Protect taxpayers from Wall Street risk

Written by  on April 24, 2016
Max Lyons

Max Lyons

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Max Lyons

Abusive credit card practices could also help recapitalize the banks, but fortunately we have curtailed some of these. To allow them to do so would simply generate more political cynicism: It would show that the big banks have succeeded in their ambition of returning to the world nearly as it was before the crash.

The opinions expressed in this commentary are solely those of Joseph Stiglitz.

. This will reduce the banks’ profitability, and it might force up prices of this “insurance.” But that is as it should be. They can play a positive role in risk management, but they are only likely to do that if there is the right regulatory framework.

Without the appropriate legal and regulatory framework, they will almost surely contribute, on balance, to the creation of risk — as they did in this crisis, and as they did a decade ago in the infamous Long-Term Capital Management bailout.

The provisions reported out of the agriculture committee are an important step in the right direction. This is the idea that the government should not be responsible for the “counterparty risk” — the risk that a derivatives contract not be fulfilled. But gambling should be subject to gaming laws, and derivatives aren’t.

Remarkably, in fact, derivatives have been left totally unregulated — a mistake that President Clinton, who failed to introduce regulations when he had the chance, now acknowledges. If banks wish to write derivatives, they would have to do so through a separate affiliate within the holding company.

STORY HIGHLIGHTS

Joseph Stiglitz says Washington has an opportunity to prevent another bailout He says Congress should make clear that banks trade derivatives at their own risk He says some derivatives amount to gamblingA few banks made a total of about $20 billion on derivatives last year, he saysEditor’s note: Joseph E. It was AIG’s inability to fulfill its obligations that led the U.S. government (the Federal Deposit Insurance Corporation) stop underwriting these risks. Congress’s current proposal is the opportunity to rectify that mistake.

One provision holds particular promise — and has the banks especially riled up. In addition, derivatives have played an important role in all kinds of nefarious activities — from trying to obfuscate Greece’s real financial position, to vast tax evasion.

Derivatives are not inherently bad. The government shouldn’t be subsidizing “insurance” — and it certainly shouldn’t be in the business of subsidizing gambling.

The Fed and the Treasury seem to object to the agriculture committee’s proposals. But if they were really insurance products, they should have been regulated as insurance, with insurance regulators making sure that there was adequate capital to meet their obligations.

In reality, in many cases derivatives are more accurately described as gambling instruments. Ideally, responsibility for writing derivatives should be spun out to a totally independent entity. The agriculture committee bill does not go this far; rather, it strikes a reasoned compromise between political expediency and economic good sense.

It would be a major mistake to walk away from this compromise by allowing FDIC-insured institutions to continue to write these risky products. He is the author most recently of “Freefall: America, Free Markets, and the Sinking of the Global Economy.”

(CNN) — As legislators continue to trade loud barbs over the details of the bill that seeks to overhaul our financial system, we risk losing a crucial aspect of reform in the din.

We now have an important opportunity to fix the regulation of derivatives — those controversial mechanisms that played a central role in the downfall of insurance giant AIG, and helped spark the Great Recession. But derivatives have been an enormous profit center for a few big banks (about $20 billion last year), so we should not be surprised that there is resistance to anything that is a real change to the status quo.

Derivatives have been advertised as an “insurance product,” insuring bondholders, for instance, against the risk of a loss.

The current finance bill contains reasonable proposals, developed by the Senate agriculture committee, under the leadership of Blanche Lincoln, that would rein in the most egregious abuses of these instruments.

The AIG experience should have made clear that derivatives can create enormous risks — risks that ended up being borne by taxpayers. And if the bank made bad gambles, the taxpayer wouldn’t have to pick up the tab.

This change would help fix the current system, where those who buy this so-called “insurance” enjoy the subsidy of the essential, free government guarantee; and where competition among the few issuers of these risky products is sufficiently weak that they enjoy high profits.

This arrangement is economically inefficient — firms should pay for the costs of their insurance. What should be required is that creditors (other than depositors) and shareholders bear all the losses before the government is asked to pony up any money. We should now do the same for derivatives.

We should recognize that the agriculture committee provision is already a compromise. Stiglitz, the 2001 Nobel Prize winner in economics, is a professor of economics at Columbia University and former chairman of the Council of Economic Advisers during the Clinton administration. But ultimately, in a crisis, worries about the consequences of such strong medicine will almost surely mean a bailout for the bank holding companies as well as the banks — as happened in this crisis.

