Licence Number: MGA/CL2/294/2006 12 March 2013, and for customers in the UK, licensed and regulated by the Gambling Commission, Licence Number: 000-039439-R-319330-001.
Over 18s only.
BETFAIR ® and the BETFAIR logo are registered trade marks of The Sporting Exchange Limited. Licence Number: MGA/CL3/454/2008 17th March 2015, Betfair International Plc, Triq il-Kappillan Mifsud, St. For any other Betfair-related queries, contact the helpdesk
. Address: Units 2/4 and 2/5 Waterport Place, Gibraltar. Betfair International Plc is licensed and regulated by the Malta Gaming Authority. Betfair Pty Ltd is licensed and regulated to offer Australian Markets by the Tasmanian Gaming Commission, and for customers in the UK, by the Gambling Commission, Licence Number: 000-039365-R-319337-001. All rights reserved.
For any queries relating to Betting.Betfair, e-mail Copy@betfair.com.
“But if you robbed a bank, you still robbed a bank. When contacted, a spokesman for Selig said, “The commissioner stands by his comments to reporters he made during [last month's] Hall of Fame weekend, as judge and jury on this.”
A USA Today/Gallup poll released this week showed that 75 percent of more than 1,000 Americans surveyed think that player use of performance-enhancing drugs is more serious than Rose’s offense. He is the only player in MLB history to play more than 500 games at five different positions, and he played in more wins than any player in history.
One of the roads buffering the Great American Ballpark, the current home of the Reds, is Pete Rose’s Way, and it was there back when he was playing near the same site, at Riverfront Stadium. But he isn’t going to get his way on the Hall of Fame anytime soon and may never find the road leading there.
“He has his fans in Cincinnati, no doubt; he has people who want to forgive him,” said Bisher, The Atlanta Journal-Constitution columnist. It’s done, and nothing you do can change that.”
Vincent, who talked to CNN.com from his summer home in Williamstown, Massachusetts, wrote the agreement in 1989. An owner of Philadelphia bet on baseball, the 1919 White Sox, you name it. “The case was so overwhelming, and it had so much. “As a history museum that tracks the game’s greatest moments, Pete is noted several times in the museum’s timeline … This weekend, for the second time in the past month, an Enquirer columnist wrote that it is time to forgive Rose.
All About Pete Rose o Major League Baseball o Cincinnati Reds o Hank Aaron
“Many artifacts donated by him are on display,” said Brad Horn, National Baseball Hall of Fame and Museum’s senior director for communications and education. Like Aaron, both are on the Hall of Fame’s Veterans Committee. He was banned for life, and that should be the last line of his career.”
Last month, it took one comment about baseball’s hit king from baseball’s former home run king to reignite the controversy.
“Is this the way Bart Giamatti would have wanted it 20 years later?” Schmidt asked.
Rose holds 19 MLB records, including most career hits, 4,256. “The proper course for Pete would be to say then, ‘I’m sorry, I want to help you, I want to help baseball.’ But he never did that, of course.
Vincent recalled a conversation he had with Hall of Famer Tom Seaver.
And the Dowd Report, baseball’s 225-page account of the investigation of Rose’s gambling activities — including bank and telephone records, Rose’s betting slips and witness testimony — has stood the test of time.
He has a message for his fans on his Web site: “I begrudgingly do not have any positive new updates as it relates to my quest for official re-instatement back into Major League Baseball.”
Rose does have hometown support. “But when you talk to players, they seldom see the universe the way a commissioner sees it. Rose’s ex-teammates Tony Perez and Joe Morgan did not return calls and e-mails. It was signed by then-MLB Commissioner A. Vincent took over as commissioner, and he said he never saw any signs of change or remorse from Rose.
“Which is worse? Does the penalty fit the crime?” Schmidt wrote.
Rose made matters worse as the years went on. “He belongs in, really.”
Rose didn’t publicly admit the betting until this decade. On the weekend of baseball Hall of Fame inductions in Cooperstown, New York, he often held autograph sessions at a nearby bookstore, rankling the Hall of Famers who played before Rose. Some people tried to write books on it and couldn’t because it didn’t miss a thing.”. “Every club has it as you walk into their clubhouse in big letters: No gambling.
Rose and attorneys who once represented him did not return calls and e-mails for comment. In a recent unscientific sampling of readers’ views on The Cincinnati Enquirer’s Web site that included 5,000 responses, 89 percent said Rose should be allowed in the Hall of Fame. There is no possible way they can retract what was done,” said Furman Bisher, longtime columnist for The Atlanta Journal-Constitution and a voting member of the Hall of Fame’s Pre-1943 Veterans Committee. “He never acknowledged he had a gambling problem. I don’t think to this day he ever recognized he had a problem.”
At first, many observers thought those remarks were a big move in favor of Rose, as Aaron is a longtime friend of MLB Commissioner Bud Selig. So are Don Sutton, Phil Niekro and Tony Gwynn, who would not comment on Rose’s status.
Giamatti died eight days after banishing Rose. From the time of the ban until 2004, he publicly insisted he didn’t bet on baseball.
“Tom Seaver once asked me, ‘If I’m a Hall of Famer, and I bet on baseball, do I get the same treatment?’ I said, ‘Yes.’ Tom said, ‘I get it. No matter if it’s a third-base coach or an all-star, Hall of Fame-type player,” said Faye Vincent, who was MLB deputy commissioner at the time baseball investigated Rose for betting on his team.
“I think the door is closed. His hitting accomplishments and some artifacts are a part of the sport’s timeline there, but so is his lifetime suspension.
“I would certainly like to see him in,” Hank Aaron told reporters at baseball’s Hall of Fame festivities. The same poll showed that support for Rose’s Hall of Fame eligibility has not changed in 20 years — 60 percent favor it; 35 percent are opposed.
Schmidt maintains Giamatti was the only man who could broker Rose back into the sport’s good graces: “Giamatti was a compassionate man who would have eventually met with him, laid out a lifestyle plan that Pete would follow, and today he’d be a forgiven member of baseball’s family.”
“I understood very quickly Rose had no intention of making changes,” Vincent said. Baseball’s history, Rose’s lying about his gambling and his brash nature in handling the manner have all painted him into this corner, with no apparent way out.
(CNN) — It’s one of the great ironies in all of sports: Pro baseball’s career hitting leader is not in baseball’s Hall of Fame.
This weekend, another friend, Hall of Famer Mike Schmidt, went to Rose’s defense, in a column he wrote for The Associated Press.
“Some other players like Mike Schmidt, from time to time, come out and comment that it is time for Pete Rose to be reinstated,” Vincent said. For every player that thinks Rose should be reinstated, there are 10 that don’t.”
When he did admit to betting on baseball in his 2004 book, he was back in Cooperstown on the weekend of inductions, signing copies.
“If you talk to some of the Hall of Famers, like Bob Feller and others, they would never go for that. Bartlett Giamatti, Rose and his attorneys, and Vincent.
On Monday, 20 years to the day Pete Rose signed an agreement with Major League Baseball banning him from the sport, he is no closer to being reinstated.
Giamatti’s successor, Vincent, said Rose prevented himself from ever getting considered for a possible return to baseball.
As long as Pete Rose is banned from baseball, he will be banned from any Hall of Fame ballot.
“He and his lawyers said all kinds of things about Bart Giamatti, claiming Bart was biased and all,” Vincent said. If you didn’t do that, we would all bet on baseball.’ “
“Not a single fact has ever been challenged,” Vincent said. He makes a living making public appearances and signing autographs, through his Web site and at one of the shopping malls at Caesar’s Palace in Las Vegas, Nevada.
“Sometimes Henry wants to be likable and is kind to some people,” Bisher said.
Bisher, who has covered Aaron his whole career, said he “couldn’t believe Aaron said it.”
“I think Bart Giamatti handled it beautifully. I had dinner with the commissioner Sunday, and he didn’t like it.”
Aaron’s and Schmidt’s comments may be the last talk of Rose entering the Hall of Fame anytime soon, especially during the reign of Selig, who has a contract as commissioner through 2012.
Rose isn’t entirely missing from the Hall of Fame. He was very defiant then, and he made it more difficult for himself.”
Selig said then, “I would remind you that Pete Rose admitted to gambling on baseball and agreed to a lifetime ban.” He added the case is always under review, but nothing has changed.
In that agreement, Rose, accused of betting on MLB games while he managed the Cincinnati Reds, was “declared permanently ineligible in accordance with Major League Rule 21.”
