NY Mets owners Wilpon, Katz settle Bernie Madoff suit

Mets owners Wilpon, Katz settle Madoff suit for $162 million

Fred Wilpon and Saul Katz, owners of the New York Mets, have settled a suit brought against them by Bernie Madoff victim trustee Irving Picard for $162 million. The suit first alleged that Wilpon and Katz were “willfully blind” to the fact that Bernie Madoff, the Ponzi schemer who reportedly made the two men millions of dollars in profits, was ripping off other investors. That allegation was dropped, but Wilpon and Katz have agreed to pay the false profits back to Irving Picard, the trustee responsible for seeking restitution for Madoff’s victims. Wilpon and Katz have already promised to pay $29 million out of their own pockets. However, the Mets’ owners’ outlook might be better…

Goldman Sachs banker Greg Smith slams firm in NYT

Goldman Sachs banker Greg Smith slams firm in NYT resignation letter

Greg Smith, a London-based Goldman Sachs vice president, publicly resigned from the financial firm in a scathing New York Times op-ed piece published Wednesday. In the article, Smith lashed out against Goldman’s “toxic” culture which, he feels, places profit above the best interests of clients. Smith likened the business to an elephant hunt, where bankers push investors into deals that will make the most money for the firm. Adding insult to injury, Smith claimed clients were consistently referred to as “muppets” in internal emails. Goldman CEO Lloyd Blankfein and President Garry Cohn defended the firm in an internal statement. It cited a survey in which an overwhelming majority of Goldman employees said they think the…