In a crisis, the government will not only bail out the banks, but also the bankers, their shareholders, and their bondholders — if not totally, at least partially.

So if we are to protect American taxpayers, we must also bar any too-big-to-fail institutions from writing derivatives. If the government guarantee is removed, the banks might have to put more money into their derivatives subsidiaries. But that doesn’t mean that the policy of allowing banks to issue derivatives — and laying the risk of failure onto the taxpayer — is right.

Bank recapitalization should be done in an open and transparent way, consistent with sound economic principles. Many worry that if the affiliate within the holding company that writes the derivatives gets into trouble, Uncle Sam will still come to the rescue.

The bill, for instance, includes a “strong presumption” of losses for creditors and shareholders. These objections show once again the extent to which the Fed and the Treasury have been captured by the institutions that they are supposed to regulate, and reemphasize the need for deeper governance reforms of the Fed than those on the table.

To be sure, banks’ high profits from derivatives would help with recapitalization, offsetting the losses they incurred from the risky gambles of the past. But right now, the institutions who write the vast majority of these derivatives are too big to fail. government to step into the breach, to the tune of some $182 billion.

The modest proposal of the agriculture committee is that the U.S

Study: Gambling Affects Brain Like Drugs

Written by  on April 24, 2016
Max Lyons

Max Lyons

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The brains of people anticipating a win at the roulette table appear to react much like those taking euphoria-inducing drugs.

A team of investigators reports in Thursday’s issue of thejournal Neuron that the parts of the brain that respond to theprospects of winning and losing money while gambling are the sameas those that appear to respond to cocaine and morphine.

The overlap of brain activity seen in the gambling experimentwith that found in earlier studies of drug use indicates, theresearchers said, that the brain uses the same circuitry for “theprocessing of diverse rewards.”

“The results of our gaming experiment, coupled with findingsfrom prior studies of the anticipation and experience of positiveand negative outcomes in humans and laboratory animals, suggestthat a network of interrelated structures … coordinate theprocessing of goal-related stimuli,” the team led by Dr. The more money involved, the moreexcited the person became.

The primary response to winning, or the prospect of winning, wasseen in the right hemisphere of the brain, while the lefthemisphere was more active in response to losing, the researchersreported.

Besides Breiter, the research team included Peter Shizgal ofConcordia University in Montreal, Daniel Kahneman of PrincetonUniversity and Anders Dale and Itzhak Aharon, both of MassachusettsGeneral Hospital. Leshner,director of the National Institute on Drug Abuse. Alan I. The research wassupported by NIDA, a division of the National Institutes of Health.

The research team led by Breiter used magnetic resonance imagingto map the brain responses of 12 men while they participated in agame of chance involving winning or losing money.

They found that in the gambling experiment, blood flow to thebrain changed in ways similar to that seen in other experimentsduring an infusion of cocaine in subjects addicted to that drug andto low doses of morphine in drug-free individuals.

The changes varied in accordance with the amount of moneyinvolved, and a broadly distributed set of brain regions wereinvolved in anticipating a win.

. Hans C.Breiter of Massachusetts General Hospital said.

Next Challenge: Mapping the Neural Pathways

A challenge for the future, he said, is to determine howdifferent parts of these brain circuits affect the thinking,emotion and motivation involved in anticipation, evaluation, anddecision-making.

“Identifying these regions of the brain and mapping the neuralpathways that process the anticipation and ‘rewards’ associatedwith drug abuse would be a tremendous boost to the development ofmedications or interventions that could block these circuits andprovide other treatment approaches,” said Dr

#

Written by  on April 23, 2016
Max Lyons

Max Lyons

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Max Lyons

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UK betting firm offers ‘money back’ if Oscar Pistorius walks free

Written by  on April 22, 2016
Max Lyons

Max Lyons

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Max Lyons

“We have a long history of offering odds on major global news events and the Oscar Pistorius trial is no different.

“The world will be watching this trial on dedicated media channels offering rolling coverage and speculating on the verdict across social media.

“We are simply offering betting on the outcome of the trial — this is nothing new when it comes to high-profile court cases.”

Paddy Power has boosted its profile and profits with a series of irreverent campaigns, using social media to spread its message.

