Latest news with #Madoff
Boston Globe
4 days ago
- Health
- Boston Globe
Bacteria that can cause flesh-eating disease love warm water, and the water is getting warmer due to climate change
That's where climate change comes in, making New England waters friendlier for the potentially deadly bacteria. 'With warmer water temperatures moving further north, it allows Vibrios to survive, during summer months in particular, at higher latitudes than it had previously,' said Hamer. And the water is warmer. Midsummer ocean temperatures were about 2.75 degrees warmer in the period from 2021 to 2025 than they were 20 years ago, according to data from an Advertisement 'A couple degrees difference will allow greater growth' of the bacteria, said Hamer. 'And if it continues to rise, we're going to see even more over the next five to 10 years.' The oceans absorb more than 90 percent of the extra heat created by climate change, leading to sea level rise as water molecules expand and glaciers melt; supplying extra energy for hurricanes, which are fueled by heat at the surface of the ocean; and providing a more hospitable place for certain kinds of bacteria. Advertisement Scientists has been watching as Vibrio vulnificus infections have climbed northward as the planet warms. Between 1988 and 2018, wound infections from the bacteria increased eight-fold (from 10 to 80 cases per year) in the eastern United States, and the northern limit of reported cases moved north by roughly 30 miles each year, according to a By the middle of this century, between 2041 and 2060, the authors of the study projected that Vibrio vulnificus would be occurring as far north as Boston, and found that in a scenario where the world does not sufficiently rein in greenhouse gas emissions, caused primarily by the burning of fossil fuels, it could extend into southern Maine toward the end of the century. The good news is, as of now, this kind of infection is very rare in Massachusetts. The state has recorded seven cases of Vibrio vulnificus in the last several years, of which just four were likely exposed in Massachusetts. But Department of Public Health officials want to One in five people with a Vibrio vulnificus infection die, sometimes within a day or two of getting sick, Advertisement 'There are increasing numbers of people who are immunocompromised by disease or by medication, and people in those categories are at higher risk of both contracting the disease and developing severe complications of the disease,' said Madoff warned that people with underlying medical conditions in particular should be cautious about swimming in the ocean if they have scrapes or cuts and eating raw or undercooked seafood, which is another way people can contract the bacteria. 'If I had a small scratch and I had bad liver disease, I would just stay out of the water,' Madoff said. But he's also not warning people away. 'It's a good way of staying cool. We don't think people need to avoid the beach,' he said. Sabrina Shankman can be reached at
USA Today
4 days ago
- Health
- USA Today
Flesh-eating bacteria case in Cape Cod prompts public health alert: What to know
A warning from the Massachusetts Department of Public Health may have some beachgoers exercising a little more caution as they try to escape the August heat. Residents and visitors at Buzzards Bay, a community on the south end of Cape Cod, are on alert after officials identified a person with a rare, flesh-eating bacterial infection in the area. Officials said the bacteria, known as Vibrio, could pose a risk to others in nearby coastal waters. The Vibrio species, which includes Vibrio vulnificus, can cause severe and life-threatening infections. Some can lead to necrotizing fasciitis, which kills off flesh around an open wound. Many people with a Vibrio vulnificus infection can get seriously ill and need intensive care or limb amputation. About 1 in 5 people with this infection die, sometimes within a day or two of becoming ill. But it's not the first time this bug has made its way to the Massachusetts bay: In a news release, the department of health said there have been seven cases of the illness over the last seven years among residents of the commonwealth, including four who were exposed in Massachusetts. The Vibrio bacteria and the infection it causes are usually more common in warmer waters, including in the Gulf Coast states of Louisiana, Texas and Florida, Dr. Larry Madoff told USA TODAY. But it's increasingly being seen northeastern states along the Atlantic coast, he added, such as Massachusetts and New York. "It's associated with warmer waters, and our waters are getting warmer," said Madoff, adding that the area where it's been found, Buzzards Bay, is an area with estuaries, small islands and warmer water on the western area of Cape Cod. The Vibrio bacteria also thrive in salty and brackish waters along the Atlantic coast, said Madoff, medical director for the Massachusetts Department of Public Health's Bureau of Infectious Disease and Laboratory Sciences. Above-average water temperatures are creating the conditions that allow the bacteria to grow, especially in the spring, summer and early autumn. Still, he said, there's no need for most people to worry, as long as they take certain precautions. "I would not discourage people from going to the beach," he said. "The beach is good and people need to cool off." What precautions should people take against flesh-eating bacteria? There are several species of Vibrio bacteria that can cause people to fall seriously ill. So how can people protect themselves? The bacteria is opportunistic, and it can enter the body through open wounds, health officials said. Foods like contaminated shellfish can also carry the bacteria. People with health conditions including liver disease, cancer, diabetes, HIV or who are on immunosuppressants are at highest risk of severe illness from the bacteria following exposure. Some precautions include: What are some symptoms and signs of flesh-eating bacterial illness? According to the U.S. Centers for Disease Control and Prevention, common signs of a Vibrio infection include diarrhea, stomach cramps, nausea, vomiting, fever, chills, dangerously low blood pressure and blistering lesions. Wounds that become infected may be red, swollen or discolored and may have a discharge.