Schmidt points to baseball’s current steroids scandal as another reason for Rose’s ban to be lifted.
“Nobody who has ever been thrown out of baseball has ever been reinstated. Hall of Fame pitcher Bob Feller later told the San Francisco Chronicle, “I heard what Hank Aaron said about it, and that’s a cockamamie idea. but as a history museum, we do have the responsibility to tell the history of baseball. We do say Pete was banned from baseball for gambling in that timeline.”
Schmidt is one of the few Rose supporters who will publicly say baseball should lift the ban. Bob Feller has said to me before, ‘If Pete Rose is allowed in the Hall of Fame, I’ll never come back,’ ” Vincent said.
“Bart and I told him about reconfiguring his life, and that’s the sad part
If you like an underdog, it is best to get your bet in as late as possible, where there is heavy action from squares on favorites. Chasing losses is the fastest way to the poor house.”
But that doesn’t mean you have to bet like a “square” and throw away your hard-earned money.
“A sharp or smart has a plan of what he wants to do,” says Vaccaro, the director of sports operations and public relations at Lucky’s Race and Sports Book in Las Vegas.
So, is it possible for the average square to become a little sharper in making football bets this season? According to professionals like Vacarro, Konik and Gordon, amateur bettors have the best chance to win if they demonstrate a little patience and follow the 10 basic tips below. Otherwise, you’re better off doing your own research.”
Even Hollywood is not immune – think Two for the Money with Al Pacino and Matthew McConaughey.
Although exact figures are impossible to calculate, according to Jimmy Vaccaro, widely considered to be Las Vegas’ most influential bookmaker, Americans probably wager more than $50 billion a year on NFL and college football combined. Avoid Exotic Bets – “For very skilled handicappers, with a proven track record, there can, at least in theory, be value in betting parlays,” says Gordon on the type of bet that combines two or more individual wagers.
Moseman agrees and especially likes home underdogs.
And where does all that money go?
7. If North Texas is his best bet on a Saturday then that is his bet. “Over the course of several seasons, the percentage of bettors who turn a profit is minuscule.”
Certainly not back into the pockets of the average bettor.
2. Consider Underdogs – “In the long-run, it’s easier to win betting on the underdog,” Konik says. “He is not jaded by teams and does not bet with his heart.
“The bookies fear and despise a tiny coterie of professional bettors known as ‘the sharps,’” Konik says. Locks Don’t Exist – “Anyone who has watched sports for about a month realizes that the difference between winning and losing, especially against the spread, can be infinitesimally small,” Gordon says.
Ted Sevransky, a well-known Las Vegas gambler and sports consultant with Sportsmemo.com, agrees.
While these tips don’t guarantee you’re going to win, hopefully they can make you a little less square and a little more sharp in your picks this season. These books change their numbers according to the betting patterns of their customers, so it is not entirely uncommon to find two or three point differences in the lines.”
“In an average season, fewer than one bettor in twelve turns a profit,” Gordon says. There is a wealth of information on the Internet; it is just up to you to find it and research it daily.”
“There is probably no better bet in sports than playing an underdog at home,” Moseman says. “The key to proper money management is to be sure not to bet more than you can afford to lose.”
8. . Slim underdogs regularly win outright. But, when you’re struggling, that’s when you want to reduce your bet size until you get out of your slump. Bet at the Right Time – “The sharp bettors tend to bet underdogs, and they tend to bet them early,” Moseman says. “In trying to bamboozle potential customers, many services make claims about having scouts all over the country that give them inside information and promise 70 or even 80 percent winners, as if the bookmakers were the biggest suckers in the world. Big underdogs often find ways to cover the spread and they rarely give up toward the end of a game in front of the home crowd.”
And remember, in the immortal words of “Fast” Eddie Felson, “Money won is twice as sweet as money earned.”
9. There are almost an infinite number of scenarios that can happen in a single football game. “Squares usually bet later in the week and they tend to pick the favorites. Avoid Chasing Bets – “Don’t do it! There is no worse way to mismanage your bankroll than to chase your bets after a losing day,” cautions Moseman on the dangerous practice of trying to immediately win back your losses. On college you will be able to find different lines at different sports books. They use powerful computers that can process millions of bits of data and produce a more accurate point-spread line than the bookmakers.”
“Most people with an understanding of football gambling bet between 3 percent and 5 percent of their bankroll, increasing when they win and reducing when they lose,” Vaccaro says. “Common wisdom says that over the course of a long football season the average man or woman will pick approximately 50 percent winners. Giving 11 to 10 odds is almost always the cheapest price you can give.”
1. Oakland comes to mind) seem like the Super Bowl. “Because alcohol clouds your judgment and usually helps you to make rash decisions you usually wouldn’t otherwise make. The NFL, for example, will have very similar numbers at most of the betting shops you visit. “As for me, the best bet in football is betting the point spread or over/under totals on individual games. “For example, if you have a $1,000 bankroll for the season, you should generally bet no more than $50 a game.”
However, Konik adds that there are some bettors who actually know how to beat the bookies. “Teams play inspired ball at home. “Thus, the bookies love and cherish the squares.”
“A square or recreational player might have a vague plan, but after two Corona’s he will definitely run to the window and make a hasty decision on the USC-Notre Dame game because he wants to be involved in the party atmosphere,” Vaccaro says.
10. To be a successful sports bettor you need to operate with a clear mind.”
So, how much should you bet a game?
So, how much are we gambling each football season?
Another difference between squares and sharps is how they approach betting on game day.
Michael Konik, a sports writer and best-selling author of The Smart Money (Simon & Schuster 2006), explains why it is so hard for the recreational gambler to win at betting on football. If you are going to go with a favorite, it is best to place your bet early in the week when the sharps are laying heavy money on the points. Not all games work according to this formula, but it is usually a good rule of thumb.”
Newspapers and popular sports sites routinely publish the lines or point spreads for games, and football insiders offer their picks to viewers each week on ESPN and other cable networks. “When you’re in a good rhythm and winning, you want to increase your bets. And why not? We have unconditional love for the sport and betting $50 or $100 on a game adds an extra rush of adrenaline.
“The talking heads on TV know nothing about sports betting,” says Sevransky. “Most people prefer to bet on the ‘better’ team, the one that will probably win the game.
“The standard bet requires gamblers to lay $11 for every $10 they want to win with the extra $1 or 10 percent known as the juice,” Konik says.
3. He loses year after year, according to Dan Gordon, a top football handicapper and author of How to Beat the Sports Books (Cardoza Publishing 2005). Focus on Conferences – “The best way to win money betting football is to develop a niche and follow it closely,” Moseman advises. If you want advice about sports betting, find someone who has a successful track record.
But even though the math says it’s virtually impossible to win on a consistent basis, Americans continue to bet on football. Research Football Services – “Most sports services realize that most people who sign up with them are insecure,” Gordon warns. “There will be more discrepancy in the numbers at different sports books. He is not taken in by being involved in USC-Notre Dame just because it is the biggest watched game of the day. Thanks to the juice, the only one who profits in this scenario is the bookmaker.
Also, it’s probably a good idea to disregard advice from the myriad of ex-players and football experts you see on television each week. The only touts bettors should consider are the ones who talk about the long haul and realistic winning percentages, which are in the upper 50 percent to lower 60 percent range.”
“A square is the average, unsophisticated gambler whose decision making is based on hunches, media manipulation, or spurious systems that cannot overcome the bookmaker’s inherent mathematical advantage,” Konik explains. “The sharps are usually members of a betting syndicate privy to the most up-to-date information on injuries, weather, game plans, and, most important, the real power of the teams involved. The only locks that exist are those that need keys to open them.”
Betting on football games; whether it’s through a local bookie, an offshore Internet site or a Nevada casino (still the only legal place in America to make football bets), most of us have done it or know of someone who has. Also, being “in action” can make a dull late-afternoon game (Buffalo vs. “If you become an expert on a smaller conference like the WAC, you have a good chance to beat the house because sports book operators do not have the time or resources to follow this conference the way you can. Drinking and Gambling Don’t Mix – “There is a reason the casinos in Las Vegas supply you with free drinks while you are gambling,” Moseman says. In fact, sports bettors must pick 52.4 percent winners just to break even.”