When U.S. President Barack Obama visited Dublin in May 2011, the bookmaker renamed some its shops “O’Bama Power,” while last July it dressed up four large men in nappies to go around London to publicize its odds on the royal baby ahead of Prince George’s birth.

But its sponsorship of Dennis Rodman’s “basketball diplomacy” in North Korea last year was shelved in December after a brutal crackdown by the country’s leader Kim Jong-Un on political rivals.

Pistorius pleaded not guilty to the murder of Steenkamp and several weapons-related charges on the first day of his trial.

He has achieved world wide fame for his track and field feats, winning six Paralympic gold medals as well as becoming the first double amputee to compete in the Olympics, running for South Africa in the Summer Games in London in 2012.

Pistorius earned his nickname the “Blade Runner” because of the special prostheses he uses while running in events from the 100m to his specialist 400m.

Read: South Africa gears up for trial of the century

Read: Rodman to North Korea for ‘basketball diplomacy’

Oscar Pistorius trial

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STORY HIGHLIGHTS

UK betting firm Paddy Power offering odds on the Oscar Pistorius trialAdvert with ‘Money Back If he Walks’ strapline sparks outrage Thousands sign online petition demanding it is withdrawnPaddy Power is known for its irreverent campaignsFollow us at @WorldSportCNN and like us on Facebook

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45. We will refund all losing bets on Oscar Pistorius if he is found not guilty.”

In response, an online petition has been started on change.org, demanding that Paddy Power withdraws its “offensive betting” on the outcome of the trial and donates any profits to a women’s charity fighting domestic violence.

It quickly gathered over 60,000 signatures and counting within a few hours of being promoted.

The petition was started by Jean Hatchet, who said on the campaign page she was herself a “survivor of domestic violence and abuse.”

Her statement added: “I know how many women around the world are suffering right now thinking that they are lucky to be alive when poor Reeva Steenkamp is dead.

“Paddy Power are putting all survivors and the families of those who died through even more pain and anguish and they must stop.”

Holly Dustin, director of End Violence Against Women, told the UK’s Press Association of her disgust at the ad campaign. 46

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(CNN) — A British betting firm has sparked outrage with a controversial advert which offers punters money back if South African sports star Oscar Pistorius is found not guilty of the murder of his girlfriend Reeva Steenkamp.

Bookmaker Paddy Power began its book on the outcome of the trial last week, prompting widespread criticism on social media, but then updated its offer with the advert to coincide with Monday’s start of the trial in Pretoria.

It features a photograph of Pistorius mocked up as an Oscar-style Academy Award statuette with the strap line: “It’s Oscar Time. “They are making a game out of murder and the brutal killing of a young woman, which is unacceptable,” she said.

“It is not just that this is a bit sick — it also actually contributes to a culture in which violence against women is trivialized or made into a bit of a joke.”

Read: Witness heard ‘bloodcurdling screams’

There has also been condemnation from lawmakers, with Yvette Cooper, the opposition Labour Party’s Shadow Home Secretary, taking to Twitter say it was “sick and shameful” to run bets on the trial.

Paddy Power, which has its head office in Ireland but is regulated in the UK, told CNN that it would not be withdrawing the offer.

“We are not planning to take down our betting on the Pistorius trial verdict,” a spokesperson said Monday. Money Back If He Walks

Uses of Computers

Written by  on April 22, 2016
Max Lyons

Max Lyons

Before you fall for the next sports gambling resource that you find, check out the following reviews of the very best sports bettor systems by visiting Arbitrage Betting http://dienlanhsg.com.
Max Lyons

It is very easy to create and change layouts, using design software that can help one achieve this.

e-Learning

Airplanes

Digital Video or Audio Composition

Planning and Scheduling

A word processing software automatically corrects spelling and grammatical mistakes. Through ‘email’, you can communicate with a person sitting thousands of miles away, within a few seconds. There are various software which are used to increase the efficiency of these devices. Chat software applications enable one to speak to another person in real time. Computers are also able to identify flaws in certain techniques that players follow, as part of sport.

You can give online exams and get instant results. It is difficult to imagine a world bereft of computers. There are fully automated factories running on software, to help keep track of the business without missing out on important updates.

