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Major League Baseball announced yesterday that J. Thomas Schieffer, the former president of the Texas Rangers and the ambassador to Australia and Japan during the Bush administration, has been named as “monitor” of the Los Angeles Dodgers, which de-facto makes him president of the debt-laden franchise. His signature is required for any expenditure of $5,000 or more.

MLB Commission Bud Selig has invoked the “best interests of baseball” clause in the league’s bylaws to take control of the team from owner Frank McCourt, who is said to have amassed $400 million in debt for the team while simultaneously siphoning off profits for his own personal use.

Schieffer is described by many observers as a “baseball guy” who understands both the fiscal and emotional components of the game; he is also, as a matter of interest, the younger brother of “Face The Nation” host Bob Schieffer.
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