Gambling Subpoenas on Wall St.

[Falang]

From today's NY Times:

The Justice Department has issued subpoenas to at least four Wall Street investment banks as part of a widening investigation into the multibillion-dollar online gambling industry, according to people briefed on the investigation.

The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad. The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort, these people said.

Continued:

http://www.nytimes.com/2007/01/22/business/22gaming.html?_r=1&th&emc=th&oref=slogin

[meleader2]

wtf kind of info are they going to get? they can't even figure out what's what, and where it's coming from...yet...what is the gov't going to accomplish from that???

[dankhank]

the information about subpoeonas mirrors what was reported over the weekend. but it is interesting to see how the times phrases things and presents it. poker is not mentioned at all, the article gives the impression the attack is fully on sportsbooks and internet casinos. although at the end a broader context is suggested.

[Troll_Inc]

[ QUOTE ]
the information about subpoeonas mirrors what was reported over the weekend. but it is interesting to see how the times phrases things and presents it. poker is not mentioned at all, the article gives the impression the attack is fully on sportsbooks and internet casinos. although at the end a broader context is suggested.

[/ QUOTE ]

I think your assessment is correct and it is why poker sites made huge business errors in not distancing themselves from gambling and sportsbetting. One or a group of pokersites should have opened Pokerteller. There is no evidence that the US government gives one little itty bitty crap about stopping poker. All future efforts should recognize this fact both from players/players groups and the pokersites themselves.

I'm so smart someone should hire me as a strategic consultant. I could have saved poker sites tons of money and you people a lot of hassle.

[Knight Vision]

[ QUOTE ]
[ QUOTE ]
the information about subpoeonas mirrors what was reported over the weekend. but it is interesting to see how the times phrases things and presents it. poker is not mentioned at all, the article gives the impression the attack is fully on sportsbooks and internet casinos. although at the end a broader context is suggested.

[/ QUOTE ]

I think your assessment is correct and it is why poker sites made huge business errors in not distancing themselves from gambling and sportsbetting. One or a group of pokersites should have opened Pokerteller. There is no evidence that the US government gives one little itty bitty crap about stopping poker. All future efforts should recognize this fact both from players/players groups and the pokersites themselves.

I'm so smart someone should hire me as a strategic consultant. I could have saved poker sites tons of money and you people a lot of hassle.

[/ QUOTE ]

The poker sites could create PokerTeller today if they thought they could get away with it. And maybe they could, but without an explicit carve out for poker, they'd be foolish to endeavor it. That said, I think Stars has been wise (or fortunate) to have steered clear of house games. PartyCasino was very damning to Party. Stars doesn't have the same link to a house game site....AFAIK.

[Webster]

The gov is doing exactly what they to happen. cause panic among poker players and scare the fish away.

They know they will not stop current players but they can stop
NEW players.