Damon will not lose any money

Updated: February 21, 2009, 11:17 AM ET
Associated Press

TAMPA, Fla. -- Yankees outfielder Johnny Damon has no idea when he will be able to access his investor account, which has been frozen by the government because the company is affiliated with Robert Allen Stanford.

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Damon and teammate Xavier Nady did not invest directly with Stanford funds but have investments with broker dealers whose accounts were with a Stanford company.

"It could be tomorrow or Monday. It could be a month or a year," Damon said Saturday.

Scott Boras, the agent for the players, said the personal management wing of his company was monitoring the situation.

Two other Boras clients, Yankees third baseman Alex Rodriguez and first baseman Mark Teixeira, said they did not have investor accounts with Stanford's company.

The Securities and Exchange Commission this week froze the assets of Stanford International Bank, Stanford Capital Management and Stanford Group Co.

Damon said he was informed about the situation Tuesday.

"I'll be all right," Damon said. "I just have to deal with the process that they have to go through. I'm still good."

Damon will not lose any money but is making adjustments, including moving where is paycheck is deposited.

"Who I do feel sorry for is all the people who got caught up in this who actually did lose their money," Damon said. "My money is just frozen."

Boras said that broker-dealers were chosen by the players independently and were not connected to Boras' company.


Copyright 2009 by The Associated Press

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