“The biggest mistake that amateur bettors make is they increase their bets when they are losing,” Sevransky says. “In the NFL, a game will often be totally turned around by one or two plays, or even a single penalty. “If you listen to their advice, you are sure to lose. So underdogs tend to be slightly undervalued – except by the sharps.”
4. Money Management – “This is without a doubt the most important aspect of betting on sports and possibly the most neglected,” says Morey “Doc” Moseman, a professional gambler and sports consultant with DocSports.com for nearly 40 years. Shop For Numbers – “Another important aspect of betting on football is shopping for the best number,” Moseman explains. The payout is just the same as far as he is concerned
Everybody does. It’s large compromises with ethics and morality the guy does, but it’s all within the realm we all do. So I’ve never thought about the marketplace at all, honestly. There’s some things in that that are … And either I wasn’t open to it in the moment or, who knows? A movie like that, it was just timing of when a script comes. But that was a moment where there are a lot of auditions and trying to put people together to make that cast work — but when he asked me to make the movie, I realized that my world was going in that direction of making movies. Lasse Hallström is, too. A studio picture. Except for maybe “The Jackal.” Did that interest you?
The action thing was not an interest to me. I remember Julia and I saw it together in a preview and we were sitting next to one another laughing and moved with everybody else. But I’m really proud of that movie. And that’s more like this character. The only vaguely sci-fi thing I did was “Mothman Prophecies.” Not a terrible movie. Horrible, horrible decision. I certainly have had very few times, but I’ve had times where an actor and I did not fit. I’ve never — those few instances, it didn’t show up on film.
**SPOILER ALERT: Skip the next three questions and answers if you don’t want to know about a key plot point that happens early in the movie.**
So that was a surprise?
The degree that that has been embraced universally, the whole planet …
That was my first date. The best people were trained in his office, came through the stuff he was pushing and working on his entire life. And I said, “OK, let’s just do it head-on.” And we talked a little bit about him, [how] he’s a sociopath, he’s crazy. And Ted Kennedy was one of the most responsible Senators that we’ve ever had. So I think we did achieve that in places in that movie. But we’ll have to wait to see him in a galaxy far, far away, because right now he’s promoting “Arbitrage,” out Friday, in which he stars as Robert Miller, an über-wealthy hedge-fund executive frantically trying to keep the pieces of his complicated life from falling apart. The things he does are human. You don’t get along. 7)
But it was there.
It was there, but that’s one of the bizarre things about this. I kept saying the line wrong. They really are. And either it doesn’t fit the story or it’s written all wrong or something, and you get a sense that there’s something that’s not really happening. But he made one horrible decision. That’s why you’re rooting for him. None of us did.
And then the car accident that results in the death of his girlfriend happens. He made a big bet and he lost. I was 15 and had to sneak in by buying a ticket to “Teenage Mutant Ninja Turtles” instead.
[Laughs] How did the date go?
I was worried this movie was going down that Bernie Madoff-type road, but that’s not what this is at all. This is like “Coriolanus” or something — “Richard II.” Big characters. We all shave taxes — white lies to our wives and lovers. I like the movie. But sci-fi? Yes. Unfortunately, the companies that make movies don’t make these anymore. not a great movie.
When you were coming up as an actor, what movies did you see? Did you see “Star Wars” with everyone else in 1977?
Ahead, Gere explains why his character isn’t really like Bernie Madoff, remembers watching “Pretty Woman” with Julia Roberts and singles out the movie from his past that still means the most to him.
Kirsten Dunst, Lizzy Caplan and Isla Fisher star as the three worst bridesmaids this side of Kristen Wiig in “Bachelorette.” Based on the stage play by director and writer Leslye Headland, the hilarious film debuted on video on demand and iTunes in early August and earned nearly $500,000 during its first weekend.
‘Bachelorette’ (Sept. What do you do in that situation?
Well, let’s assume he didn’t mean to do any of it. And you’re not exaggerating.
No! I lived with that! And I’m proud of it. These other things, I don’t really think about it, to tell you the truth.
It’s creepy, though.
It’s creepy. I’ve worked in Washington now for almost 30 years. Terry Malick called me up in my hotel in L.A. On a human level, who would just run away from that situation? How many people would have just run away? Very few.
It went well, so thank you. It’s not a festival movie by design. It’s creepy. This isn’t a festival movie.
But there’s already a lot going on.
I think it took you off of that one track that, maybe, you felt like, “I know this very well.” You don’t see it coming.
The topic came up during a discussion of “Star Wars,” which — hard as it may be to picture — Gere saw in theaters back in 1977. But sci-fi is something that interests me a lot, and that’s one of the genres that, for whatever reason, I haven’t been in.
“Arbitrage” played at Sundance and didn’t come out of the festival with the hype of something like “Beasts of the Southern Wild.” Can too much festival hype be a bad thing?
Well, you know, that was a festival movie. And that’s what I liked about it. Chappaquiddick. The scene in the park with my daughter, where I explain to her what happened — I certainly spin it in my favor. I said, “Applesbee? “Applebee’s? What is it?”
He does some terrible things.
Yeah, but we all do.
The CEO of J.P. He broke the law in a big way, but it’s understandable. The best people working in Washington came through his office. We all make bad decisions.
Somebody, please cast Richard Gere in a science-fiction movie! Sure, it’s hardly the first genre that comes to mind when you think of the suave, intellectual star of “Pretty Woman” and “An Officer and a Gentleman,” but he says he’s game. But, in the end, they were in the realm of rational business. And I think that’s why, in a way, we root for this guy and we identify with him.
I liked it because when I first read the script it resonated with Bernie Madoff and Ted Kennedy … The guys who make big bets and win. It’s early in the film, but we don’t see that coming. And then I read it and thought, What was I thinking? This is perfect.
Maybe that’s for the best.
I’ve never conceptualized a career.
. It’s the hubris of, “I can’t lose. You can contact him directly on Twitter.
When you’re filming a movie like this, can you tell if things are going pretty well? Or even on “Pretty Woman” or “Unfaithful,” do you feel, “People are going to like this”?
“Pretty Woman,” yes. “The Hoax” is one of my favorite movies that I’ve made, and very few people have seen it. The first feature from writer-director Nicholas Jarecki, “Arbitrage” also stars Susan Sarandon as Miller’s wife, Brit Marling as his daughter, Tim Roth as a hard-boiled police detective on his trail and Nate Parker as a family friend who pays a heavy price for helping Miller in his hour of need.
Well, he’s not a sociopath — that’s a different universe. We used to have a line where I talked about Madoff.
That’s true. Morgan …
Yeah. It’s a movie that Sidney Lumet would have made in the 70s. Whether it would communicate to other people? I didn’t have a clue. He just lost the bet. A certain blockage comes up.
After the accident, Robert flees the scene. So I liked that gray area of someone like that, and adding that to the financial thing, to me, was the perfect storm of a character for two hours. and said, “Let’s make this movie.” It’s “Days of Heaven.” That, to me — it didn’t have anything to do with anyone else; it had to do with me. But you’ll never see it in the film. When Lasse called me up and said, “Look, I’m involved with this movie,” I said, “I read that script.” And my first thought was, No, it’s not for me. He’s trying to make everything right while not going to jail, which seems reasonable. What’s the fault? These are Shakespearean characters. And who wouldn’t want to see the man who taught Julia Roberts how to be classy shoot lasers at an invading army of mutants?
Am I a bad person because I’m rooting for him to succeed?
So Michael Fassbender does a movie like “Shame” and that leads to something like “Prometheus.” I feel like you never went down the sci-fi or action-movie role. So this stands out, in a way, as being: “Wow, this is a rarity.”
For some reason, I can’t picture you in a theater enjoying “Star Wars.”
I remember it very well! I remember sitting there at an early showing of “Star Wars,” and the first time that the going-at-light-speed thing happened — which was new; now it seems silly — that was like, “Whoa!” I remember that very well.
Around the era when you were doing “American Gigolo” and “An Officer and a Gentleman,” nothing like that came up?
This comes down to scripts, you know? There are good version, there are bad versions. Nick and I made a point of that because, when we made the movie, it was so much on everyone’s mind — this was a year and four months ago. This is a movie with an independent distributor. It’s the guys who are winners. So it’s just really well-made on all levels: It’s well-conceived, well-written, well-acted, well-shot, scored. And if I do, I’m going to fix it because I’m a lord of the universe.”
Mike Ryan is senior entertainment writer for The Huffington Post. We were carried away by the story, watching it.
So you’re feeling, “I don’t know about this”?
