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Bachus Trades Gambling Stocks
The Associated Press new agency has reported some interesting activities on the part of Alabama Representative Spencer Bachus - a US politician becoming increasingly notorious for his sometimes extravagant and on occasion factually challenged attacks on the industry.
Apparently Bachus has made many short-term investments whose profitability was directly impacted by political activity in Congress and the Financial Services Committee, of which he is a leading member. AP points out that while many members of Congress hold long-term positions in the stock markets, day trading on stocks directly influenced by Congress is considered both unusual and inappropriate, if not illegal.
The news agency has recorded numerous trades by the Alabama Republican in which he bought and quickly sold shares in companies that may have been affected by events in Congress, with some trades taking place in less than a week.
When approached with the trades by AP, the Representative refused to speak personally, instead leaving his spokesman to assure the news agency that his employer had never invested in banking or financial firms, and had been careful to stay within the legal limits placed on trading by Congressional laws on ethics.
Bachus' trades have reportedly been largely puts or calls - short-term margin purchases in which speculators expect a quick stock adjustment up or down, the essential insider trade bid.
The AP report reveals that Bachus bought shares in the Chinese company Focus Media last December, then two weeks later sold off the stock immediately following a price jump that was caused by a press release concerning a corporate acquisition. He also held Research in Motion shares for two weeks, selling for a profit after the company successfully lobbied Congress for patent protections.
James Cox, a law professor at Duke University specialising in corporate law and the ramifications of insider training, told AP that in his opinion the situation was unacceptable. "We get very upset about baseball players and other sports players who gamble ... because we're worried about the temptation that they might bet on their own games. I think this is the same problem."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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