Friday, July 31, 2015

Norman Braman thrown for a BIG loss

The years that Miami car dealer Norman Braman owned the Eagles had their Buddy Ryan fun moments but aren't remembered especially fondly -- he didn't have the made-in-Philly bravado of his predecessor Leonard Tose, and none of his teams even made it to the Super Bowl as did Tose's squad in 1980-81 and the 2004-05 Birds of Jeff Lurie. But the biggest complaint against wealthy Miami car dealer Norman Braman was that, well, he may have been born in West Philly but now was a wealthy car dealer from Miami, bleeding not Eagles' green but blue-blood blue. More than 14 years after selling the Eagles, Braman is still a Miami car dealer -- but apparently he's not as wealthy as he thought he was last week. It turns out that, according to the New York Times, Braman was one of the investors who lost money by investing in what turned out to be a scam fund run by now-disgraced Wall Street legend Bernard Madoff. The Times says that Braman had invested "an undetermined amount" of money in the Madoff fund -- which handled as much as $50 billion as it seemingly delivered fabulous returns to its investors, but in fact was a fairly unsophisticated Ponzi scheme. Madoff simply paid off the old investors with deposits from the newer ones. Whatever mixed feelings that Philly sports fans might have in Bramin's involvement, we may all be finding some schadenfreude in one of the other names listed among the big losers: Sterling Equities. That would be the firm of one Fred Wilpon, chief owner of the New York Mets. So now the Mets are backed by money from a Ponzi scheme and will play in a ballpark, Citi Field, that had to be bailed out by the U.S. taxpayers. Guess the Mets are financial "choke artists" as well. Note: Revised slightly from original post to reflect West Philly origins.

Norman Braman thrown for a BIG loss

0 comments



The years that Miami car dealer Norman Braman owned the Eagles had their Buddy Ryan fun moments but aren't remembered especially fondly -- he didn't have the made-in-Philly bravado of his predecessor Leonard Tose, and none of his teams even made it to the Super Bowl as did Tose's squad in 1980-81 and the 2004-05 Birds of Jeff Lurie. But the biggest complaint against wealthy Miami car dealer Norman Braman was that, well, he may have been born in West Philly but now was a wealthy car dealer from Miami, bleeding not Eagles' green but blue-blood blue.

More than 14 years after selling the Eagles, Braman is still a Miami car dealer -- but apparently he's not as wealthy as he thought he was last week.

It turns out that, according to the New York Times, Braman was one of the investors who lost money by investing in what turned out to be a scam fund run by now-disgraced Wall Street legend Bernard Madoff. The Times says that Braman had invested "an undetermined amount" of money in the Madoff fund -- which handled as much as $50 billion as it seemingly delivered fabulous returns to its investors, but in fact was a fairly unsophisticated Ponzi scheme. Madoff simply paid off the old investors with deposits from the newer ones.

Whatever mixed feelings that Philly sports fans might have in Bramin's involvement, we may all be finding some schadenfreude in one of the other names listed among the big losers: Sterling Equities. That would be the firm of one Fred Wilpon, chief owner of the New York Mets. So now the Mets are backed by money from a Ponzi scheme and will play in a ballpark, Citi Field, that had to be bailed out by the U.S. taxpayers. Guess the Mets are financial "choke artists" as well.

Note: Revised slightly from original post to reflect West Philly origins.

0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog
Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.

PLEASE COMMENT WITH PASSION...

...but not with racial slurs, potentially libelous allegations, obscenities or other juvenile noise. Such comments will, at our discretion, be deleted in their entirety, and repeat offenders will be blocked from commenting. ALSO: Any commenter advocating killing any government official will be immediately banned.

Reach Will at bunchw@phillynews.com.

Will Bunch
Also on Philly.com
letter icon Newsletter