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Online Gambling Stock Dealings
Tuesday, November 22, 2011 : Bachus urged by Frank to do something about political profiteering on non-public information
The political repercussions of last weekend's "Sixty Minutes" program on political enrichment by using non-public information are rippling outwards, according to the latest media reports from the United States.
In the latest development, Rep. Barney Frank has written to Rep. Spencer Bachus, one of the politicians named in the Sixty Minutes expose and the current chairman of the powerful House Financial Services Committee, urging him to support a measure to combat the so-called 'soft corruption' of politicians using confidential information obtained in their duties to make shrewd and profitable share buys.
The television expose catapulted the STOCK Act, first introduced in 2006 but condemned to obscurity by a lack of interest from Congressional delegates, to prominence this week, and it has already attracted 46 co-sponsors.
The Washington DC publication Politico quotes from Frank's letter:
“I did not pay sufficient attention to this when it was first discussed with me, in part because I did not see this as a problem that was of any great substance,” Frank wrote, explaining why he had not taken the measure up whilst he was chair of the Financial Services Committee..
“I am still not sure that this is widespread, but given the attention that we have seen on this matter now, and given the importance of those whom we represent being fully assured that we are behaving appropriately, I think that we should now take up this legislation and, after suitable study, enact some version of it.”
Bachus has been quick to react to the Sixty Minutes program, denying any suggestions that he acted inappropriately, and agreeing to schedule a hearing on the Stop Trading on Congressional Knowledge Act.
The politician, who is infamous among online gamblers for his opposition to the pastime, appeared midweek on the Kudlow Report, a news television program about business and politics hosted by Lawrence Kudlow, and airing on the CNBC network.
Bachus denied the allegations made against him in the book “Throw Them All Out” by Peter Schweizer, claiming that he had profited on stock deals because of his market knowledge and diligence in studying the movement of shares every day.
His denial was later refuted by Schweizer, who described Bachus's claim that the book and subsequent television coverage was a plot against him as "ridiculous", pointing out that the politician had made 40 options trades during the sub-prime financial crisis and profited therefrom whilst he was involved in Congressional discussions.
Bachus has also reportedly protested to the publisher of Schweizer's book claiming he had not been approached for comment, and that the publication contained serious untruths and errors of fact.
Schweizer has rejected these claims, saying that Bachus failed to respond to an invitation to comment, and that he had access to information that enabled him to make profits from non-public information.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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