You can send and receive greeting cards using all sorts themes for various occasions, available through numerous websites; these can either be free of cost, or the sort that requires payment.

All financial transactions are done by a computer software. You also have very fast and convenient access to information. It is also used in controlling flight and targeting, in ballistic missiles. All sorts of travel packages are available to customers, including a variety of websites that offer innumerable options that one can choose from, while highlighting certain factors like budget, tour guide assistance, visa know-how, and the like.

Software is used for making umpiring decisions. One can predict future trends of a business using artificial intelligence software. Video conferencing tools are becoming readily available to the common man, making it a convenient feature for one-on-one meetings.

Greeting Cards

There are many websites through which you can read the latest news, as well as access old articles and videos related to a past event.

Internet

Defense

Even online games are accessible, where two players from different parts of the world, can compete and interact merely through the power of the Internet.

Electronics

You can gamble online instead of going to a casino. Taxes can be calculated and paid online too. These are available electronically online, and are accessible either freely or through a course that one pays for – much like what is taught in any college/university.

Sports

Travel

Online Gaming

With the help of computers you can diagnose disease and learn about studies related to them. One can even trade stocks online. Anybody owning a computer can now enter the field of media production. Also, all mobile phones have software embedded in them, making it easier to handle certain tasks, as well as multitask, when it comes to everyday chores and responsibilities.. The speed also has a very large range. This revolutionary technology is indeed a boon to us all.

Marriage/Dating

Thanks to computers, which have computing speeds of over a million calculations per second, we can perform the biggest of mathematical calculations, without having to worry if the result is incorrect, since computers are designed to produce accurate results.

Telecommunications

There are matrimonial sites through which one can search for a suitable groom or bride. Software is used to control access to atomic bombs, as well as track various activity that coincides with terrorist-based acts, including areas of civilian safety.

Business

Instead of studying from textbooks, computers make it easier to learn from an e-learning software. It no longer costs thousands of dollars in equipment to compose music or make a film. Accounting is done using computers, where large amounts of data are fed into a system. While this isn’t advisable to partake in when it comes to money, there are ways to do this without betting on actual money.

Computers have leapfrogged the human race into another league. Special effects in science fiction and action movies are created using computers. They are now used in each and every aspect of human life. It is made up of two parts – hardware and software. That is because computers can store enormous amounts of information. A very popular trend today is online dating, where couples around the globe have met their future wives/husbands by signing up to one or more, of many dating portals.

Word Processing

Mathematical Calculations

A computer is an electronic device that executes certain actions through user-based commands. If content needs to be replicated, there are options known as ‘copy’ and ‘paste’ that allow you to do this without re-typing the content. It’s easier to read a word-processed document than a handwritten one, making it effectual for paperwork. The computer processes input through input devices like the mouse and keyboard. You can also check your examination results online, after professors or examiners update a university’s network.

Plagiarism

Electronic gadgets run with the help of computers. Computers have become indispensable in today’s world; let’s take a look at why we’re so dependable on them.

Software is embedded in almost every weapon, controlled by an authoritative entity. Certain software can be used in ‘magnetic resonance imaging’, to examine the internal organs of human body. The size of a computer varies considerably, from small personal computers (like laptops, minicomputers, and notebook laptops), to gigantic supercomputers which require an entire building to host them. Valuable customer information is stored, and can be retrieved whenever an employee at the bank wishes to access or verify certain facts.

Audio or video composition and editing have been made much easier by computers. You can print documents and make several copies too. Graphic engineers can use computers to generate short or full-length films or even create 3D models. Timers, self-controlled switches – these ensure that the machines ask for minimum human effort.

There are many alumni websites through which you can regain contact with long-lost classmates, since a database of students’ information is stored away in a computer.

Shops and supermarkets use computer software that calculates a customer’s bills, as well as keeps track of how much is made monthly. They have spearheaded the human quest of eradicating social problems like illiteracy and poverty. Software is used for performing surgery too. Software is used in major stock markets to keep track of the fall and rise of stock rises. You can add images to your document as well, provided by certain features on word processors.

Examinations

Medicine

Software is widely used here to help keep lines of communication constantly buzzing. There is a simulation software that can be used by a sportsperson to practice his skills. It displays output through output devices like a monitor and printer. You can browse through much more information than you could do in a library. Designers of all kinds from the media industry, are finding innovative ways of putting the Internet to use.

