It’s tough enough being a New York Mets fan these days; so when I met a man who wanted to own a Mets jacket with Bernie Madoff’s name emblazoned on the back I couldn’t resist a friendly impromptu interrogation. Why would anyone want a piece of such notorious memorabilia? And pay a pretty penny, too.
The jacket–along with a slew of other Madoff “collectibles’ went on the auction block in New York last Saturday. Among the other goodies were two pairs of diamond earrings once owned by Bernie’s wife Ruth. each was projected to fetch somewhere in the neighborhood of $21,500. Both sold for $70,000 each. In fact, thanks to spirited bidders, all the items went for much more than expected, pulling in a million dollar bounty. And another million plus was pulled in Tuesday in Florida with the auction of three Madoff boats and a 1999 Mercedes once driven by Ruth.
Oh, the Mets jacket, slated to garner somewhere between $400-700, pulled in a staggering $14, 500. And that was a little too steep for Ted, an-ex Wall Street warrior turned Internet entrepreneur from Larchmont, New York. “I was hoping to grab it for under a thousand. But I was willing to go as high as, maybe, two grand,” he said glumly staring down at his 1/2 soy, 1/2 caff Venti latte at Starbucks in Rye Monday. “$14,000 seems a little over the top. I mean you gotta draw the line somewhere.”
Yeah. Only I’d draw my line at zero. Okay, maybe I’d go as high as $1.98; but that’s only as homage to the great Rip Taylor and his kitschy ’70’s game show, “The 1.98 Beauty Contest.”
But back to Ted and his deep pockets filled with disposable loose change. He went on to tell me he wanted the jacket because he’s a big Mets fan ( as am I) and we just endured one of the worst seasons in franchise history. “And Madoff perpetrated the worst Ponzi scheme in history. There seems to be, I don’t know, some sort of symmetry or poetry to owning that jacket,” he said. And besides, Ted knows a few folks who were, “stung big time,” by the scoundrel, who’s doing 150 years in a federal prison in North Carolina.
That’s right, there is a charitable lining behind selling off the spoils of Bernie’s greedy grab. Most of the proceeds will go to his victimized investors, many of whom were financially wiped out.
I asked Ted what he’d do with the $1,000-2,000 earmarked for Madoff merchandise. Without prodding, he offered the answer I was hoping for. “Probably give it to charity. There are still lots of people really hurting out there.”
Let’s hope there are others like Ted, willing, eager even to share their abundance this holiday season. Unfortunately, charities across the country ate bracing for a lean year. A recent Harris survey found only 38 percent planning charitable donations, down from 49 percent last year. The good news is 74 percent say they will dip into their coffers once again as their own economic straights improve.
Unfortunately, the sputtering economy has caused more people–the most since 1995–to face hunger in America. Forty nine million Americans–1 in 6–went hungry or had insufficient food in 2008. The report, issued yesterday by the U.S. Department of Agriculture, found 17 million people went hungry or did not eat regularly for at least a few days each month over seven or eight months last year. President Obama said his administration will boost benefits like food stamps and expand eligibility for school breakfast and lunch programs.
Feeding America ( www.feedingamerica.org) the country’s largest hunger-relief organization reports a serious strain on its 205 food banks across the nation. Those states hardest hit by the recession including California, Ohio, Nevada, Florida and Michigan have seen 50 percent increases in people turning to them for help. Donations are up 20 percent, but it’s not enough to keep pace with the growing demand.
So if you can share a little or a lot–please give to worthy charities of your choice. Every little bit counts. And who knows? Maybe the 2009 charitable bounty will follow the Madoff auctions and exceed expectations. That would be a fitting legacy to the unabashed greed that got us into the economic quagmire from which we have yet to emerge.
Great article! It’s difficult to be charitable in this economy but every bit helps people that are in worse positions than we are. I applaud this article and hope that all of us will give whatever we can to charitable organizations – no matter how much or how little – whatever you can afford. Best Wishes to all for Happy Holidays and a Healthy New Year.
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