He Earned More Than $1 Million Today for Doing Nothing. All Thanks to Bernie Madoff.

As will be the case every July 1 through 2035, ex-Met Bobby Bonilla will collect a cool mil today. He hasn't played pro ball in 20 years.

learn more about Kenny Herzog

By Kenny Herzog

Mitchell Layton | Getty Images

Wondering why everyone on your social media feed is buzzing about an ex-ball player named Bobby Bonilla who hasn't worn an MLB uniform since 2001? Or why it feels like deja vu? It's because: A. The Internet is absurd, and B. Ever since 2011, July 1 has been recognized by smart alecks across the cultural landscape (and plenty of awestruck business pundits) as #BobbyBonillaDay.

That was the year his former employer, the New York Mets, began paying Bonilla $1,193,248.20 annually on the first of July, a sum they will continue doling out every July 1 through 2035, at which point Bonilla will be 72. Why, you ask? Because heading into the 2000 season, the Mets decided to buy out the remaining $5.9 million on their aging outfielder's contact. But rather than shell out the cash up front, team ownership accepted a deal proposed by Bonilla's agent to defer payments by a decade and disperse them over 24 years at a fixed annual interest rate of 8% (hence the funny math).

Again — why, you ask? Because at that time, Mets ownership was infamously in thrall of late, disgraced financier Bernie Madoff, and thought they'd yield enough from short-term investments with his firm to more than compensate for future balloon payments to Bonilla.

We all know how that worked out. And every July 1 is a continuing reminder of just how swimmingly it has all flowed for Bonilla since. But as any contemporary brand should, the Mets have tried to reclaim their fiduciary fiasco and turn it into viral gold by embracing #BobbyBonillaDay with humor — and synergy. A home run for all, indeed.

Kenny Herzog

Entrepreneur Staff

Digital Content Director

Kenny Herzog is currently Digital Content Director at Entrepreneur Media. Previously, he has served as Editor in Chief or Managing Editor for several online and print publications, and contributed his byline to outlets including Rolling Stone, New York Magazine/Vulture, Esquire, The Ringer, Men's Health, TimeOut New York, A.V. Club, Men's Journal, Mic, Mel, Nylon and many more.

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Real Estate

4 Essentials for Selecting the Perfect Business Real Estate

Marketing for retail, restaurant or other site-critical companies should always begin with meticulously chosen sites: Time-tested ways of picking a winner.

Franchise

Everything To Know About Financing Your Franchise

This is it. You're ready to start your franchise journey. Only one thing is left: Finding the money you need.

Starting a Business

90% of Online Businesses Fail in Just 4 Months. You Can Avoid the Same Fate By Using These Strategies.

It's not catastrophizing when we think about potential failure; it's in fact a chance for any business to precisely see any outcome and prepare in advance.

Living

Why Embracing Your Unique Strengths and Talents Will Lead to Success

By identifying and developing one's strengths, aligning with passions, cultivating a growth mindset and positively impacting the world, individuals can unlock their full potential and create a life of abundance, passion and fulfillment.