News

Banks

Weather Analysis

Supercomputers are used to analyze and predict weather conditions, and all other sorts of other phenomena.

The computer software authenticates the user through his/her credit/debit card, before it dispenses cash.

ATMs

University Websites

Gambling

Different types of certificates can be generated. Software can examine content for plagiarism; this is where it checks if information has been copied or tweaked to resemble previously published work.

Software can be used to store contact information, generate plans, schedule appointments, and meet deadlines.

Certificates

Pilots train using software, which simulates a flight to help aircraft both big and small, to take off and land.

It is a network that connects computers worldwide, to an information source that is free to all, at a minimal fee per month from one’s service provider. They are used to store valuable patient data, and other information that doctors need private access to.

One can book air tickets or railway tickets using the Internet, and make hotel reservations online. It provides security, speed, and convenience

Is online gambling in Louisiana illegal?

Written by  on April 21, 2016
Max Lyons

Max Lyons

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Max Lyons

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How To Stop Gambling Addiction

Written by  on April 21, 2016
Max Lyons

Max Lyons

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Max Lyons

Many people seem to take gambling as a normalized way of being.

GET RID of Your Gambling Addiction Now and Move Towards A Better Lifestyle!

The type of gambling we are referring to are slot-machines, internet betting, casinos, betting shops and dog racing. No doubt, this is one of the main causes in the rise of online gambling addiction. At present, the new forms of gambling, such as internet betting, have a certain “trans-socio-economic appeal”, and the same might be said of slot-machines where they are situated within casino complexes. Unless there is a strong religious belief that creates a barrier to establish a gambling or betting habit, people are often affected irrespective of race, social class or economic situation..

“How to stop gambling addiction?” It is important to understand the root causes and symptoms of the addiction in order to deal with it effectively. Online gambling addiction is similar to any other addictive behavior.

The greater the availability, the greater the risk of people becoming addicted to the degree that it has problematic effects on them, and on those closest to them. Do not hesitate further. Online gambling addiction often leads to problems of debt and these people with debt problems are often referred to specialist debt counsellor. Most problem gamblers will seek help through counseling and this lens aims to explain how to resolve gambling issues. They would want to talk about their debt problems with their counsellor in relation to their other anxieties. Some people may be drawn to certain forms of gambling or betting due to their socio-economic situation and that may simply be because of the influence of friends, family and availability. All which possess the element of risks

WagerWeb.com to Donate All Proceeds from Hurricane Bets to the American Red Cross; It’s a Win-Win Situation for Both Sides During the National Frenzy of Storm Related Betting

Written by  on April 21, 2016
Max Lyons

Max Lyons

Before you fall for the next sports gambling resource that you find, check out the following reviews of the very best sports bettor systems by visiting Arbitrage Betting http://dienlanhsg.com.
Max Lyons

“Although we base our odds on requests by the public, we also feel we have an obligation to give back to the communities where our bettors reside, so this was the perfect solution.”

Note: National Weather Service statistics/classification for 2006 will be used for grading purposes. Post-season re-analysis will not be counted towards wagers made on this release. With almost 10 years of experience, innovation and gaming technology, Wagerweb.com features a sportsbook, a racebook and casino and has accepted more than 56,000,000 wagers since the company’s launch.

+110 = Player bets $100 to win $110 profit; +160 = Player bets $100 to win $160 profit

-140 = Player bets $140 to win $100 profit; -200 = Player bets $200 to win $100 profit

WagerWeb.com odds ask bettors to predict wind speeds, quantities and sizes of the storms as follows:

Proposition Bet Total PayoutTotal Number Tropical Storms/Hurricanes 22.5 Over (+100) / Under (-140)Total Number Hurricanes 12.5 Over (+110) / Under (-140)Will there be a Category 5? Yes/No Yes (-200) / No (+160)Total Number Category 3? 2.5 Over (+100) / Under (-140)Total Number Category 4? 2 Over (+100) / Under (-140)Total Number Category 5? 1.5 Over (+100) / Under (-140)

Payouts are calculated based on total bet – examples: .

About WagerWeb

WagerWeb.com, founded in 1997, is a privately held, offshore online gaming company, fully licensed and located in San Jose, Costa Rica. SAN JOSE, Costa Rica–(BUSINESS WIRE)–June 15, 2006–WagerWeb.com (http://www.WagerWeb.com), one of the Internet’s largest, classiest betting sites and the first to offer odds on the 2006 hurricane season, announced it will donate all proceeds from hurricane betting to the American Red Cross.

