Politics
Could Online Poker be on the Agenda as Part of Harry Reid’s Payroll Tax Cut Proposal
With Senate Majority Leader Harry Reid preparing to introduce a proposal Monday as a compromise to extend a popular payroll tax cut, the poker community had its ears perk up, if only for a brief moment.
Reid, who represents the gambling state of Nevada and its casino interests, is reportedly attempting to push through a measure that would legalize online poker as a means of reducing the deficit, creating jobs, and, most importantly, generating millions (if not billions) of dollars in taxable income.
CNN Introduces Intrade.com Monitoring for its Political Power Rankings
CNN on Friday introduced a new weekly segment, Political Power Rankings.
Contributor John Avalon presented the segment while a panel came on to discuss the trending related to the GOP candidates, referencing the betting exchange intrade.com.
Intrade is a prediction market that attempts to act as an indicator of possible outcomes for specified events such as Presidential elections.
So who was on top of the CNN Political Power Rankings?
CNN Puts More Pressure on Bachus, Pelosi Regarding Insider Trading and Congress
Following a “60 Minutes” report, CNN’s Anderson Cooper on Thursday night made insider trading and Congress his top story of the evening. The “violators” were none other than former House Speaker Nancy Pelosi, current House Speaker John Boehner and Alabama Republican Congressman Spencer Bachus. Mr. Bachus has been one of the biggest advocates for online gambling prohibition and he is also allegedly one of the biggest of the “violators”.
What they did was not illegal but…
From Wikipedia…
Herman Cain to Drop Out of US Presidential Race at 45 percent
The prediction markets at intrade.com have GOP US Presidential candidate Herman Cain with odds set at 45 percent of dropping out of the US Presidential race before December 31.
The market has given the former Godfathers Pizza CEO a 1 percent chance of becoming the nominee to represent the Republican party in 2012.
Bad News for Online Gambling: Foe Maxine Waters to Replace Supporter Barney Frank
Bad news for bettors!
It could be rocky Waters ahead!
U.S. Congressman Barney Frank made news this week when he announced he won't seek re-election and will retire at the end of his current two-year term, which expires on December 31, 2012.
The news was of particular interest to those in the online gambling community, as Frank has been the leading proponent among elected government officials for the legalization of online gambling in the U.S.
He wasn't just a proponent though.
Joe Barton on Legalized Internet Poker in the US: “I Think We Have the Votes”
Texas Republican Congressman Joe Barton believes his bill to legalize and fully regulate (not to mention tax) Internet poker in the United States will likely come to fruition by next summer, which, if you are able to keep up with the time, is just about 6 months away.
From Poker News Report:
Sources: Jon Kyl Adamant About Getting UIGEA Retooled
Sources within the online gambling community have advised Gambling911.com that outgoing Arizona Republican Senator Jon Kyl is working hard to re-enforce his Unlawful Internet Gaming Enforcement Act (UIGEA) through amended legislation that would help loosen the grip over licensed online poker sites in the US.
“A lot of his constituents were not pleased with what Kyl did in 2006,” our source tells us.
December Bills Could Create Opportunity for Internet Poker Measure
Lawmakers may be planning to attach online poker legislation to upcoming bills, more specifically an omnibus appropriations bill that needs to be passed by December 16.
It’s déjà vu perhaps, harping back to last December when Senate Majority Leader Harry Reid worked feverishly to get his own online poker bill passed by year’s end. That never happened. This year, there is more momentum.
The New York Post earlier in the month reported that Reid and one time industry nemesis Arizona Republican Senator Jon Kyl were co-authoring a bill to legalize Internet poker.
Barney Frank Won’t Run for Reelection: Online Poker Sector Must Act Fast
The online poker and gambling industry as a whole is about to lose one of its greatest allies as Massachusetts Congressman Barney Frank has announced he will not be running for reelection in 2012.
President Obama Pardons Man Who Ran Illegal Gambling Operation
US President Barack Obama on Monday announced the pardons of five individuals, including one who was convicted of running an illegal gambling operation.