Yeah. Not tricky creepy, but sick creepy.
What movie was most important to your career? “An Officer and a Gentleman” or “Pretty Woman”? Or maybe “American Gigolo”?
It was the first one, for me. And I wanted to be genuinely creepy. They’re working on human-rights stuff, they’re working on health stuff, they’re working on civil-rights stuff. Not the ones who Ponzi scheme and lie. At all. That script came to me about two or three years before, and I read it and said, “This isn’t for me.” I didn’t get it. The Jamie Dimons of the world are more relevant. It was made with independent money; it didn’t have a distributor when we made it. But he’s not as relevant anymore. Do you ever feel a film is not going well?
Usually, what happens is you’ve gone over the script a million times and you go in really feeling confident about your script, [but then] you’re shooting and you realize that this scene doesn’t work. This person doesn’t work.
My favorite line in “Arbitrage” is when Robert asks, “What’s an Applebee’s?”
[Laughs] Do you want to know the truth? I didn’t know what it was. But you’d never see it in the film.
Can you give an example?
No. The mix of people and story, and the way Garry Marshall was able to kind of corral it within his worldview, felt really good
Casinos make more money from slots than from any other game. A few favorites: www.WizardOfOdds.com, www.bj21.com, www.BJInsider.com, and authors Stanford Wong, Henry Tamburin and Arnold Snyder.
When you enter any casino for the first time, head to the players club booth and join. Casinos have evolved into one of the country’s premiere entertainment options. Slot players put their cards into the machine; table game players present their cards to the dealer.
Blackjack, if you take a few minutes to learn the basic strategy of when to hit or stand.
Video Poker, if you make the effort to look for good pay tables and learn simple guidelines for which cards to keep and throw away.
Baccarat, including the “mini” form found on the main casino form.
Craps, a game that looks more complicated than it actually is.
If you find yourself ahead after a couple of hours of fun, then remember the dealer’s advice for the nervous blackjack player: Run for the hills!
Games with a low house edge include:
When you plan a casino trip, figure out how much you’re willing to spend for that night’s entertainment. Smart gamblers find a game they enjoy and learn the strategies that reduce the house edge as much as possible.
Slot machines appeal to people looking for a pressure-free way to pass the time. Dollar machines pay out more than quarter machines, and quarter machines pay out more than nickel machines.
However, that doesn’t mean you should just throw your money away on long shots. If you go out for dinner and a show, you know how much that’s worth to you. In the short run, anything can happen. Each number corresponds to a specific symbol on the display.
“You know what you should do now?” the dealer asked, barely suppressing a smile as he prepared to deliver the punch line.
Many books and Web sites teach basic strategy for blackjack. Sure, some players will win big. Although each credit is worth only one cent, players can wager as much as $3 a spin by playing multiple pay lines and more than one credit per line.
The challenge for bettors is to find a game that they enjoy and that has a house edge they’re comfortable with. Some machines let you choose the value of a credit, such as 25 cents, 50 cents, $1 or $2. Her blackjack fling started with a victory.
The house advantage on slots can vary by casino, but typically it’s about 10 percent. The RNG’s sole function is to spit out groups of numbers. The machine itself is the entertainment. Since blackjacks will come at the same rate at each type of game — once in about every 21 hands — playing at 6-to-5 table costs you about $6 an hour.
Blackjack is the most popular card game by far. You should be mentally prepared to lose it all.
Slot machines are the easiest and most popular form of casino gambling. That’s not right. Never play them. “Run! Run for the hills while you’re ahead!”
Before you put money into a slot, check the machine’s display to see how much one credit is worth. Take what you are comfortable spending. About 27 percent of Americans visit a casino at least once a year, according to the American Gaming Association, and that number grows as legalized gambling continues to expand beyond the traditional centers of Las Vegas and Atlantic City. If you “bust” by going over 21, you lose even when the dealer also busts, because the dealer is the last to act. Over the long run, the casino will win because of how the games are structured.
Many people making their first casino trip or trying out a new game are like that uneasy blackjack player. The number combination generated at the instant you hit the spin button determines what symbols will be displayed and whether you win or lose.
Finding yourself amid the thousands of games, dealing with the noise, lights and other casino distractions, and ogling the vast amounts of money and chips can intimidate anyone.
“No problem,” he assured her. At that game, the player with a blackjack gets paid only $12 for a $10 bet. The answer depends on your own assessment of how much you’re willing to spend for a night at a casino. Some want a four-star restaurant and a live musical.
One of the built-in advantages for a player is that blackjacks traditionally pay 3-to-2, or $15 for a $10 bet. Some casinos offer games that pay 6-to-5 for a blackjack. Many players mistakenly think the object of blackjack is to get a hand as close as possible to a total of 21 without going over. Slots can account for 70 percent or more of the money casinos make from gambling.
Regardless of what you might hear elsewhere, there is no strategy for winning at a slot machine. Use your players club card whenever you gamble there. You could hit a big jackpot or you could lose your buy-in within a few minutes.
Just bear in mind that you’re there to have fun. The casino gets its cut by collecting a “rake,” typically $4 or $5, out of every pot.
READ: Tips and Tricks for Traveling to Las Vegas
One question all casino visitors ask themselves is how much money to take. Slot manufacturers spend millions of dollars to make machines that entice people play longer. Those include Three Card Poker, Let It Ride Blackjack Switch and Spanish 21. The process is simple: Push a button; win or lose; repeat. They’re generally easy to learn and play.
Casinos offer a variety of games to entice everyone from those dreaming of a life-changing jackpot to people simply enjoying a night out.
Whether you’re a beginner or a veteran, the most important fact about a casino is this: The house always has the edge, no matter what game you play. The vast majority won’t. The card makes you eligible for offers of discounted or free food, hotel rooms or other amenities based on the amount of your play. A rule of thumb is that the higher the base denomination, the less the house advantage. Those who follow basic strategy can reduce the house edge to 0.5 percent or less, making it the closest thing to an even-money game the casino offers. She pulled out three $20 bills and gingerly placed them on the felt, confessing to the dealer this was her first time playing the game.
A penny machine is a misnomer. The goal is to beat the dealer. In other words, for every $100 put into machines throughout the casino, the machines return an average of about $90 over the long run. Slot players don’t have to worry about making the “right play” or doing something that could affect other gamblers. That can range from a penny to several hundred dollars. Many are tied to popular movies, TV shows or musical artists – think “Lord of the Rings” or “Pawn Stars” or Dolly Parton – or even games such as Wheel of Fortune, Monopoly and Battleship. Never bet with money you need for the mortgage or medical bills. She put out the $10 minimum bet and was dealt a two-card 20 for her first hand. It’s all pure luck, as opposed to skill games such as blackjack and poker. A cynical adage holds that casino executives figure that whatever you bring through the door is theirs – you just happen to be holding it for the moment. Players have the option of hitting or standing, while the dealer must follow specific rules — generally, he must hit if the total is 16 or less and stand with a total of 17 through 21. As a rule of thumb, the easier a game is to play, the higher the house edge.
READ: The Downsides of Winning a Powerball Jackpot
READ: 6 Mistakes to Avoid When Paying Off Debt. Some folks are comfortable eating at a chain restaurant and catching a matinee. They want to gamble but they’re not exactly sure what to do.
The black-haired woman nervously thumbed through her purse as she took the end seat at the blackjack table. So if the dealer’s up-card is weak — especially a Four, Five or Six — it’s better for a player to stand on a “stiff” hand of 12 through 16 than trying to hit and get closer to 21.
Casinos also offer a variety of “carnival games” that are variations of poker and blackjack. In some games, all the players on a group, or “bank” of machines might share in a bonus round. Some games have surround-sound chairs for what manufacturers call “immersion” gaming.
Poker is popular, but it differs from all other games because you play against other gamblers rather than against the house. This was a friendly table, he said, and he or the other players would be happy to help a novice. With slots, the outcome is determined by a computer program called a random number generator, or RNG
The US Department of Justice brought another 30 cases. They merely catered to their psychopathology.
Pavlo Lazarenko, a former Ukrainian prime minister, is detained in San Francisco on money laundering charges. I suggested this cumulative definition:
They are quoted by Radio Free Europe as saying:
By: Sam Vaknin
Finally, in many states in the United States, “community responsibility” statutes require of owners of legal businesses to “abate crime” by openly fighting it themselves. Transparency International now publishes a name and shame Bribery Payers Index to complement its 91-country strong Corruption Perceptions Index.