“This is a win-win situation for our bettors and the inevitable victims of the unfortunate but natural hurricanes and tropical storms coming our way,” says Dave Johnson, CEO of WagerWeb.com. Although the most recent tropical storm Alberto failed to become a hurricane, it is an unmistakable reminder that the hurricane season has begun. Odds were adjusted in favor of the ‘over’ as a result of Alberto, which was the earliest tropical storm to hit in 40 years

House Fails to Ban Internet Gambling

Written by  on April 20, 2016
Max Lyons

Max Lyons

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Max Lyons

Robert Goodlatte, R-Va. Bobby Scott, D-Va.,who opposed the bill as ineffective.

Federal prosecutors already have prosecuted some Internetgambling operations using the 1961 Wire Communications Act, whichwas written to cover sports betting via telephone.

The bill originally contained penalties for individual bettorsas well, but they were removed. Businesses that offer onlinegambling could be fined at least $20,000 and their principals sentto jail for up to four years.

Goodlatte attempted to address critics concerns last week byadding language specifying that the bill is not intended to permitactivities that now are illegal.

Other critics said the bill would infringe on states rights byprohibiting state lotteries from offering at-home sales of ticketsover the Internet.

The commercial casino industry and major sports leaguessupported the bill, as did the National Association of AttorneysGeneral and some conservative social groups including the ChristianCoalition.

Tom Grey, executive director of the National Coalition AgainstLegalized Gambling, said his group decided the benefit of crackingdown on virtual casinos outweighed the risk of boosting the racingindustry.

Wasnt a Royal Flush for Us

To use the parlance, this wasnt a royal flush for us, but itwas a winning hand, Grey said.

Opponents include the conservative Traditional Values Coalitionas well as computer industry groups that do not want to seeInternet regulation.

The Interactive Gaming Council, which represents Internetbetting sites, advocated legalizing and taxing Internet gamblingrather than prohibiting it.

The choice to Congress is simple: They can start down the roadof Internet regulation, picking winners and losers in markets andtrampling on individual freedoms, or they can leave the Internet asa haven for individual freedom, the groups chairman, SueSchneider, said in a statement earlier today.

The Senate approved similar legislation sponsored by Sen. Internet service providers areexempt from criminal penalties, provided they obey law enforcementdirectives to cut off customer access to gambling sites.

The Associated Press and ABCNews’ Dean Norland contributed to this story.

. Just like child pornographyhas to be dealt with on the Internet, so does unregulated,out-of-control, illegal gambling.

Critics, including the Justice Department, said the bill would haveactually helped the pari-mutuel industry reach bettors who could nototherwise wager. before the vote. A bill to ban cybercasinos to curb the proliferation ofInternet sites offering casino games and sports betting to everyonewith a credit card and a computer failed in a vote by the House late today.

Representatives voted 245-159 against the ban which would have curbed such practices regardless of where a person lived.

A total of about 270 votes was needed for passage of the bill.

One way to promote the Internet is to make sure that the seamyside of life is dealt with on the Internet, said the billssponsor, Rep. JonKyl, R-Ariz., in November.

Enforcement of the Internet gambling ban would be challenging,because most of the outlets are based outside the United States.

If you go offshore, the federal government has no authority toclose those particular Web sites, said Rep. Lobbyists for horse racing, dog racing and jaialai got exemptions inserted in the bill.

House leaders brought the bill to the floor under rulesprohibiting amendments, limiting debate to 40 minutes and requiringa two-thirds majority for passage.

Casinos, Sports Leagues Favor Bill

Nearly 700 Internet sites offer online gambling, a businessexpected to grow from $1.1 billion in 1999 to $3 billion in 2002,according to a recent report for the online gambling industry.

The bill would prohibit anyone who runs a gambling business toplace or receive an online wager

Royal Odds: Betting on the Wedding Video

Written by  on April 20, 2016
Max Lyons

Max Lyons

Before you fall for the next sports gambling resource that you find, check out the following reviews of the very best sports bettor systems by visiting Arbitrage Betting http://dienlanhsg.com.
Max Lyons

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