Calistri's Corner

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 enter into 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 company IPO’s. The DOJ’s mission 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 with publicly traded online gaming companies; even those companies that did not have Wire Act violating sports books.

My biggest fear was that this would reduce the banks and online gaming companies into submissive jelly; resulting with their withdrawal without a fair fight. I now think 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 to fuck with Wall Street investment banks, some of whom were subpoenaed?  The investment banks have a pretty cozy relationship with the US Treasury Department, one of the authorities charged with formalizing regulations under the UIGEA. And while the banking lobby may have thought it had bigger fish to fry when the UIGEA was weaseling its way into law, my guess is that they don’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 good poker 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 finished 4th 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 from MJ Bernstein, one of my favorite “undiscovered” players. He’ll be one of 18 players left in the $2500 NLHE field at the Borgata today. MJ took some time off from poker last year to spend time with his dad, who sadly passed away some months ago. On his return to poker, MJ had a nice score; finishing in 6th place at the WSOP Circuit main event at Harrah’s AC in December. I’ve known MJ for some time. In fact MJ is the one that convinced me that the Stetson should be my signature hat. I wrote this April 2005 Bluff article about how we first met: sometimes you just recognize an up and coming player. Good luck today, MJ.       Â

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This entry was posted on Tuesday, January 23rd, 2007 at 11:27 am and is filed under Uncategorized.