Thomas Paul Ledford of Jonesborough, Tenn was sentenced in 1995 to one year of probation for conducting and directing an illegal gambling business.
Other pardons were as follows:
Super Committee Failure Means Online Poker Won’t be Hitching a Ride
Supporters of legislation that would make online poker legal in the United States had hoped to have their bill attached to a so-called Super Committee financial reduction measure, but the prospects of this happening appear close to zero at this point.
It’s not so much that the online poker measure couldn’t somehow latch itself onto the deficit-reduction bill. Instead, the Super Committee was about to declare failure on Monday.
From Reuters:
Senate Reacts Following Spencer Bachus Insider Trading Allegations
Following a segment that aired on “60 Minutes” claiming Congressman Spencer Bachus (R-Ala.) engaged in insider trading during the height of the financial crisis, Senate Homeland Security and Governmental Affairs Chairman Joe Lieberman (I-Conn.) and panel ranking member Susan Collins (R-Maine) announced Wednesday they will hold a hearing on the issue, which has been stuck in Congress for more than five years.
From TheHill.com:
Alfonse D’Amato Comments on Friday Internet Poker Hearing: Responds to Lottery Concerns
Former Senator Alfonse D’Amato, Chairman of the Poker Players Alliance (PPA), the leading poker grassroots advocacy group with more than one million members nationwide, offered the following comments in response to issues raised during today’s House Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade hearing on internet gaming.
Friday Hearing on Internet Poker: Can We Still Control Offshore Gambling Sites?
A November 18, 2011 Subcommittee on Commerce, Manufacturing and Trade hearing discussed the potential pitfalls of legalizing Internet poker in the United States. Issues raised included under age and problematic gambling along with cheating mechanisms. Additional coverage of Friday’s hearing, which concluded at 11:09 am EST could be found on the Gambling911.com website.
But what about the current multi-billion dollar online gambling industry that exists and what’s to stop these operators from continuing to extract business from licensed businesses in the States.
Joe Barton Testifies Before Subcommittee on Legalized Internet Poker (Live Streaming Video)
Texas Republican Joe Barton has drafted legislation that would legalize Internet poker in the US. He testified Friday November 18, 2011 before the Subcommittee on Commerce, Manufacturing and Trade. It was the second hearing on the subject over the past 30 days.
During the testimony, concerns were raised over the vulnerability of Web users who might access an online poker site.
“My experience (with poker players) is they excel in math. Not people who would be taken advantage of or need to be protected,” Barton said.
Barney Frank Urges Spencer Bachus: Take Up Bill On Insider Trading (Video)
Massachusetts Democrat Congressman Barney Frank on Thursday sent a letter to Alabama Republican Congressman Spencer Bacchus urging him to take up a bill that would prohibit members of Congress and federal workers from trading on non-public information that they’ve obtained through their jobs.
A “60 Minutes” report suggested that Bachus engaged in “insider trading” during the height of the financial crisis.
Strange Bedfellows: Jon Kyl and Harry Reid New Internet Gambling Bill
The New York Post is reporting that Republican Jon Kyl and Democrat Senate Majority Leader Harry Reid are working on a new Internet gambling bill. The significance of this cannot be overstated.
PPA Chairman Alfonse D’Amato Testimony Before Senate Committee re: Internet Poker
Former Senator Alfonse D’Amato, Chairman of the Poker Players Alliance (PPA), the leading poker grassroots advocacy group with more than one million members nationwide, today testified before the Senate Indian Affairs Committee on the future of online gaming and its potential impact on Indian tribes.
Oversight Hearing on the Future of Internet Gaming Witness List: Starts 2:15 Nov 17, 2011
The Oversight Hearing on the Future of Internet Gaming: What’s at Stake for Tribes? Witness list appears below.
This is a critical hearing that will take place in the Senate. The Indian Tribes are among the most powerful lobbying groups in DC and they absolutely require appeasement if legalized Internet poker is going to happen in the US.
Already in California, we have seen the Tribes accept the inevitable and soften their stand to work more closely with parties seeking regulation.
