The Banking queen To Lift Ban On Online Gambling

[brucefan]

Congressman Moves To Lift Ban On Online Gambling


<!-- teaser (dek) copy -->Chairman of the Financial Services Committee, Barney Frank, is determined to repeal a controversial three-year ban on online gambling.
<!-- / teaser (dek) copy -->By W. David Gardner
<!-- remove http:// substring (if present) from the url -->InformationWeek
<NOBR>March 8, 2009 05:30 PM </NOBR>
<!--body--> With the Democrats in the U.S. Congress drafting legislation to repeal a controversial three-year ban on online gambling, Rep. Barney Frank, D-Mass., said he will work to see the legislation passed. Frank has been an outspoken critic of the ban from its inception. "I'm going to be pushing it," he said at a press conference where he presented his agenda for reforming U.S. financial regulation. Opponents of the ban estimate that its elimination could, over a decade, raise more than $50 billion through taxes on online Internet gambling, provided it's regulated.
The controversial legislation to ban online gambling was passed three years ago amid complaints it would be too difficult to regulate and might even be unconstitutional. Various foreign interests have complained that the existing law could be a violation of World Trade Organization regulations and various countries have initiated complaints with the WTO. In London, the Remote Gambling Association has complained that U.S. gambling interests are free to operate while European and other foreign countries are prosecuted under the provisions of the legislation that bans online gambling.
"The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone," Frank said earlier, as he stepped up his campaign against online gambling legislation called the Internet Gambling Regulation and Enforcement Act of 2007.
Frank is the chairman of the Financial Services Committee.






Go Barney! The only saving grace of The left taking power

I just hope my money is worth something after all this so I can bet

 

[brucefan]

Re: The Banking queen To Lift Ban On Online Gambling

New Website to Fight for Online Gambling

http://www.safeandsecureig.org/

 

[tank]

Re: The Banking queen To Lift Ban On Online Gambling

Barney just wants to tax it .I don't picture him as the gambling type just the taxing type.

 

[BCTTWR]

Re: The Banking queen To Lift Ban On Online Gambling

If the f a g lifts the ban I will forgive him for destroying the U.S. economy by blocking all legislation to reign in Fannie Mae & Freddie Mac. Cost to american tax payers because of the f a g--$3,000,000,000,000 and counting.

 

[brucefan]

Re: The Banking queen To Lift Ban On Online Gambling



[SIZE=+3]Internet Gambling Bill Awaits House Vote[/SIZE]
[SIZE=+1]Legislation seeks to enable some forms of online gambling such as Internet poker and wagering on horse racing.[/SIZE]

By W. David Gardner
InformationWeek
June 10, 2009

Congress is moving closer to passing legislation that will relieve U.S. financial services companies from implementing bans on Internet gambling as the Payments System Protection Act (H.R. 6870) was approved by the House Committee on Financial Services and appears headed for a possible vote by the full House next week.

Pushed by the committee's chairman, Rep. Barney Frank, D-Mass., the legislation would delay implementation of earlier legislation that seeks to block Internet gambling. "Adults are entitled to do with their money what they want to do," Frank has said in explaining his effort to enable citizens to engage in some forms of gambling online.

Generally, opponents of the older legislation -- the Unlawful Internet Gambling Enforcement Act of 2006 -- maintain that online gambling can't be outlawed because there are many offshore gambling sites that are difficult or impossible to regulate and many Americans use the offshore sites anyway.

The new legislation also calls for institutions to block Internet wagers on sports, excepting jai alai and horse and dog racing.

If H.R. 6870 becomes law, it will be a boon to the estimated 23 million Americans who play poker over the Web. Jay Lakin, co-owner and VP of PokerSourceOnline.com, hailed the progress of the new legislation on Wednesday.

"Congressman Barney Frank was able to introduce the bill last Thursday and have it marked up and ready to be discussed on the House floor five days later," Lakin said in an e-mail. "It shows his true passion for this issue and steadfast belief that the federal government should not be determining what consenting adults do in their leisure time."

