Article on the Corrupt Internet Gambling Act

Colin Colenso said:
For those interested in the new act that likely makes the long term success of the IPT considerably more difficult.

http://www.mises.org/story/2358

Note: People have stated that this legislation had been known about for over a year in advance, but the market obviously didn't predict the harmful nature of this 'snuck through' legislation, as gambling sites' values tumbled on the announcement.

If such an announcement had been expected, the stock values would have discounted this. Stock price drops would have been relatively minor.

Colin
Click to expand...


Here's another article on the subject by another good organization, the Reason Foundation...

Know when to fold'em
Reason
by Jacob Sullum

"Contrary to early press reports, Congress has not banned online
gambling. Instead it has opted to maintain an uncertain legal
environment in which businesses that cater to Americans' taste for
betting run the risk of harassment and prosecution by overzealous
Justice Department officials who twist the law to fit their moral
views. The Unlawful Internet Gambling Enforcement Act, which was
tacked onto a bill dealing with port security right before Congress
adjourned for the elections, makes it a federal crime, punishable by
up to five years in prison, to receive a payment in connection with
'unlawful Internet gambling.' It also mandates regulations requiring
financial institutions to block such payments. But the act defines
'unlawful Internet gambling' as online wagering that is already
prohibited by state or federal law. It explicitly does not expand the
category of forbidden gambling." (10/25/06)

http://www.reason.com/sullum/102506.shtml

This might explain how the companies "knew" what was going to happen. Also, the amendment to the bill was tacked on late Friday afternoon, just before Congress went on vacation, so little or no debate was had. This is usually part of the process of sneaking troublesome legislation into concrete law. Typical of the critters who hurt us for their own profit.

But we can carry 3 ounces of shampoo on a plane, so we're still the land of the free!

Jeff Livingston
 
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