In many countries from South Korea to Greece, lawyer-client privilege is largely waived. The balances in their bulging bank accounts were of no practical import or intent. Acceleration or Facilitation Fees – Corrupt practices whose sole outcome is to accelerate or facilitate decision making, the provision of goods and services or the divulging of information. Luckily, in countries like Macedonia, it is confined to its rapacious elites: its politicians, managers, university professors, medical doctors, judges, journalists, and top bureaucrats. With them, it stands a chance.
III. Politicians with mental health disorders (for instance, narcissists or psychopaths) react by decompensation. During closure of premises, the employer must continue to pay workers, thereby avoiding an appeal for constitutional protection.”
“Article 54(1)(c) of the UNCAC recommends that states parties establish non-criminal systems of confiscation, which have several advantages for recovery actions: the standard of evidence is lower (“preponderance of the evidence” rather than “beyond a reasonable doubt”); they are not subject to some of the more restrictive traditional safeguards of international cooperation such as the offense for which the defendant is accused has to be a crime in the receiving state (dual criminality); and it opens more formal avenues for negotiation and settlements. Concessions, licenses, permits, assets privatized, tenders awarded are all subject to reallocation fees. But this only makes them more culpable and dangerous.
The abuse of asset confiscation and forfeiture statutes by governments, law enforcement agencies, and political appointees and cronies throughout the world is well-documented. Hitler could have used it to ask the United Kingdom’s Assets Recovery Agency (ARA) to confiscate the property of refugee Jews who committed “crimes” by infringing on the infamous Nuremberg race laws.
In Australia, Austria, Ireland, Hong-Kong, New Zealand, Singapore, United Kingdom, South Africa, United States and the Netherlands alleged and suspected criminals, their family members, friends, employees, and partners can be stripped of their assets even for crimes they have committed in other countries and even if they have merely made use of revenues obtained from illicit activities (this is called “in rem, or property-based confiscation”). The same requirements of monitoring of clients’ activities and reporting to the authorities apply to credit and financial institutions, venture capital firms, tax advisers, accountants, and notaries.
History shows that all effective programs shared these common elements:
Most politicians bend the laws of the land and steal money or solicit bribes because they need the funds to support networks of patronage.
To eradicate corruption, one must tackle both giver and taker.
The defendant’s bank accounts will also be scanned for evidence of spending and any expenditure on unidentified assets (and in some cases identified assets) is also likely to be included as alleged criminal benefit. The Slovak daily “Sme” described in scathing detail the newly acquired wealth and lavish lifestyles of formerly impoverished HZDS politicians. Rather they are of the nature of compulsive collections. Income Supplement – Corrupt actions whose sole outcome is the supplementing of the income of the provider without affecting the “real world” in any manner. If he or she can prove “substantial harm” to life and business, the property may be released to be used, though ownership is rarely restored.
Kleptomania is about acting out. The Facts
A few years ago, I proposed a taxonomy of corruption, venality, and graft.
5.. Politics is a drab, uninspiring, unintelligent, and, often humiliating business. All rationales crumble in the face of a Mobutu Sese Seko or a Saddam Hussein or a Ferdinand Marcos who absconded with billions of US dollars from the coffers of Zaire, Iraq, and the Philippines, respectively. What to Do? What is Being Done?
In New-York City, the police confiscated a restaurant because one of its regular patrons was an alleged drug dealer. The USA has pioneered global anti-corruption campaigns and is a signatory to the 1996 IAS Inter-American Convention against Corruption, the Council of Europe’s Criminal Law Convention on Corruption, and the OECD’s 1997 anti-bribery convention. According to the Diagnostic and Statistical Manual IV-TR (2000), the bible of psychiatry, kleptomaniacs feel “pleasure, gratification, or relief when committing the theft.” The good book proceeds to say that ” … Rich world governments turn a blind eye, even where laws against such practices are extant and strict.
Awareness to corruption and graft is growing – though it mostly results in lip service. The police and customs are hopelessly compromised.
Kleptomaniacs fail to resist or control the impulse to steal, even if they have no use for the booty. Others have swimming pools replete with wine bars.. Information Altering Fees – Backhanders and bribes that subvert the flow of true and complete information within a society or an economic unit (for instance, by selling professional diplomas, certificates, or permits).
“The actions of individuals, groups, or firms, both in the public and private sectors, to influence the formation of laws, regulations, decrees, and other government policies to their own advantage as a result of the illicit and non-transparent provision of private benefits to public officials.”
Corruption is rife and all pervasive, though many allegations are nothing but political mud-slinging.
5.. That the service, information, or goods that are withheld are withheld because no benefit was provided or promised by the recipient. The Global Coalition for Africa adopted anti-corruption guidelines in 1999. In the absence of these, the fight against official avarice and criminality is doomed to failure.
4.. More than 1200 delegates participated in the 10th International Anti-Corruption Conference in Prague last year. That the withholding or the provision of said service, information, or goods are in the power of the withholder or the provider to withhold or to provide AND That the withholding or the provision of said service, information, or goods constitute an integral and substantial part of the authority or the function of the withholder or the provider. As electricity supply was intermittent at best, his was a curious choice. The conference was attended by the Czech prime minister, the Mexican president, and the head of the Interpol.
“We are pursuing the assets of those involved in a wide range of crime including drug dealing, people trafficking, fraud, extortion, smuggling, control of prostitution, counterfeiting, benefit fraud, tax evasion and environmental crimes such as illegal dumping of waste and illegal fishing.” (!)
Drug dealing and illegal fishing in the same sentence. According to Swiss authorities, more than $40 billion are held by Russians in its banking system alone. They rob the state and coerce businessmen to grease their palms because it makes them feel better, it helps them to repress their mounting fears and frustrations, and to restore their psychodynamic equilibrium. The proceeds from such sales accrue to the local municipality. The figure rises to 40% in Asia and 60% in Russia.
1.. The persecution of corrupt, high-profile, public figures, multinationals, and institutions (domestic and foreign).
The UK’s Assets Recovery Agency (ARA) that is in charge of enforcing the Proceeds of Crime Act 2002, had this chilling statement to make on May 24, 2007:
That the assets of suspects in grave crimes and corruption should be frozen or “disrupted” until they are convicted or exonerated by the courts – having exhausted their appeals – is understandable and in accordance with the Vienna Convention. It is, in other words, without a single redeeming feature, a scourge.
Strangely, this is not how it is perceived by its perpetrators: both the givers and the recipients. The institution of incentives to avoid corruption, such as a higher pay, the fostering of civic pride, “good behavior” bonuses, alternative income and pension plans, and so on.
Erstwhile president of Sierra Leone, Momoh, amassed hundreds of video players and other consumer goods in vast rooms in his mansion. Since 1997, it has introduced policies regarding misreporting, abuse of IMF funds, monitoring the use of debt relief for poverty reduction, data dissemination, legal and judicial reform, fiscal and monetary transparency, and even internal governance (e.g., financial disclosure by staff members).
But these mundane reasons fail to explain why some officeholders go on a rampage and binge on endless quantities of lucre. It demolishes the tenuous trust between citizen and state. In Alabama, police seized the home of a senior citizen because her yard was used, without her consent, for drug dealing. Yet, one rarely comes across graft and venality in daily life. If the defendant is judged to have a criminal lifestyle then it will be assumed that physical assets, such as properties and motor vehicles, have been acquired through the use of criminal funds and it will be necessary to present evidence to contradict this.
These inconceivable dollops of hard cash and valuables often remain stashed and untouched, moldering in bank accounts and safes in Western banks. Decision Altering (State Capture) Fees – Bribes and promises of bribes which alter decisions or affect them, or which affect the formation of policies, laws, regulations, or decrees beneficial to the bribing entity or person. It is a compensatory act. The otherwise opaque Asia Pacific Economic Cooperation (APEC) forum is now championing transparency and good governance. Liberalization and deregulation of the economy. These hoards are not the megalomaniacal equivalents of savings accounts. The OSCE has responded with its own initiative, in collaboration with the US Congressional Helsinki Commission.
II. It is also risky and rather arbitrary.
5.. The structural roots of corruption should be tackled rather than merely its symptoms.
In Bulgaria, the assets of tax evaders have recently begun to be confiscated and turned over to the National Revenue Agency and the State Receivables Collection Agency.