The proposed legislation seeks approval for the appointment of a special administrative law judge, who would define unlawful Internet gambling and carry out an economic impact study on compliance costs.

The Frank bill has the support of the Chamber of Commerce, the Financial Services Roundtable, and the Credit Union National Association; they all have criticized the older legislation banning online gambling as unworkable and burdensome.

In a statement, a spokesman for the Safe and Secure Internet Gambling Initiative, which supports the Frank bill, said: "Rather than prohibit an activity millions of Americans enjoy in the privacy of their homes, just as they can in a casino, Congress should create a framework to regulate Internet gambling as a way to protect consumers and collect billions in much-needed federal revenue."​

​

Information Week article

 

[Toejamsky]

Re: The Banking queen To Lift Ban On Online Gambling

Now that the Department of Justice, with the lobbying coming from the Mob, has eliminated the English publicly traded competition (ie BetOnSports, WTBS, etc) things will loosen up.

 

[gopherbob]

Re: The Banking queen To Lift Ban On Online Gambling

people that slander gays with cute obnoxious names (like banking queen), in reality, want to have a same-sex relationship. the problem is that they are too afraid to
admit these feelings, so they engage in verbal gay bashing to elevate their weak and pathetic egos.

 

[Jeff Jones]

Re: The Banking queen To Lift Ban On Online Gambling

people that slander gays with cute obnoxious names (like banking queen), in reality, want to have a same-sex relationship. the problem is that they are too afraid to
admit these feelings, so they engage in verbal gay bashing to elevate their weak and pathetic egos.

Nobody cares if Barney Frank wants to fuck boys.

We do care that he has been a leader in the total devastation of the mortgage lending industry in America by legislating loans to people who could not afford them.

 

[scrimmage]

Re: The Banking queen To Lift Ban On Online Gambling

Nobody cares if Barney Frank wants to fuck boys.

We do care that he has been a leader in the total devastation of the mortgage lending industry in America by legislating loans to people who could not afford them.

​

Barney Frank's a relatively insignificant figure,it's ludicrous and simplistic to claim his leadership led to the devastation of the mortgage lending industry.
Charles Hugh Smith lists a dozen reasons for the fragile state of the US economy circa 2009,and Barney Frank isn't 1 of them.

Why the Present Depression Will Be Deeper than the Great Crash of 1929 (June 4, 2009)

By Charles Hugh Smith
Excerpts from:
http://www.oftwominds.com/blogjune09/depression06-09.html

Continuing our analysis of The Great Crash of 1929by John Kenneth Galbraith:</B>

Galbraith concludes: "Had the economy been fundamentally sound in 1929 the effect of the great stock market crash might have been small. But business in 1929 was not sound; on the contrary it was exceedingly fragile. It was vulnerable to the kind of blow it received from Wall Street."

You mean like the evaporation of $12 trillion wealth we've just experienced in the U.S.?

But the present is far more fragile and vulnerable than the U.S. economy of 1929, for the following reasons. In 1955 Galbraith could not possibly have foreseen or anticipated these current conditions:

1. A Federal government which since the "Reagan Revolution" of 1981 (e.g. don't tax and spend, just borrow and spend) has borrowed during so-called good times on a scale once reserved for rare Keynesian stimulus to combat serious recession. Thus we find ourselves at unprecedented levels of debt (comparable in terms of GDP to the entire cost of World War II) and our current Depression has barely begun.

2. A corrupt-to-the-core corporate structure riddled with bogus accounting, reliance on financial trickery for profits and misdirected/worthless regulatory oversight.

3. A banking sector of such debauchery and fraud that the excesses of the 1920s are reduced to the pranks of slighty-naughty choirboys and girls.

4. A Federal system of entitlements (Medicare, Medicaid and Social Security) which has grown far faster than the underlying economy for decades and now threatens the very solvency of the government itself, so stupendous are the future obligations.

5. A global military hegemony which costs more than all the other militarys and intelligence operations of the entire world put together. The U.S. military consumes more oil than the nation of Sweden (9 million residents).

