.8M. Apparently the Mets thought this was a good deal, because they could use the $5.9M they saved in 2000 to go out and sign other free agents.
Plus, $29.8M would be nothing to them by 2035. The Mets and their owners, the Wilpons, had this genius investor guy named Bernie Madoff. The guy was an investing genius, and the accounts that the Wilpon’s were investing through were getting upwards of 12-15% returns thanks to Madoff. Unfortunately, things didn’t work out.
So that’s how the Mets got stuck in this situation. Congrats to Bobby Bonilla on another quick million. And congrats to the Wilpons on playing themselves. And congrats to Bernie Madoff on avoiding being assassinated by now.