Note – The Psychology of Corruption
Technically and theoretically, assets can be impounded or forfeited and disposed of even in hitherto minor Federal civil offenses (mistakes in fulfilling Medicare or tax return forms)
Yet, no one seems to agree on a universal definition of corruption. In many developing countries and countries in transition, assets confiscated from real and alleged criminals and tax evaders are sold in fake auctions to party hacks, cronies, police officers, tax inspectors, and relatives of prominent politicians at bargain basement prices. The Agency cannot, however, confiscate single-dwelling houses, bank accounts up to 250 leva of one member of the family, salary or pension up to 250 leva a month, social care, and alimony, support money or allowances. Together with the EBRD, it publishes a corruption survey of 3000 firms in 22 transition countries (BEEPS – Business Environment and Enterprise Performance Survey). Greater access to information and a public debate intended to foster a “stakeholder society”.
Many rich world corporations and wealthy individuals make use of off-shore havens or “special purpose entities” to launder money, make illicit payments, avoid or evade taxes, and conceal assets or liabilities.
Sam Vaknin ( samvak.tripod.com ) is the author of Malignant Self Love – Narcissism Revisited and After the Rain – How the West Lost the East as well as many other books and ebooks about topics in psychology, relationships, philosophy, economics, and international affairs.
He served as a columnist for Central Europe Review, Global Politician, PopMatters, eBookWeb , and Bellaonline, and as a United Press International (UPI) Senior Business Correspondent. They serve no purpose, either political or economic. But they do fulfill a psychological need.
Only offshore tax havens, such as Andorra, Antigua, Aruba, the British Virgin Islands, Guernsey, Monaco, the Netherlands Antilles, Samoa, St. This is already the practice in some jurisdictions such as the US, Ireland, the UK, Italy, Colombia, Slovenia, and South Africa, as well as some Australian and Canadian States.”
The UNDP estimated, in 1997, that, even in rich, industrialized, countries, 15% of all firms had to pay bribes. Macedonia has belatedly passed an anti-money laundering law recently, but failed, yet again, to adopt strict anti-corruption legislation.
Typically, the defendant is notified of the impending forfeiture or confiscation of his or her assets and has recourse to a hearing within the relevant law enforcement agency and also to the courts. To appease the critics, the affable Attorney General of Macedonia charged a former Minister of Defense with abuse of duty for allegedly having channeled millions of DM to his relatives during the recent civil war. The cooperation of good people with trustworthy institutions is indispensable. The UN is promoting its pet convention against corruption.
This abrogation of the principle of dual criminality sometimes leads to serious violations of human and civil rights. Convention against Corruption 2003- UNCAC) and European Union Directives (e.g., 2001/97/EC) allow the seizure and confiscation of the assets and “unexplained wealth” of criminals and suspects globally, even if their alleged or proven crime does not constitute an offense where they own property or have bank accounts. The World Bank estimates that corruption reduces the growth rate of an affected country by 0.5 to 1 percent annually. It is then down to the defendant to prove otherwise. Both institutions are increasingly concerned with poverty reduction through economic growth and development. The ever-heightening mountains of greenbacks in their vaults soothed them, filled them with confidence, regulated their sense of self-worth, and served as a love substitute. Graft amounts to an increase in the marginal tax rate and has pernicious effects on inward investment as well.
International treaties (for instance, the 1959 European Convention on Mutual Legal Assistance in Criminal Matters, the 1990 Convention of the Council of Europe on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (ETS 141), and The U.N. government”.
1.. In the Netherlands bribery is tax deductible. What amounts to venality in one culture (Sweden) is considered no more than hospitality, or an expression of gratitude, in another (France, or Italy). (other Ukrainian officials) including Kuchma himself and his closest associates, have committed conduct similar to that with which Lazarenko is charged but have not been prosecuted by the U.S.
There is also what the World Bank calls “State Capture” defined thus:
The British firm Bentley-Jennison, who provide Forensic Accounting Services, add:
Anti-corruption projects are an integral part of every Country Assistance Strategy (CAS). According to Transparency International’s “Global Corruption Report 2001″, corruption has been successfully contained in private banking and the diamond trade, for instance.
Elsewhere, there are some other worrying developments:
In most countries, including the United Kingdom, the United States, Austria, Germany, Indonesia, Macedonia, and Ireland, assets can be impounded, confiscated, frozen, forfeited, and even sold prior to and without any criminal conviction. The convention has been in force since February 1999 and is only one of many OECD anti-corruption drives, among which are SIGMA (Support for Improvement in Governance and Management in Central and Eastern European countries), ACN (Anti-Corruption Network for Transition Economies in Europe), and FATF (the Financial Action Task Force on Money Laundering).
2.. It collaborates closely with Transparency International, for instance.
The presumption of innocence must fully apply and due process upheld to prevent self-enrichment and corrupt dealings with confiscated property, including the unethical and unseemly use of the proceeds from the sale of forfeited assets to close gaping holes in strained state and municipal budgets.
At the request of member-governments (such as Bosnia-Herzegovina and Romania) it has prepared detailed country corruption surveys covering both the public and the private sectors. In many cases the authorities will assume that all of the assets held by the defendant are illegally obtained as he has a “criminal lifestyle”. But there is no justification for the seizure and sale of property otherwise.
In a survey it conducted in February 2002 of 82 companies in which it invests, “Friends, Ivory, and Sime” found that only a quarter had clear anti-corruption management and accountability systems in place.
It is widely accepted that corruption retards growth by deterring foreign investment and encouraging brain drain. The withholding of a service, information, or goods that, by law, and by right, should have been provided or divulged. The donors ignored this and other recommendations. Pavel Borodin, the former chief of Kremlin Property, decided not appeal his money laundering conviction in a Swiss court. This demonstrates that no one is above the law and that crime does not pay.
The G-8 asked its Lyon Group of senior experts on transnational crime to recommend ways to fight corruption related to large money flows and money laundering. It casts civil and government institutions in doubt, tarnishes the entire political class, and, thus, endangers the democratic system and the rule of law, property rights included.
These politicos were not only crooks but also kleptomaniacs. This often leads to the inclusion of sums from legitimate sources and double counting both of which need to be eliminated.”
The IMF made corruption an integral part of its country evaluation process.
Venezuela has recently reformed its Organic Tax Code to allow for:
As most kleptomaniac politicians are also psychopaths, they rarely feel remorse or fear the consequences of their misdeeds. If they fail to tackle the criminals in their neighborhood, the police can seize and sell their property, including their apartments and cars. (T)he individual may hoard the stolen objects …”. In both jurisdictions, the fast track freezing of assets has proven to be a more than adequate measure to cope with organized crime and venality.
Under the influence of the post-September 11 United States and the FATF (Financial Action Task Force on Money Laundering), Canada, Australia, the United Kingdom, Greece, South Korea, and Russia have similar asset recovery and money laundering laws in place. Abolition of red tape, licensing, protectionism, capital controls, monopolies, discretionary, non-public, procurement. In Maryland, the police confiscated a family’s home and converted it into a retreat for its officers, having mailed one of the occupants a package of marijuana.
Corruption runs against the grain of meritocratic capitalism. He used to sit among these relics of his cupidity, fondling and counting them insatiably.
Tellingly only 35 countries signed the 1997 OECD “Convention on Combating Bribery of Foreign Public Officials in International Business Transactions” – including four non-OECD members: Chile, Argentina, Bulgaria, and Brazil. Strengthening of institutions: the police, the customs, the courts, the government, its agencies, the tax authorities – under time limited foreign management and supervision.
Hence also the involvement of the World Bank and the IMF in fighting corruption.
3.. That the service, information, or goods that are provided or divulged are provided or divulged against a benefit or the promise of a benefit from the recipient and as a result of the receipt of this specific benefit or the promise to receive such benefit. Massive investments in education of the public and of state officials are required.
Yet, “The Economist” reports that the American SEC has brought only three cases against listed companies until 1997. The conditioning of international aid, credits, and investments on a monitored reduction in corruption levels.
The most potent remedy against corruption is sunshine – free, accessible, and available information disseminated and probed by an active opposition, uncompromised press, and assertive civic organizations and NGO’s. It suspended arrangements with endemically corrupt recipients of IMF financing. This often gives rise to cases of double jeopardy.
2.. He was the editor of mental health and Central East Europe categories in The Open Directory and Suite101.