6. An industrial, transportation and energy infrastructure that, rather than being rebuilt during the past 26 years of debt-based "prosperity," has crumbled in a long decline. Rather than invest in electrical power grids and energy-efficient transport systems, the U.S. squandered the trillions of borrowed dollars on toys, gewgaws, electronics made elsewhere, malls and commercial towers with only transient value and millions of bloated, inefficient poorly constructed homes no one needed or could afford: "assets" which were not productive at all, "assets" which are now capital traps on a scale heretofore unimaginable

7. A paucity of U.S. savings (and thus of domestic capital) with only one historical parallel: the depths of the Great Depression when unemployment was 25%.

8. A huge reliance on financial leverage, debt, borrowing and trickery for corporate profits; the U.S. exports soybeans, increasingly worthless dollars and "financial innovations" which are now exploding in economies from Ireland to India with the destructive force of superweapons. In exchange for this dubious paper, we have accepted actual tangible goods from the rest of the world.
They are now slowly waking up to the fact they've been conned on a scale few can grasp.

9. Globalization has reworked the global supply chain in an astonishingly brief period of time. As a result, the arbitrage of currencies (foreign exchange a.k.a. forex), wages, governance (less is more profitable) and environmental regulations (zero is the most profitable) have all placed advanced post-industrial economies like the U.S. at great structural disadvantages.

10. The U.S. claims to be competitive but much of this competitiveness is highly selective and thus illusory. Everything in the U.S.--labor, goods, buildings and taxes--is high-cost, overregulated (except for finance, banking and governance) and vulnerable to unpredictable lawsuits and officially sanctioned looting. Other than recent immigrants, non-U.S. employers find the workforce is often surly, unappreciative, narcissistic, entitlement-obsessed, unhealthy, poorly educated, unmotivated and more inclined to get-rich-quick schemes than actual enterprise or productivity.
The middle management labors under impossible demands to enrich stockholders next quarter and heavy turnover insures few stay in any job long enough to learn it effectively. Team cooperation is a doublespeak fraud imposed by "facilitators," creating a phony work environment where employees and managers alike pretend to care. This bogus environment breeds a looting, game-the-system mentality in which everyone is grabbing for all they can before retirement, restructuring, reassignment, resignation or getting fired.
A "quarterly profits are God" mentality reduces the workforce (even the good workers) to units of input which are pared back or hired without regard to morale or loyalty. This managerial and cultural pathology makes a mockery of worker loyalty and breeds the very qualities of distrust and "I got mine" attitude which undermines both productivity and workplace happiness.

11. Last but certainly not least, the U.S. economy is highly depedent on cheap, abundant fossil fuels--the very fuels which are in the global depletion phase, happy stories about unlimited natural gas and tar sands to the contrary.

For all these reasons, we can anticipate the Depression currently unfolding will be deeper, longer and more destructive than the Great Depression.

 

[brucefan]

