Saul Katz called it the Madoff “vig.” Vig, or vigorish, is a gambling term, meaning the money a bookmaker collects on every bet taken, regardless of the outcome — a kind of dependable handling fee. To the court-appointed trustee suing Katz and Fred Wilpon, the owners of the Mets, the Madoff “vig” was, quite simply, evidence of the men’s implausibly unyielding faith in Bernard L. Madoff’s steady investment returns, and the men’s dependence on those returns to help finance their businesses and deepen their personal wealth. More in the New York Times here.
