MADOFF Auction - Mets Jacket

[jhunt28]

Re: MADOFF Auction - Mets Jacket

Since the Feds have seized most of Madoff's assets that they can find, I wonder if they will seize the money from this auction? Whether or not the money is seized, that is a crazy price for the jacket.

Jim

I think the point of this auction was to raise money for the victims, at least that's what this news story says. So there wouldn't be anything to seize...


NEW YORK: Items once belonging to Wall Street swindler Bernard and his wife have fetched as much as 20 times their estimated value at a New York City auction.

Madoff is serving 150 years in prison after pleading guilty in a multibillion-dollar fraud that burned thousands of investors.

Proceeds from the auction will be divided among his victims.

[cohibasmoker]

Re: MADOFF Auction - Mets Jacket

Since the Feds have seized most of Madoff's assets that they can find, I wonder if they will seize the money from this auction? Whether or not the money is seized, that is a crazy price for the jacket.

Jim

[metsbats]

Re: MADOFF Auction - Mets Jacket

Ironically this jacket will be worth more in the end than have you taken 14.5k and invested it in a Madoff securities account.

[emann]

Re: MADOFF Auction - Mets Jacket

Why someone would want an item owned by a crook, much less pay about a thousand times what it is worth is beyond me. I can understand having something owned by a criminal in a museum, but why would someone want it in their home or office? And there is no way something like that would ever increase in value. If that jacket is worth $14,000 a Babe Ruth home run bat ought to be worth $50 million.

My guess as to who will put it in their office... Any number of NYC brokers or investors who either got ripped off by Madoff or NYC elite who just want a nice conversation piece in their offices. It's probably going to be gag Christmas gift for someone's boss (I've known financial types who would do this and 14K is a drop in the bucket for a good joke)...

I doubt it was about it increasing in value, it was about the message it sends.

[cjclong]

Re: MADOFF Auction - Mets Jacket

Why someone would want an item owned by a crook, much less pay about a thousand times what it is worth is beyond me. I can understand having something owned by a criminal in a museum, but why would someone want it in their home or office? And there is no way something like that would ever increase in value. If that jacket is worth $14,000 a Babe Ruth home run bat ought to be worth $50 million.

[hrvatwill]

Re: MADOFF Auction - Mets Jacket

This even made Bloomberg TV today which referenced that the jacket was only expected to go for $700; but as they pointed out, this isn't even a drop in the bucket compared to the $65 bn in funds out of which he bilked investors.

[RJB44]

Re: MADOFF Auction - Mets Jacket

OMG !!!!! - Crazy !!!!

[kingjammy24]

Re: MADOFF Auction - Mets Jacket

the jacket already sold for $14,500.

http://www.proxibid.com/asp/LotDetail.asp?ahid=2668&aid=23422&lid=6606467#topoflot

rudy.

[RJB44]

How do they figure a retail Mets dugout style jacket is worth $500-750? Just because it has his name in block letters on the back? Obviously someone will pay that just to have a part of the "scandal".

http://money.cnn.com/galleries/2009/real_estate/0911/gallery.Madoff_merchandise_auction/index.html