Re: The Banking queen To Lift Ban On Online Gambling

Casinos Weigh an Online Bet

• BARRY MEIER, On Sunday October 3, 2010, 9:50 pm EDT

Many of the country?s largest casinos, long opposed to gambling games like poker on the Internet, are now having second thoughts.
Although online gambling is popular with millions of Americans, it is illegal in the United States, and the casino industry has considered it a threat.
But a trade group that represents major casinos like Harrah?s Entertainment, MGM Resorts and Wynn Resorts is working on a proposal that would ask Congress to legalize at least some form of online gambling, the group?s chief executive said.
The group, the American Gaming Association, issued a statement in the spring suggesting that online gambling could be properly regulated ? the first public indication that its hard-line stance was softening.
The chief executive, Frank J. Fahrenkopf Jr., said in an interview by phone that the association had not settled on the details of its proposed legislation, including how the proceeds from Internet gambling would be taxed. ?We have been working on something,? he said, ?and continue to work on it.?
Gambling specialists said it was likely that any casino-supported legalization would be limited to Internet poker because it was considered the least threatening to brick-and-mortar casinos. Internet poker already had the backing of some in the casino industry, and was seen as a new and lucrative source of revenue for the casino companies.
Congress has been weighing a bill by Representative Barney Frank, Democrat of Massachusetts, that would legalize all types of Internet gambling apart from sports betting. In July, the House Financial Services Committee approved the Frank bill, but most industry analysts give it little chance of passage in the full Congress because it is opposed by the big casinos and some other gambling interests.
The move by casinos to open the door to online gambling could bring a powerful new lobbying force into Congressional debate. It would also most likely intensify fights in state legislatures as various gambling interests ? groups that include lotteries, racetracks and Indian tribes ? push lawmakers to grab more gambling dollars for states by moving to the Web.
California, Florida and New Jersey recently made unsuccessful efforts to legalize Internet betting on casino-style games, said Mark Balestra, the director of the BolaVerde Media Group, a consulting firm in St. Louis that tracks Internet gambling. Current law does not prevent in-state gambling over the Internet but to do so across state lines would require a change in federal law.
The flurry of activity suggests the state efforts will continue, Mr. Balestra said. ?Gambling expansion typically happens during difficult times,? he said.
For some time, operators of large casinos have been split on the industry?s approach to Internet gambling.
Some companies like Harrah?s, which has actively supported legalization, have aggressively invested in software companies or businesses involved in Internet gambling overseas. Harrah?s, which operates the popular World Series of Poker, has also been building a prospective customer base. Last month, the company ran a full-page advertisement in USA Today, inviting readers to take part in a nongambling Internet version of the event.
But other operators like Wynn Resorts have argued that online gambling would, among other things, cannibalize profits by reducing casino attendance. In recent years, casino operators have sought to generate added revenue from visitors by investing heavily to turn smoke-filled gambling rooms into ?resorts? that feature fine dining and other amenities.
The chief executive of Wynn Resorts, Stephen A. Wynn, also stated last year in response to a reporter?s questions that he thought it ?would be impossible? to regulate Internet gambling.
However, the company, when recently asked for comment, issued a more temperate statement. ?Wynn Resorts monitors any legislative activity, federal or state, that pertains to our industry,? the statement said. ?We make judgments after such legislation is passed.?
A gambling industry analyst, Sebastian Sinclair, said that a change of heart among casino operators like Wynn Resorts should not be surprising, given the stakes involved. One of the Internet poker industry?s biggest sites, Pokerstars, which operates on the Isle of Man in the Irish Sea, has estimated annual revenues of $1 billion, according to Poker Analytics, a consulting firm in New York.
?When any industry is confronted with something of this nature, a game changer that is a paradigm shift, the first reaction is to circle the wagons to protect your business,? Mr. Sinclair said. ?But then, that changes over time.?
Senator Harry Reid of Nevada, the Senate majority leader, might also be rethinking his opposition to Internet gambling. A spokesman for Mr. Reid said he was still reviewing the Internet issue and had not decided. Last month, The Reno Gazette Journal reported that several operators of smaller casinos in Nevada had left a meeting with Mr. Reid, a former state gambling regulator, with the impression that he was prepared to support a bill legalizing online poker.
Bill Hughes, the marketing director of one of those operations, the Peppermill Resort Casino in Reno, said that smaller operators viewed online poker as a threat to profits and jobs. Typically, poker accounts for about 2 percent of a casino?s revenues but some operators contend its legalization would soon lead to online versions of other casino games. ?It opens the crack in the door to expand to all types of gaming online,? Mr. Hughes said.
Mr. Fahrenkopf, of the casino trade association, said that his group started about two years to look closely at a number of issues involved in Internet gambling, including taxation, online security and consumer protection.
He said that the big turnabout came when a study by a panel of industry officials concluded that online poker would not cut casino profits to the degree some operators had feared.
Poker Analytics said that data it compiled indicated that there were significant differences between those gambling in casinos and those playing poker on the Web. Among them, it said, was that people who played poker online were more likely to be male and less wealthy than those who visited casinos.