Rumors to this effect were brewing yesterday, but I held off on posting anything on it because it seemed to be coming mostly from agents. Dan Barbirisi just added some details however and, well, read for yourself:
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In a situation that highlights how much has changed for the big-budget Yankees, Yankees General Manager Brian Cashman came to the winter meetings in Nashville with his hands so fully tied that he lacked the authority to make offers to free agents.
The situation was first brought to light by agent Scott Boras, who quietly suggested Wednesday that Cashman lacked the power to make offers.
On Thursday, people within the Yankees organization confirmed that this was in fact true: Cashman arrived in Nashville unable to make offers to players, and without that power, targets like Jeff Keppinger and Eric Chavez took deals elsewhere.
Another Yankee official downplayed the seriousness of the situation, saying that most general managers would have to go back to ownership to vet potential deals.