Views: 3727|Replies: 5

Hit Them in the Pocketbook [Copy link] 中文

Rank: 8Rank: 8

Post time 2006-10-3 02:52:03 |Display all floors
An unexpected piece of legislation shut down the U.S. Internet gambling industry overnite.

http://www.theglobeandmail.com/s ... Story/Business/home

" Internet gambling operators face the grim prospect of folding their cards in their biggest market, after U.S. lawmakers made a surprise move to shut the cash window for the on-line gambling business over the weekend.

The U.S. Senate, in its last act before breaking for mid-term elections, passed a ports security bill that included Internet-gambling legislation that had been tacked on at the last minute. The bill prohibits U.S. financial institutions from processing transactions involving on-line betting, effectively blocking U.S. customers from gambling on foreign-based websites. U.S. President George W. Bush could sign the bill into law as early as this week.

The surprise move sent the on-line gaming industry reeling, and investors fleeing. "

When you see something good actually working, it should be considered, and emulated or even improved upon.  Not only should China adopt similar legislation to outlaw all financial transactions through banks for gambling related activity, similar legislation should be brought to bear upon other social ills.  For example, all financial institutions should be prohibited from processing financial transactions involving unlicensed political and religious organizations, including those by individuals acting as standins (人头) for such illegal entities.

Use magic tools Report

Rank: 8Rank: 8

Post time 2006-10-4 11:11:33 |Display all floors

Reply #1 tongluren's post

It is not so easy Mr. tongluren.

I do visit INTERNET CAFE in Malaya.
and spoke to at least one of the younger brokers! (and saw a few people placing bets online in the internet)....i don't really know how it works exactly...BUT

They discuss BETs on various games, such as football, games etc....
and the YOUNG BROKER through connections that goes all the way to Hong Kong or Singapore does the actual financial collections and receipts....

One young boy, who is 18, tells me he makes around Rmb5,000 a month while he is still studying!


Crazy!


Green Dragon

Use magic tools Report

Rank: 4

Post time 2006-10-4 11:30:07 |Display all floors

Damm Bush...

Bush wants to control everything...

When the government controls all your money and what you can and can't do with it, it ain't capitalism any more and your freedom is as good as gone.

What makes this such a farce is that the State governments are all in the gambling business!  Just like the mafia, they are not doing this to protect the people, they are doing it to protect their own interests and get rid of the competition.
Communication is the most important source of personal power.

Use magic tools Report

Rank: 8Rank: 8

Post time 2006-10-5 14:04:51 |Display all floors
Things like this always happen though when the so-called "legal" vices are threatened by those not considered to be "part of the club."

The "club" then, goes to those they pay off and demand that the interlopers not be allowed to participate in the "vice."

It happens with drugs - with the most widely abused "drugs" in North America and many so-called developed countries being the "legal" ones from the big drug companies for whom having politicians in their pocket is part of doing business and no doubt tax deductible. Extremely dangerous drugs like alcohol, Valium, Zanex, various stimulants, methadone, Ritalin and other mood altering drugs, all are legal, all are extremely dangerous, all are addictive - but, all are legal because the big drug companies make billions and their politician stooges get very fat bank accounts for keeping other "better choices" if you will, for recreational stimulants off the market as much as possible.

It is then not surprising at all that Las Vegas and Atlantic City and especially the "new kid on the block" - the gambling meccas of Native America casinos on refugee farms - euphemistically called reservations - would get their panties in a twist over the fact that so many billions are being lost to THEIR coffers by internet gambling.

It is the same in Hong Kong and Macau where the legal corruption of things like the Jockey Club are protected by the government so that they - and Stanley Ho in Macau - can make billions while keeping anyone involved in off-track betting or internet gambling labeled as criminal. The HK Jockey Club is surely one of the most corrupt little pieces of protected organized crime in Asia if not the world. They get to control all gambling, all lotteries and the trucks that carry their profits to the bank to be funnelled out of HK could cause serious traffic jams if they were all on the streets at the same time.

Don't let anybody else make a buck, keep it in the family, send it out of HK back to England, all of that is fine, but don't let anybody bet where they get better odds and even better payoffs, that's a bad thing...for the HK Jockey Club.

Even now in Macau where competition has opened up and Stanley Ho's many-years-long monopoly on printing money - which is what gambling is anyway, a license for the operator to essentially print money - has been eliminated and America concerns are building fancy, 5-Star casino/hotel/resort complexes and the sleazy dives run by Ho are being avoided in droves as the fools seeking to be parted from their money flock to the new imported gambling dens, good old Stanley Ho is complaining that his profits are being cut into by the imported gambling dens and trying to get his corrupt politician stooges to halt the inflow of new foreign casinos.

Even Singapore is investigating creating a "legal" gambling industry that will itself take billions away from both HK and Macau as they will no doubt - just to compete effectively - offer better deals.

So, it can be seen as just a normal thing. Those already making the "BIG BUCKS!" don't want anybody to come in and take their lucre away. Nobody already paying off a pittance in prize money or winnings wants an interloper coming in offering better payoffs or better odds since that would then mean that perhaps those trying to maintain their monopoly would lose a buck or two by having to compete to try and get those gamblers back.

Ultimately, I don't care though. To me, anybody stupid enough to gamble on or off line gets what they deserve when the boogeyman comes and takes their house, their car, their life insurance and anything else they can get their hands on to pay off gambling debts.

If tomorrow, Las Vegas, Macau or HK lost every penny they made from catering to gamblers it wouldn't be any skin off my a*s at all.

Still though, it is interesting to watch as the legal street-level criminals are being protected against the illegal internet-based criminals by the legal criminals in government in America.

Use magic tools Report

Rank: 1

Post time 2006-10-5 15:43:24 |Display all floors
I agree

Use magic tools Report

Rank: 8Rank: 8

Post time 2006-10-6 12:41:57 |Display all floors

Reply #4 canchin's post

In a post industrial region, there not much work....
the rich has "cornered" a large proportion of the wealth....

they need "entertainment", gambling is one avenue...
others include, music, comedy clubs, strip clubs, drinking, eating "high expense" meals, card games.....and "gambling"...

what do you expect the ordinary citizens in Expensive cities going to find a job without those business.

For your information, INSURANCE, HEDGE FUNDS, MUTUAL FUNDS..are all some kind of GAMBLING BUSINESS....but highly skilled....

eg. Actuarial skills which can determined the probable life span of a person based on his habits, background. Hedge funds, dealing with PSYCHOLOGICAL or mentality of HERDs, background in historical movements, basic SUPPLY and DEMAND economic theory and database collection.

Other ability includes a highly developed sense of "FUZZY INTELLIGENCE". This inlcude ability to RELATE culture, natural phenomonon, herd behaviour, virus of "Star" media manipulation etc. etc.

the basic gaming table..is a good training ground for all those "sic", HIGH PAYING JOBS!


sheeeesh...
this is the result of technological, civilization advancement, wheras 1 FARMER could feed 1,000 people; where 1 textile mill could produce enough for 25 milliion people.....and all those PRODUCTIVITY enhancement advancements!


Green Dragon
Game Master

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.