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In October 2005, shortly before his Sox won the World Series, the then-69-year-old Reinsdorf told the Chicago Tribune that he had lived a "fabulous life" -- with one exception. In 1991, his longtime assistant, Sheri Berto, died from complications of routine surgery. Reinsdorf called her sudden and shocking death his life's "only tragedy."
But the man who went on to build seven championship teams didn't turn away from tragedy; he gave himself a constant reminder of it. The Bulls had broken ground on a new practice facility one month before Berto's death, and when it was completed a year later, Reinsdorf named it the Sheri L. Berto Center to honor the woman who had been by his side for 17 years.
When Berto died in November 1991, she left behind a husband, Graziano, and a 3-year-old daughter, Tina. The Bertos had planned to give little Tina a brother or sister, but before Sheri could get pregnant again, she needed surgery to remove a nonmalignant tumor from her uterus. During the surgery, her doctor cut a vein and didn't properly repair it, causing her to bleed internally. The doctors and nurses who treated her overnight failed to notice, and the next day, at age 40, her heart stopped.
The Berto family was awarded an Illinois-record wrongful-death settlement of more than $17 million, but no amount of money could heal the feeling of loss for them and for Reinsdorf. After Sheri's death, he commissioned a book about her life, and he gave one of just a handful of printed copies to Tina, so that she might know her mother.
Look, these are hard times, and we must all make tough choices. Now excuse me while I light my cigar with this $100 bill.
Jerry Reinsdorf standing up against greed and niggardliness.
It's weird how businesses will spend boatloads on corporate expenses, executive salaries, luxury office furnishings, etc., but really obsess over smallish expenses that in this case have real meaning to the people who are/were benefiting from them. In a way, it makes me think about my own choices. I generally won't think twice about putting my credit card down for a $150 greens fee a couple times per year, but dammit if I don't waste untold time at the grocery store trying to decide whether I really need to pay an extra $.30 for one can of beans over the other.
It's weird how businesses will spend boatloads on corporate expenses, executive salaries, luxury office furnishings, etc., but really obsess over smallish expenses that in this case have real meaning to the people who are/were benefiting from them.
Manfred also vehemently objected to any characterization that the owners are going after baseball's employees while owners and players continue to reap huge sums.
"Large corporations all over America make adjustments in their pension plans," Manfred said.
The idea that a business that you work for should be responsible for your old age non-productive years always boggles my mind.
It always annoys me when you hear people like John Stossel say "how can people getting food stamps also have color TVs?!?!?!"
"The fact of the matter is that the structure of one's pension, and the appeal of that pension to employees, varies greatly depending upon the makeup of your workforce. We have traditionally had defined-benefit pension plans in baseball, but a lot of young people would rather have a defined-contribution plan [401(k)].
What boggles my mind is that people expect a business that they work for to be responsible for their financial and medical well being when they no longer work for that business.
Yes. Were they born stupid or did life make them that way?
Surprised Reinsdorf would be the one to object. I would haved guessed him to be one of the hardliners.
But good for him. Makes me revise upward my estimate of him as a man and a leader.
so you dont care if your employer decides not to pay you what they had promised for services rendered?
Of course I care but so what? It is absolutely stupid to come to an arrangement with a business to financially take care of you 10, 20, 30 years from now and heavily rely on that agreement 10, 20, 30 years from now.
Omar A. Hurricane, who works on laser-driven fusion--sounds like a villain out of a comic book.
Why can't I direct it at both?
Banks are kind of stupid for offering these long term loans and as we saw and are seeing they did get burned by them. So what is your point?
So it boggles your mind that when a business promises to pay deferred compensation to its employees, those employees actually expect to receive that deferred compensation?
If the market had stuck to standard 30-year fixed rate mortgages with 20-25% downpayments we probably would not have had a financial crisis. The real problem was the more exotic products that people expected to be able to refinance in a few years when the value of their home went up, as well as things like "stated income" or piggyback/no downpayment loans, etc.
The employer can propose changes to pension plans, but cannot enact them without the union agreeing.
People lived in houses long before anyone offered 30 year mortgage financing.
MLB aside for a minute, in most cases regarding pensions where a union is not involved, a business promises to pay deferred compensation to its employees through a program that, by its rules, allows the employer the right to change the program at any time for any reason.
A 30 year mortgage allowed the price of land and homes to skyrocket when it never should have which led directly to the problems of 2007 and so on.
2007 1997 1984 1977 1967 1950s
Food. 15% 17% 18% 25% 30% 32%
Housing 43% 41% 42% 33% 33% 22%
Clothing 4% 5% 7% 10% 11% 12%
Transportation 18% 17% 18% 13% 15% 15%
Medical Care 6% 7% 5% 8% 6% 5%
Recreation 6% 4% 4% 5% 3% 2%
Education & Communication 6% 4% 3% 2% n/a n/a
This is misleading, and to make matters worse, you're old enough that the SOA made you learn something about ERISA.
50. McCoy Posted: February 13, 2014 at 02:37 PM (#4656421)
[ Ignored Comment ]
Don't worry, they'll let you know.
How do you know who is a vegetarian?
Don't worry, they'll let you know.
Didn't Britain have a roughly similar housing crisis despite having relatively few 30-year mortgages?
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