http://sportsillustrated.cnn.com/2007/writers/jon_heyman/10/23/scoop.tuesday/index.html
The gist of the article is that Torre has negotiated a 4.5 mil, 1 yr offer in the ST of 2007 with Steve Swindal saying that he wanted to close out Yankee stadium. But before they could finalize the offer, Swindal got his DWI and subsequent divorce and dismissal from NYY. The Yankees, at the time, decided to hold off on all of their FAs, even Torre until this offseason. So come the offseason, he gets an offer that guarantees more $$$ than what he had negotiated with Swindal for the same length or even longer should he get to the WS and he turned it down saying he was insulted?
And also, Heyman is correct in pointing out that Torre had incentives in his contract up until 2004 when Swindal gave him the bloated 6.4 mil per yr deal. Torre lied to everyone on this by spinning the disrespect card. The Yankees offered more guaranteed money, much more money in incentives and the possibility of turning the deal into a 2009 deal as well. Some insult. Thanks for the memories Joe, but you sucked late in your career and now you lie on your way out. See you in 5 yrs when you are inducted into the HOF, until then, good riddance.