CNN
01-07-2025
- Business
- CNN
He hasn't played in MLB for more than two decades. One team is paying him $1.2 million a year until 2035
He hasn't picked up a professional baseball glove in 24 years, but he's still picking up a paycheck – and a hefty one at that. It's July 1, which for New York Mets fans means it's Bobby Bonilla Day. The former slugger retired in 2001 with the St. Louis Cardinals, but he has been collecting a check of nearly $1.2 million from the Mets every year on July 1 for more than a decade. The deal is part of a contract negotiated by Bonilla's agent Dennis Gilbert, which will pay Bonilla $1,193,248.20 every year until 2035. Bonilla, a former All-Star who last played with the Mets in 1999, will be 72 when his contract with the team expires. How was Gilbert able to secure such a sweet deal for his client? They can both thank disgraced financier Bernie Madoff and former Mets owner Fred Wilpon. The Mets wanted to part ways with Bonilla in 1999, but he had $6 million left on his contract. Wilpon believed he was getting a huge return on his investments through Madoff but the Mets owner turned out to be a victim of Madoff's infamous Ponzi scheme. Instead of paying Bonilla outright, Wilpon opted to defer payments so that the money could be unwittingly invested into Madoff's Ponzi scheme. Bonilla's agent Gilbert negotiated with the team to defer payments until 2011, with an 8% annual interest rate. Madoff was the mastermind of the most notorious Ponzi scheme in history. A Ponzi scheme is a form of fraud that uses funds from more recent investors to pay profits to earlier investors, leading them to believe that their investments are part of a successful enterprise. Madoff, who died in 2021, was serving 150 years in prison for the multibillion-dollar scheme that he ran for decades. In total, Bonilla will walk away with a $29.8 million payday because of Wilpon's blunder. Players being paid over a long period of time isn't uncommon in MLB, with contracts often deferring money down the line. Most notably recently, after the Los Angeles Dodgers signed Japanese two-way star Shohei Ohtani to a 10-year, $700 million contract in 2023, Ohtani decided to annually defer $68 million of his $70 million average salary. That means Ohtani will be paid $2 million a year over the contract and the deferrals – totaling $680 million – will begin in 2034. Starting then, Ohtani will receive $68 million per year from the Dodgers until 2043. The Dodgers have made deferring payments a common theme in recent times, also doing so when signing Blake Snell and Tommy Edman. But this idea has been around for a long time now, after it was first popularized by 'The Dolgoff Plan' in the 1960s when an accountant, Ralph Dolgoff, helped the American Basketball Association (ABA) compete with the NBA by allowing teams to offer payments spread over multiple years in an attempt to attract players with the appeal of long-term security. So while Mr. Bonilla is likely one of the most famous beneficiaries of deferred payment schemes, he is not the first and will most certainly not be the last.
