Los Angeles Dodgers pitcher and noted head case Zach Greinke teaches us that pretty good baseball players are more often than not pretty god damn stupid. Well, Jorge Posada was a pretty good baseball player, and, you know….
Posada and his wife Laura are suing Collar and Fernandez and their Quantum Ventures, LLC over what they believe was a blatant and negligent mismanagement of funds that resulted in nearly $11.2 million in losses for the former catcher.
Basically, to free up time to pee on his hands and ground into double plays, Posada gave two random guys free rein over the $117.5 million he made during his career. And with it, they bought up property that he couldn’t control and ran a hedge fund that he didn’t know about. You know, the usual stuff. And then they’d stick a pen into one of his urine-soaked hands and tell him to sign a whole bunch of stuff that let them do it.
"They would go to Jorge and they would have a stack of documents to sign, and they would just say 'sign here,'" Lax said. "And Jorge would sign it. He completely trusted these guys with all of their finances. All of their money. Whatever the Posadas made, went directly into their accounts with these guys. That's the kind of trust they had. The Posadas never in any way used other money managers, other investments. Everything was through these guys…."
The Posadas "didn't really have an understanding that they were in a hedge fund," Lax said. "They didn't have an understanding of the significant risks. And these two guys managed the hedge fund. They had no track record, they had no experience running a hedge fund. It's really a joke."