Speak softly, and carry a huge suitcase full of money

[gotsnowgotslush]

A few Massholes, who were elected to the MA Senate, tried to pull a fast one.
Whispering to each, in secret, they tried to pull a Republican maneuver.

Why is this happening ?

Gaming tax revenue to the state ? Greedy people looking for more money ?

The banks lend money to the casinos, and the casinos go into default.
The casinos are burdened with a debt that will never die.
Borrow more money, to enlarge and extend the ability to get more money.
The cycle is endless.

Alice in Wonderland is running fast enough to kill herself, and she is getting nowhere. She peels off the things that are protecting her from her foolishness, trying to increase a gain in speed.

Any tool that can be used to peel money away from a patron, is needed.

Is it a creepy idea, to use mined data from an ATM, to manipulate a gambler ?
Is it creepy, that a bank will be helping a casino to push someone to ruin their lives?

Is it creepy, that a room full of ATMs will be 15 feet away from the door, of a gambling den the size of a small town ?

Is it creepy, that the most efficient way to get enough money to make running a gaming establishment profitable, is to reduce everything to the most cheap, the most featureless, the most basic.

In other words, use the WalMart business model. Rip everyone off, and move on.
Is that, what is in store for Massachusetts, in the future?

People that have been destroyed, and abandoned, rotting behemoth buildings, littering our devastated state ?

http://www.bostonglobe.com/metro/20...ted-casinos/2ut7llMbLR1cjuro05W61K/story.html

"Long before state lawmakers legalized casinos three years ago, the Legislature in the 1980s added one sentence to banking law: “No electronic branch [ATM] shall be located upon premises where there occurs legalized gambling, other than a state lottery.”

The law appeared to prohibit state-chartered bank ATMs at casinos, but not federally chartered ones, because the state Legislature is not empowered to regulate federally chartered banks, according to one state legislator who asked not to be named.

Federally chartered institutions include Bank of America and other national banks. State-chartered institutions tend to be smaller, local institutions.

 

[unregistered]

 

[gotsnowgotslush]

The risk: one day driving down the Strip about a decade ago, I realized that every hotel tower, every fountain and every chandelier was largely paid for by losing bets.

I understood for the first time what gambling really means.


(gsgs comment- oooo, la, la!)

Wall Street Journal reports that homeowners at Lake Las Vegas and three other resorts “are suing Credit Suisse Group AG for $24 billion, accusing the Swiss bank of running a ‘loan-to-own’ program that loaded the resorts up with debt so it could foreclose on their assets when the debt couldn’t be repaid. They allege that Credit Suisse knew the resorts wouldn’t be able to perform under the loans, which would allow the bank to take the reins to the debt-saddled resorts cheaply.”

"...built mostly by Latino labor with materials from China and other parts of the world, with financing and profits that have become part of the global casino we call Wall Street."

Source-Anywhere But Here
Las Vegas and the Global Casino We Call Wall Street
By Rebecca Solnit

http://www.tomdispatch.com


Jury faults Credit Suisse in Lake Las Vegas refinancing
Fri Dec 19, 2014

Credit Suisse Group AG has signaled that it intends to fight a U.S. lawsuit that accuses the Swiss bank of deceiving investors in $11.2 billion in mortgage-backed securities it had issued. A New York State Supreme Court justice last week rejected the Zurich-based bank’s request to dismiss the case, in which New York Attorney General Eric Schneiderman accuses the bank of misrepresenting the quality of loans underlying residential mortgage-backed securities sponsored and underwritten by Credit Suisse in 2006 and 2007.

Sources-
NYTimes
WaPo

 

[Ulaven_Demorte]

The risk: one day driving down the Strip about a decade ago, I realized that every hotel tower, every fountain and every chandelier was largely paid for by losing bets.

I understood for the first time what gambling really means.


(gsgs comment- oooo, la, la!)

Wall Street Journal reports that homeowners at Lake Las Vegas and three other resorts “are suing Credit Suisse Group AG for $24 billion, accusing the Swiss bank of running a ‘loan-to-own’ program that loaded the resorts up with debt so it could foreclose on their assets when the debt couldn’t be repaid. They allege that Credit Suisse knew the resorts wouldn’t be able to perform under the loans, which would allow the bank to take the reins to the debt-saddled resorts cheaply.”

"...built mostly by Latino labor with materials from China and other parts of the world, with financing and profits that have become part of the global casino we call Wall Street."

Source-Anywhere But Here
Las Vegas and the Global Casino We Call Wall Street
By Rebecca Solnit

http://www.tomdispatch.com


Jury faults Credit Suisse in Lake Las Vegas refinancing
Fri Dec 19, 2014

Credit Suisse Group AG has signaled that it intends to fight a U.S. lawsuit that accuses the Swiss bank of deceiving investors in $11.2 billion in mortgage-backed securities it had issued. A New York State Supreme Court justice last week rejected the Zurich-based bank’s request to dismiss the case, in which New York Attorney General Eric Schneiderman accuses the bank of misrepresenting the quality of loans underlying residential mortgage-backed securities sponsored and underwritten by Credit Suisse in 2006 and 2007.

Sources-
NYTimes
WaPo

This is a variation of the same tactic used by the banking industry leading up to the housing collapse.
Knowingly lend money at low low teaser rates to lure the unsuspecting into overextending themselves financially. Bundle and sell these loans as high quality investments to investment banks all over the world. They got their profits, homeowners and investors took one in the shorts.

 

[gotsnowgotslush]

It seems the system cannot be made to work"in their favor," if laws, rules, and fairness are in operation.

What is ugly, is our law system also demands to be fed something.
An example, is that blameless youths, throwing away their inheritance at the casinos, are fed into the maw.
They are nailed, arrested, charged, and jailed for crimes that they never committed,
The law system must present numbers and graphs to prove that they are policing the casinos, and are vigilant.
As it is a system filled with the temptation for selfish and corrupt gain, is there a tit-for-tat exchange ?

See- Whitey Bulger
See- FBI corruption