CNN
01-07-2025
- Business
- CNN
He hasn't played in MLB for more than two decades. One team is paying him $1.2 million a year until 2035
He hasn't picked up a professional baseball glove in 24 years, but he's still picking up a paycheck – and a hefty one at that. It's July 1, which for New York Mets fans means it's Bobby Bonilla Day. The former slugger retired in 2001 with the St. Louis Cardinals, but he has been collecting a check of nearly $1.2 million from the Mets every year on July 1 for more than a decade. The deal is part of a contract negotiated by Bonilla's agent Dennis Gilbert, which will pay Bonilla $1,193,248.20 every year until 2035. Bonilla, a former All-Star who last played with the Mets in 1999, will be 72 when his contract with the team expires. How was Gilbert able to secure such a sweet deal for his client? They can both thank disgraced financier Bernie Madoff and former Mets owner Fred Wilpon. The Mets wanted to part ways with Bonilla in 1999, but he had $6 million left on his contract. Wilpon believed he was getting a huge return on his investments through Madoff but the Mets owner turned out to be a victim of Madoff's infamous Ponzi scheme. Instead of paying Bonilla outright, Wilpon opted to defer payments so that the money could be unwittingly invested into Madoff's Ponzi scheme. Bonilla's agent Gilbert negotiated with the team to defer payments until 2011, with an 8% annual interest rate. Madoff was the mastermind of the most notorious Ponzi scheme in history. A Ponzi scheme is a form of fraud that uses funds from more recent investors to pay profits to earlier investors, leading them to believe that their investments are part of a successful enterprise. Madoff, who died in 2021, was serving 150 years in prison for the multibillion-dollar scheme that he ran for decades. In total, Bonilla will walk away with a $29.8 million payday because of Wilpon's blunder. Players being paid over a long period of time isn't uncommon in MLB, with contracts often deferring money down the line. Most notably recently, after the Los Angeles Dodgers signed Japanese two-way star Shohei Ohtani to a 10-year, $700 million contract in 2023, Ohtani decided to annually defer $68 million of his $70 million average salary. That means Ohtani will be paid $2 million a year over the contract and the deferrals – totaling $680 million – will begin in 2034. Starting then, Ohtani will receive $68 million per year from the Dodgers until 2043. The Dodgers have made deferring payments a common theme in recent times, also doing so when signing Blake Snell and Tommy Edman. But this idea has been around for a long time now, after it was first popularized by 'The Dolgoff Plan' in the 1960s when an accountant, Ralph Dolgoff, helped the American Basketball Association (ABA) compete with the NBA by allowing teams to offer payments spread over multiple years in an attempt to attract players with the appeal of long-term security. So while Mr. Bonilla is likely one of the most famous beneficiaries of deferred payment schemes, he is not the first and will most certainly not be the last.
USA Today
05-06-2025
- Business
- USA Today
Bernie Madoff victims to recoup $498 million in settlement, recovery hits $15.26 billion
Jonathan Stempel Reuters Former customers of the late Ponzi schemer Bernard Madoff will recoup $498.3 million under a settlement on Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about $15.26 billion. The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff's firm collapsed in December 2008. Irving Picard, the trustee liquidating Madoff's firm, said the $498.3 million represents all transfers that the Luxembourg funds received from the firm. The funds will also give the Madoff firm's bankruptcy estate 15% of proceeds from their lawsuit in Luxembourg against the Swiss bank UBS UBSG.S. They are expected to receive $45.1 million on their own claim against the estate. The funds did not admit wrongdoing. Need a break? Play the USA TODAY Daily Crossword Puzzle. Who was Bernie Madoff?: Who did his Ponzi scheme impact and how did he get caught? Court approval is required, and a June 25 hearing has been scheduled. A lawyer for the Luxembourg funds did not immediately respond to requests for comment. Prior to Wednesday's settlement, Picard recovered $14.76 billion for Madoff customers, whose losses he has estimated at $17.5 billion. Payouts go to 2,656 customers whose claims he deemed valid. The payouts are separate from the $4.3 billion awarded by the U.S. government-created Madoff Victim Fund to 40,930 individuals, schools, charities and pension plans. These recipients included customers, and victims who lost money indirectly through Madoff, including in "feeder funds." Madoff concealed his fraud for decades before confessing to his sons one day after his firm's 2008 Christmas party. He pleaded guilty to 11 criminal charges and was sentenced to 150 years in prison, with the sentencing judge calling Madoff's crimes "extraordinarily evil." Madoff died in prison at age 82 in April 2021. Reporting by Jonathan Stempel in New York; Editing by Rod Nickel
