Cash Flow Problems for Yankees, Mets Stars

by flachimesa on Feb 21, 2009 10:45 AM CST

Johnny Damon and Xavier Nady of the Yankees and Mike Pelfrey of the Mets are among the investors whose assets were frozen this week after the feds raided alleged financial swindler Robert Stanford's Houston offices.

The Securities and Exchange Commission froze the assets of Stanford International Bank, Stanford Capital Management and Stanford Group Company this week to investigate an alleged fraud scheme.

The SEC accused Stanford of fraud involving the sale of $8 billion in certificates of deposits that yielded unusually high returns.

In a telephone interview with the New York Post, Damon said

"My money has been frozen for four or five days. Hopefully it won't be much longer. I can't pay my bills. My paychecks go into the fund. There is one out there but I am getting another one soon [March 1]."

Source

This is a FanPost and does not necessarily reflect the views of SB Nation or Al Yellon, managing editor (unless it's a FanPost posted by Al). FanPost opinions are valued expressions of opinion by passionate and knowledgeable baseball fans.

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I'll bet those aren't the only athletes who are involved.

And it’s possible some team owners are, too.

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al Yellon on Feb 21, 2009 10:48 AM CST reply actions

this is just the beginning

The SEC of the last generation was purposely gutted by policy decisions…“Other People’s Money” or even better “the Producers” conjure up the idea of what unregulated atmosphere of managing other people’s money is about.

just ask Gordan Gecco

Piniella: "This is a tougher job than I thought it would be, I'm going to be honest with you."

by Ivy Walls on Feb 21, 2009 12:15 PM CST up reply actions

the original was better

just my opinion

"I like coconuts, you can break them open and they smell like ladies lying in the sun" Widespread Panic

by Cubbie-Tim on Feb 21, 2009 12:42 PM CST up reply actions

i agree

but i’m biased against musicals.

by nathew on Feb 21, 2009 3:23 PM CST up reply actions

The original was funny, and...

…and, I just saw a local company do a version of “Bat Boy – the Musical” on stage in a neighboring state. (Hat tip to the old, sorely missed Weekly World News)

by MN exile on Feb 21, 2009 6:47 PM CST up reply actions

I completely agree.

Here, have a cigar.

"I see great things in baseball. It's our game - the American game." - Walt Whitman

by hip2bsquare on Feb 21, 2009 3:25 PM CST up reply actions

here have a cigar on me

Shine on your crazy diamonds too

Piniella: "This is a tougher job than I thought it would be, I'm going to be honest with you."

by Ivy Walls on Feb 21, 2009 4:25 PM CST up reply actions

Not even close

The original is one of my favorite films of al time. The “remake” not even that good. I live right near where Wilder & Mostel
visit the crazy Nazi and his pigeons " Not many people know it, but the Fuhrer was a terrific dancer. ". I think I can do almost all the dialogue.

"I daydream just like everybody else, I just do it with my body facing the field, so everybody thinks I'm paying attention."- Greg Maddux

by Doggie Stalker on Feb 21, 2009 4:11 PM CST up reply actions

Seconded.

Or: Co-sign…

by MN exile on Feb 21, 2009 6:45 PM CST up reply actions

That would suck

Having millions of dollars and unable to use your credit card to get a hamburger.

Let the Blaine Gabbert era begin.

by nji232 on Feb 21, 2009 10:54 AM CST reply actions

Haha

I know it’s not funny, but that really made me laugh.

Chicago Cubs Rumors and News

by Brett Taylor on Feb 21, 2009 4:16 PM CST up reply actions

So how long does it take to change or turn off direct deposit?

I understand paperwork and red tape can cause even the simplest of transactions to drag on, but given the circumstances and the parties involved, it seems like somebody could jump through some hopes to redirect the paychecks somewhere else.

All of a sudden, the First Bank of Rickey’s Locker doesn’t look so bad anymore…

Lou Brown: "My kinda team, Charlie, my kinda team..."

by ballhawk on Feb 21, 2009 10:55 AM CST reply actions

I wonder if Rickey's $1m check is still uncashed?

He could wind up with a lot of new friends…

"That's my opinion and if you don't like it, well, I have others." ~ Groucho Marx

by Al Yellon on Feb 21, 2009 10:58 AM CST up reply actions

He talked about that on the MLB network. I forget what the end of the story was.

by ol Pete on Feb 22, 2009 9:35 PM CST up reply actions

no kidding--it's done online in 10 minutes where I work.

by DudeVf11 on Feb 23, 2009 11:12 PM CST up reply actions

anyoner believe they cannot get a dime?

the Union will come up with “a players fund” for them to borrow against until their assets are released.

"I like coconuts, you can break them open and they smell like ladies lying in the sun" Widespread Panic

by Cubbie-Tim on Feb 21, 2009 11:55 AM CST reply actions

Why would anyone put all there money in one place.....especially one so highly suspect?

….Damon and other got some bad advice. There have been rumors for years about Stanford….

New sig currently under construction

by JB 23 on Feb 21, 2009 2:33 PM CST reply actions

High-yield CDs...

I’ve been snickering at that all week.

I appreciate the fact that you’ve used “alleged” though, which gives you more journalistic integrity than just about all the financial press who have reported on this story.

by Damen Jackson on Feb 21, 2009 6:12 PM CST reply actions

Southwind Golf Tourney Needs New Sponsor

Stanford has been the corporate sponsor of the PGA Tour event at Southwind just east of Memphis. It looks like FedEx may have to sponsor the tournament this year before things get worked out in securing a new sponsor.

"The big possum walks late." - Harry Caray

by memphiscub on Feb 22, 2009 9:56 AM CST reply actions