US Presidential Hopeful Ron Paul Polling 2nd in Iowa (Video)
GOP hopeful and someone who has vehemently pushed for legalized online gambling in the US over recent years, Ron Paul, is polling 2nd in Iowa after Herman Cain. This isn’t a distant second, it’s extremely close.
Spencer Bachus: 60 Minutes Segment a Hit Job
Alabama Republican Congressman and strong advocate for online gambling prohibition, Spencer Bachus, denied he engaged in any form of “insider trading”. He called a “60 Minutes” segment that suggested otherwise “a hit job”.
The segment aired on Sunday. The reporting was based on a book by conservative author Peter Schweizer called “Throw Them All Out.” Rep. Spencer Bachus (R-AL), the chairman of the House Financial Services Committee, was alleged to have traded stocks after he was told by Treasury officials in September of 2008 of the impending financial meltdown.
Bachus Back Against The Wall: "I'm not Going to Let People Distort What I Do.”
While much of the attention on an “insider trading” scandal in the Congress has focused on Alabama Republican Spencer Bachus (perhaps rightfully so), this ardent supporter of online gambling prohibition wasn’t exactly alone in his craftiness.
Both Speaker John Boehner and former Speaker Nancy Pelosi also have egg on their respective faces right now following the airing of a “60 Minutes” piece this past Sunday.
Two Hearings on Internet Poker Scheduled for This Week
It’s a busy week for the Internet poker sector as two hearings will be held in Washington regarding the legalization and regulation of the activity in the USA. A previous hearing took place last month.
Thursday November 17 there will be a Senate Committee hearing that will focus exclusively on Indian affairs called “The Future of Internet Gaming, What’s at Stake for Tribes?”
Calls for Spencer Bachus Resignation Following 60 Minutes Insider Trading Report (Video)
He is the most outspoken critic of legalized online gambling while remaining mostly silent on more serious issues like Wall Street insider trading. Now we might know why he has avoided delving into the later subject.
There is a public outcry for the resignation of Alabama Republican Congressman Spencer Bachus following a 60 Minutes report that aired this past Sunday linking him to the receipt of nonpublic information as a means of gaining an edge in the stock market (a la “insider trading”).
Newt Gingrich Latest Odds to get GOP Nomination
Newt Gingrich has shot up the polls and is trailing just behind Mitt Romney in recent polls. The surge has accompanied Herman Cain’s drop in the polls after a handful of women alleged sexual harassment during the late 1990’s while Cain headed up the National Restaurant Association.
Gingrich still had some value at 4/1 odds at Sportsbook.com, which allows for wagering on the Internet.
Follow Up Hearing On Internet Poker Scheduled
The US Government is inching closer to legalizing Internet poker as a follow up hearing has just been scheduled for November 18. Once again, the House Subcommittee on Commerce, Manufacturing and Trade will oversee the hearing. A list of speakers is yet to be finalized.
Last month’s hearing focused mostly on the pros of online poker with concerns expressed over Indian gaming sovereignty, under aged gambling and collusion in card rooms, specifically how to prevent so-called “bots”.
Herman Cain at 5 to 1 Odds Despite Sharon Bialek Accusations
New Amendments for Nevada Online Poker Released
In anticipation for legalized online poker in the state of Nevada, regulators released new draft amendments that include the ability for operators to cover funds in the event of a shutdown.
The agreement calls for a “federally-insured financial institute” to hold a reserve.
Rick Perry Hates Gambling But Bets World Series
Texas Governor and Republican Presidential candidate Rick Perry, who has repeatedly said he is against all forms of gambling, has been telling what's known in Texas as a tall tale.
A tall tale--a polite way to say a lie--about gambling, no less.
Gambling911.com, as part of its continuing series on how the Presidential candidates stand on gambling issues, last month reported how Perry, during his tenure as governor of Texas, has opposed the expansion of gambling at every turn in the Lone Star State.
Alfonse D’Amato Distances Himself From Full Tilt Poker
It’s no secret to those who have covered the online poker industry for the past couple of years that Full Tilt Poker was a major contributor to the Poker Players Alliance, a grass roots organization chaired by former New York Senator Alfonse D’Amato.