Visit Sam’s Web site at samvak.tripod.com
We can classify corrupt and venal behaviors according to their outcomes:
Corruption can never be entirely eliminated – but it can be restrained and its effects confined.
4.. It is a process of self-redemption and self-transformation. Some of them now reside in refurbished castles. Others do it in order to reward their nearest and dearest or to maintain a lavish lifestyle when their political lives are over. It skews the level playing-field; it imposes onerous and unpredictable transaction costs; it guarantees extra returns where none should have been had; it encourages the misallocation of economic resources; and it subverts the proper functioning of institutions. They believe that corruption helps facilitate the flow and exchange of goods and services in hopelessly clogged and dysfunctional systems and markets (corruption and the informal economy “get things done” and “keep people employed”); that it serves as an organizing principle where chaos reins and institutions are in their early formative stages; that it supplements income and thus helps the state employ qualified and skilled personnel; and that it preserves peace and harmony by financing networks of cronyism, nepotism, and patronage.
Moreover, bribing officials is often the unstated policy of multinationals, foreign investors, and expatriates. Property is confiscated even when the tax assessment is disputed in the courts. These measures will be applied in addition to the attachment or sequestration of personal property and the prohibition against alienation or encumbrance of realty. In many new countries (in Asia, Africa, and Eastern Europe) the very concepts of “private” versus “public” property are fuzzy and impermissible behaviors are not clearly demarcated. Britain has persecuted successfully only one of its officials for overseas bribery since 1889. The figure may be 5 to 10 times higher in the tax havens of the United Kingdom.
In Albania, the Chairman of the Albanian Socialist Party, Fatos Nano, was accused by Albanian media of laundering $1 billion through the Albanian government. It involves enormous stress and unceasing conflict. Corruption can be defeated only from the inside, though with plenty of outside help.
When the process of asset confiscation or asset forfeiture is initiated, banking secrecy is automatically lifted and the government indemnifies the banks for any damage they may suffer for disclosing confidential information about their clients’ accounts. It has even set up a multilingual hotline for whistleblowers.
In his address to the Inter-American Development Bank on March 14, 2002 President Bush promised to “reward nations that root out corruption” within the framework of the Millennium Challenge Account initiative. Corruption, like other crimes, is probably seriously under-reported and under-penalized.
Even worse, unlike in other criminal proceedings, the burden of proof is on the defendant who has to demonstrate that the source of the funds used to purchase the confiscated or forfeited assets is legal. They could no more stop thieving than Hitler could stop murdering. The Bank also supports international efforts to reduce corruption by sponsoring conferences and the exchange of information. This is the case in many countries, including United Kingdom, United States, Germany, France, Hong Kong, Italy, Denmark, Belgium, Austria, Greece, Ireland, New Zealand, Singapore and Switzerland.
In Switzerland, financial institutions are obliged to automatically freeze suspect transactions for a period of five days, subject to the review of an investigative judge. In France, the Financial Intelligence Unit can freeze funds involved in a reported suspicious transaction by administrative fiat.
The Act applies to all American firms, to all firms – including foreign ones – traded in an American stock exchange, and to bribery on American territory by foreign and American firms alike. These politicians and bureaucrats “let off steam” by looting.
” (P)re-judgment enforcement measures (to) include closure of premises for up to ten days and confiscation of merchandise. Vincent, the US Virgin Islands, and Vanuatu still resist the pressure to join in the efforts to trace and seize suspects’ assets and bank accounts in the absence of a conviction or even charges.
“In some cases the defendants will even have their assets seized at the start of an investigation, before any charges have been considered. There are no false detentions (as in Russia), spurious traffic tickets (as in Latin America), or widespread stealthy payments for public goods and services (as in Africa).
In 2002, just days before a much-awaited donor conference, the influential International Crisis Group (ICG) recommended to place all funds pledged to Macedonia under the oversight of a “corruption advisor” appointed by the European Commission. It held its first conference in September 2001 in Croatia. A similar law has now been adopted by Britain.
6.. Venality was an integral part of their psychological makeup.
While Momoh relished things with shiny buttons, people like Sese Seko, Hussein, and Marcos drooled over money. According to a brief written by Jack Smith, Mark Pieth, and Guillermo Jorge at the Basel Institute on Governance, International Centre for Asset Recovery:
1.. It outlaws the payment of bribes to foreign officials, political parties, party officials, and political candidates in foreign countries. It depletes the affected country’s endowments – both natural and acquired. It is the real transition.
In the United States, according to The Civil Asset Forfeiture Reform Act of 2000 (HR 1658), the assets of suspects under investigation and of criminals convicted of a variety of more than 400 minor and major offenses (from soliciting a prostitute to gambling and from narcotics charges to corruption and tax evasion) are often confiscated and forfeited (“in personam, or value-based confiscation”). The provision of a service, information, or goods that, by law, and by right, should not have been provided or divulged. Many of them believe that it is inevitable if one is to expedite matters or secure a beneficial outcome. The USA has had a comprehensive “Foreign Corrupt Practices Act” since 1977.
Moreover, The moral authority of those who preach against corruption in poor countries – the officials of the IMF, the World Bank, the EU, the OECD – is strained by their ostentatious lifestyle, conspicuous consumption, and “pragmatic” morality.
“The impetus for this prosecution comes from allegations made by the Kuchma regime, which itself is corrupt and dedicated to using undemocratic and repressive methods to stifle political opposition … The Bank helps countries to fight corruption by providing them with technical assistance, educational programs, and lending.
This is why both governments and business show a growing commitment to tackling it. His defense team accuses the US authorities of “selective prosecution”.
The World Bank has appointed in 2001 a Director of Institutional Integrity – a new department that combines the Anti-Corruption and Fraud Investigations Unit and the Office of Business Ethics and Integrity. When the defendant fails to furnish such evidence conclusively and convincingly, or if he has left the United States or had died, the assets are sold at an auction and the proceeds usually revert to various law enforcement agencies, to the government’s budget, or to good social causes and programs. Asset Confiscation and Asset Forfeiture
The south-eastern Europe Stability Pact sports its own Stability Pact Anti-corruption Initiative (SPAI). It leads to the misallocation of economic resources and distorts competition. Corruption is discussed freely and forgivingly in one place – but concealed shamefully in another. Reallocation Fees – Benefits paid (mainly to politicians and political decision makers) in order to affect the allocation of economic resources and material wealth or the rights thereto. The USA and the Netherlands hosted global forums on corruption – as did South Korea in 2003.
“We’re just completely overwhelmed,” said one lawyer involved in advising on the CFIUS process, who asked not to be named because he was not authorized to speak with the media.
A CFIUS review typically lasts between one and three months and can cost from as little as $50,000 to as much as $1 million for more complicated or controversial transactions, according to a CFIUS expert who has shepherded deals through the process.
Adding to the tensions are attacks on China’s trade policy, and in particular its surplus with the U.S., by Donald Trump, who is leading the race to be the Republican candidate in November’s presidential election.
Whitney Smith, a Treasury spokesperson, declined to comment on CFIUS’s relationship with company advisors.
Law firms such as Skadden, Arps, Slate, Meagher & Flom LLP and Covington & Burling offer to provide insight into how CFIUS will view a deal, tapping into their working relationships with CFIUS officials at several government departments. Treasury deputy assistant secretary for investment security and policy Nova Daly, now with the law firm Wiley Rein LLP, and former Department of Homeland Security assistant secretary for policy Stewart Baker, now with law firm Steptoe & Johnson LLP, according to the websites of their employers. officials that a transaction is not threatening, as any concerns they harbor can trickle down to CFIUS officials, according to industry sources. citizens perform certain tasks. BGR declined to comment, while Podesta did not respond to requests for comment. For instance, Mario Mancuso, a partner at law firm Kirkland & Ellis LLP who formerly sat on CFIUS as undersecretary of commerce for industry and security, now typically advises companies. Last month, Philips (PHG.AS) scrapped a $3.3 billion deal to sell a division which makes LED lights to Chinese investors also because of CFIUS concerns.
“Some of the law firms specializing in this stuff are excellent, while others sign companies on for terms that are utterly unimplementable,” said Accenture consultant Andrew Walker, who helps companies comply with conditions imposed by CFIUS.
“The CFIUS process is going to be a full-body X-ray of the target,” he said.
