Mar 18, 2019

Blue Jays give minor leaguers big pay raise

The Buffalo Bisons (Blue Jays Triple-A affiliate) on Opening Day last season. Photo: David Cooper/Toronto Star via Getty Images

The Toronto Blue Jays plan to increase the salaries of their minor league players by roughly 50%, The Athletic reports.

Why it matters: Minor league salaries have been a hot topic around baseball in recent years, as a mix of litigation and innovation has opened the public's eyes to the indignity of farm system life.

  • Litigation: Congress passed the Save America's Pastime Act last March, which denied minor leaguers overtime pay. This means they're paid minimum wage for 40 hours a week during the season, regardless of how much time they devote to baseball (hint: it's a lot more than that).
  • Innovation: One former player launched a company called Big League Advance, which offers minor leaguers lump-sum payments in exchange for a share of their future MLB earnings. Hundreds of prospects have signed contracts with the company, illustrating how desperate they are for financial stability.

The big picture: Financial concerns make it difficult for minor leagues to maximize their potential, with many unable to afford decent housing (it's not uncommon to live in a host family's basement), healthy food or offseason training.

  • Thus, even if it costs money in the short-term, I'd argue that it is in the best interest of every MLB team to pay their young prospects more money.
  • Now that the Jays have set the precedent, don't be surprised if more clubs
    follow suit. They can afford it, the optics are great and, again, it's just plain smart.

What they're saying:

[UNSUPPORTED BLOCK TYPE: blockquote]

β€” Ben Cherington, Blue Jays VP of Baseball Operations

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.