I’m afraid to read the news lately, not wanting to see any more UIGEA related bad news. When I read about the DOJ’s bank subpoenas on Sunday night, I hit a new low. But reaction to the news has me optimistic; which these days means I’m not yet ready to enterinto a murder-suicide pact.
It seems the Department of Justice, just days after the October passage of the UIGEA, issued subpoenas to at least sixteen banks and a number of accounting and law firms; most of them located in the UK and involved in online gaming companyIPO’s. The DOJ’smission seems to be part fishing expedition and part saber rattling. Their subpoenas asked for every phone record, email, and document the companies had relative to their relationships withpublicly traded online gaming companies; even those companies that did not have Wire Act violating sports books.
My biggest fear was that this wouldreduce the banks and online gaming companies into submissive jelly; resulting with their withdrawalwithout a fair fight. I nowthink that the opposite might be true. It is beginning to looks like, in the world of public opinion anyway, that the DOJ may have overplayed their hand. For one thing, the Brits are pissed. I’m guessing the US banking lobby can’t be too thrilled either. And do you really want tofuck with Wall Street investment banks, some of whom were subpoenaed?The investment banks have a pretty cozy relationship withthe US Treasury Department, one of the authorities charged with formalizing regulations under the UIGEA. And while the banking lobbymay have thought it had bigger fish to fry when the UIGEA was weaseling its way into law,my guess is that theydon’t want any part of being the DOJ’s bitch- and will actively thwart any meaningful bank regulations associated with the UIGEA. Here’s hoping any way. You remember hope?
I really needed some goodpoker news this week, and lucky for me, my friends obliged. I was tickled to hear that Kaelaine Minton won the WPO media event this year. This is the best media event on the tournament circuit.It’s not one of these charity deals; real money and a real bracelet are at stake.Kaelaine finished 2nd last year (I finished4th for a decent cash and nice WPT jacket) and she was lookin’ for the jewelry this year. Score!
I then I found out that Lou Krieger won the Author’s Tournament in Vegas this week. Atta boy, Lou. He’s gonna take me through the details on our radio show this week.
And I just got an email fromMJ Bernstein,one of my favorite “undiscovered”players. He’ll be one of 18 players left in the$2500 NLHE field atthe Borgata today. MJ took some time off from pokerlast yearto spend time with his dad, whosadly passed away some months ago. On his return to poker, MJ hada nice score; finishing in 6th place at the WSOP Circuit main eventat Harrah’s AC in December. I’ve known MJ for some time. In fact MJ is the one that convinced me that theStetson should be my signature hat. I wrote thisApril 2005 Bluff article about how we first met: sometimes you just recognize an up and coming player. Goodluck today, MJ.
Any idea if the Royal Bank of Scotland was among the 16 the DOJ subpoenaed? (Just curious.)
Of the sixteen banks, sources only named four: HBSC, Deutsche Bank, Credit Suisse, Dresdner Kleinwort. These were the investment banks that underwrote the IPOs of online gaming companies on the London Stock Exchange. So far, I have not seen any other names – and none of the banks are talking.
What a little mention of the Dr./Dr. STS win down under didn’t rate for your "Winning Friends"?
Well it serves you and Dr. Pauly right for hanging out "down under" in a time zone no one can reach. Yes, for the record, the Poker Shrink and Dr. Pauly chopped the PokerNews Invitational – in between drug induced visits to the aquarium.