Traditionally, Chinese companies had been mistrustful of advisors, or unwilling to pay for them, some investment bankers and lawyers say. companies, from the Chicago Stock Exchange to makers of high-end semiconductors, has created a vibrant business for a small circuit of Washington insiders who advise on how to get cross-border deals approved by the U.S. Some are brought in by corporate competitors to lobby against a deal, while others are tapped by investors making bets on whether a transaction will be cleared by CFIUS. Sorting out who among the advisors have connections and insight into CFIUS is not always easy.
U.S. government agencies and corporations, which U.S. Management consulting firms, such as Accenture Plc (ACN.N) and Deloitte Touche Tohmatsu Ltd, offer to help companies address national security risks identified by CFIUS. But the Chinese government’s encouragement of outbound deal-making has spurred many of the country’s companies to spend on advisors, including CFIUS experts, these people say.
Another lawyer involved in CFIUS work, who spoke privately, said that he gives a 45-minute presentation to Pentagon officials and then carefully examines the questions asked, as well as body language, to judge their level of discomfort with a particular deal.
Chinese bids for technology and chip makers get particular scrutiny, CFIUS experts say. If the initial reaction is hostile, then this can avoid the embarrassment and cost of announcing a deal that is later scuppered, said Mark Plotkin, a CFIUS expert with the law firm Covington & Burling LLP.
Several former U.S. In the case of Western Digital, the company had told investors that it believed Unisplendour acquiring a 15 percent non-controlling stake would not be subject to a CFIUS review But CFIUS informed Western Digital it would review the transaction nonetheless, prompting Unisplendour to pull out.
For a graphic showing Chinese acquisitions of U.S. officials and security software companies have blamed on China.
It is not unlike a preliminary meeting that antitrust lawyers might request with the Justice Department or Federal Trade Commission about an antitrust review of a merger, the lawyers said.
(Additional reporting by Elizabeth Dilts in New York; Editing by Soyoung Kim and Martin Howell)
MORE WILLING TO HIRE
Baker worked on the acquisition of Motorola Mobility by Chinese PC and smartphone maker Lenovo Group (0992.HK) in 2014, while Daly advised U.S. companies approved by the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for national security concerns.
It has all boosted corporate demand for former officials who served on CFIUS or have knowledge of the inner workings of the agency, several lawyers, consultants and lobbyists involved in the advisory work told Reuters.
Lobbying firms, including Podesta Group and BGR Group, both of whom boast CFIUS experts on their websites, seek to persuade lawmakers and U.S. That is a massive increase from 88 deals worth $13 billion for all of 2015, and 88 deals for $7 billion in 2014.
To be sure, even with expert advice, companies can get it wrong. So-called “mitigation measures” can range from asset sales to ensuring that only U.S. Last week, a group of 46 U.S. hard-disk maker Western Digital Corp (WDC.O) on a proposed investment by China’s Unisplendour Corp Ltd (000938.SZ) that was abandoned this week amid CFIUS concerns.
This CFIUS advisory business is also benefiting from Chinese companies’ new willingness to spend on advisors.
Before a deal is announced, the advisors will often seek to gauge its chances for CFIUS approval by holding a preliminary meeting with key officials.
All three of the former officials declined to comment for this story.
WASHINGTON/NEW YORK A spate of proposed Chinese takeovers of U.S. officials have in recent years joined the ranks of lawyers, consultants and lobbyists that have emerged as key brokers in trying to get Chinese acquisitions or investments in U.S. Other officials include former U.S. Skadden declined comment for this story.
A good CFIUS advisor will figure out what issues might crop up in a certain deal – such as cutting edge chip technology or Pentagon contracts — and discuss how to best handle these with the agencies most likely to be concerned, said Plotkin.. Fairchild Semiconductor International Inc (FCS.O) earlier this month rejected an acquisition offer from China Resources Microelectronics Ltd CHRMI.UL and Hua Capital Management Co Ltd, over concerns that CFIUS would stop the deal. No official data is available for 2015.
Not all CFIUS advisors are hired to help a deal go through. Among the former officials who use their CFIUS experience in advisory work are Anne Salladin, who reviewed some 500 deals that went to CFIUS during her 20 years at the Treasury. Semiconductors form electronic cores for a long list of military systems, including drones, guided missiles and bombs.
COTTAGE INDUSTRY The cottage industry that has developed around CFIUS includes a wide array of actors.
China’s aggressive, often state-backed overseas buying spree has set off alarm bells among some politicians in Washington who are already on edge as China’s armed forces expand their presence in the South China Sea and because of high-profile hacking attacks against U.S. government departments or agencies and chaired by the Treasury, does not publish its decisions or its reasoning for them, advisers say inside knowledge and connections are important to navigate what outsiders often see as a “black-box” review process.
There have been 22 M&A transactions announced in the United States so far in 2016 involving Chinese acquirers, worth a combined $23 billion, according to Thomson Reuters data. acquisitions and investments in 2014 were probed for U.S. companies by number and value, see tmsnrt.rs/1T4e6hF
China led the pack of countries whose planned U.S. But he also represented some investors in pork producer Smithfield Foods when China’s Shuanghui International made a successful bid for the company in 2013.
CFIUS concerns also killed other semiconductor deals in the past few weeks. lawmakers urged CFIUS to take a hard look at a bid by Chongqing Casin Enterprise Group to buy the Chicago Stock Exchange because of concerns that China would gain access to information about U.S. politicians have also began to agitate over some of these deals. Deloitte declined to comment. government.
Because this interagency panel, comprising 16 U.S. Her role at law firm Stroock & Stroock & Lavan LLP has included advising a Chinese private equity firm on the acquisition of some semiconductor-related assets. security implications, making it the most scrutinized country by CFIUS, according to the latest CFIUS annual report, which was released last Friday
OSI is a private operating and grant making foundation which aims to promote human rights and social reforms. The article was in context of the American foreign policies which were applied on several fronts like Iraq, Gaza, Lebanon, Afghanistan and Somalia, and killing of thousands of innocent civilians.
“Markets are designed to allow individuals to look after their private needs and to pursue profit. Speaking about his humanitarian works, Soros once said, “I’m not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. He is the chairman of ‘Soros Fund Management’ and the ‘Open Society Institute’, a stock investor, American currency speculator and political activist. It’s really a great invention and I wouldn’t under-estimate the value of that, but they’re not designed to take care of social needs.”
These were the famous words of George Soros, who has made his mark as an enormously successful speculator. The philanthropic works by him are done through an entity called Open Society Institute (OSI), which was created by him in 1993. In 1969, he founded his first offshore hedge fund, which grew immensely through speculation. The firm made a spectacular achievement by giving more than a 4000% return within the next ten years.
As a global financier and philanthropist, George Soros is popularly known for his unmatchable skills related to the field finance and currency speculation. One of his most notable humanitarian works is, the generous donations he made in order to eradicate extreme poverty from Africa. He was thirteen, when Hitler’s Wehrmacht seized Hungary and began deporting the country’s Jews to extermination camps.
Childhood and Early Life
George Soros was born on August 12, 1930, in Budapest, Hungary. In recent years, Soros has been a vocal critic of America’s military endeavors and foreign policies. Soros graduated from the prestigious London School of Economics, in 1952, and obtained an entry-level position with an investment bank namely Singer and Friedlander.
Since the 1970s, George Soros has shown active involvement in philanthropy and social work. In 1970, he co-founded the famous Quantum Fund with the help of Jim Rogers. In 1956, he moved to United States, and started working as a financial analyst. In August 2006, he wrote an article titled A Self-Defeating War, in the Wall Street Journal. Soros survived the Nazi invasion of Hungary from March 1944 to 1945, and in 1947, he emigrated to England and supported himself by working as a railroad porter and a restaurant waiter. I’m doing it because I can afford to do it, and I believe in it.”
While studying in London, Soros became acquainted with the work of a philosopher, Karl Popper, which had a great influence on Soros’ intellectual development. He is a former member of the Board of Directors of the Council on Foreign Relations.. In 1992, Soros earned himself a profit of whopping $1 billion and the title, the man who broke the Bank of England, betting against the Bank of England with $10 billion worth of pounds
This is because of the hype surrounding sports and the glamor and wealth linked to it. Unlike ordinary speech where the orator simply gives information on a subject; in a persuasive speech, the orator has a viewpoint (pro or against the subject) and tries to prove why it is right or wrong. Among the different speech topics today, sports is one of the most popular ones. A persuasive speech is meant for persuading the audience to have a specific viewpoint. Secondly, we all have some information about sports and are at least aware of even the remotest of sports.