[email protected] (Robert A. Rosenberg) writes:
> Such as you are not allowed to use a skill to win their games when you
> are playing against them.
>
> IOW: In Poker against other players it is ok to use your skill at the
> game. Card Counting to keep track of what cards have been dealt is
> banned when playing Blackjack/21.
when I was undergraudate at the univ. ... the datacenter got a new head
... happened to have been a graduate student of & part of the team that
went to Las Vegas to demonstrate the techniques ... and then had
lifetime ban from playing at their tables.
in the case of greed and my reference to 30yr old case of industrial
espionage and theft of (DASD) trade screts, the judge effectively said
that individuals can't be held accountable for stealing extremely
valuable items if insufficient countermeasures have been taken
("security proportional to risk") ... analogy is minors and swimming
pools w/o fences (owners can be held responsible for any drownings,
people & greed are no more responsible than minors and swimming pools).
early in the days of SOX there was big deal made that the (onerous)
additional auditing would prevent most of the public company fraudulent
reporting ... along with SEC oversight and the additional provisions for
sending executives to jail.
GAO reports shows that there has been actual increase in fraudulent
reporting after SOX ... with apparently little SEC oversight and nobody
sent to jail.
There have been a few multi-hundred million fines reported ... but it
had little effect on the individuals or corporations involved, i.e. 1)
low probability of fine or other punitive action, 2) individuals getting
multi-hundred million compensation didn't have to return the money (or
go to jail), and 3) many cases corporations involved multi-hundred
billions ... so even in the rare cases of a fine ... the fine could be
considered a very small percent cost of doing business.
There have been jokes about "RICO" may be necessary, in combination with
high precentage of activity actually being prosecuted ... i.e. executives
actually going to jail and three times the money involved be confiscated
(instead of a rare cases involving fines that are very small percentage
of the actual money).
http://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizations_Act
of course when they are systemic important, too-big-to-fail institutions
... that the gov. is already leaning over backwards to keep afloat, it
can become awkward i.e. the four largest had aggregate $5.2T in toxic
assets being held "off-books", a few deals with several tens of billions
had gone for 22 cents on the dollar; TARP wouldn't have dented the
problem ... so they had to re-purpose the TARP funds; after a lot of
legal action, FEDRES has recently been forced to divulge some of what it
has been doing, including quitely buying up these toxic assets at
98cents on the dollar. recent post
http://www.garlic.com/~lynn/2010p.html#17
mentioning old article about the $5.2T (toxic assets held "off-book")
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
and some of the recently divulged FEDRES activity
http://www.csmonitor.com/USA/2010/1201/Federal-Reserve-s-astounding-report-We-loaned-banks-trillions
there was recently some cases of DEA following money trail (used to buy
planes involved in drug smuggling) to some of these too-big-to-fail
institutions. Rather than throwing the executives in jail and shutting
down the institutions (for criminal activity), they effectively asked
the institutions if they would please stop. recent post
http://www.garlic.com/~lynn/2010m.html#24
a few of the news items:
Banks Financing Mexico Gangs Admitted in Wells Fargo Deal - Bloomberg
http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html
Wall Street Is Laundering Drug Money And Getting Away With It
http://www.huffingtonpost.com/zach-carter/megabanks-are-laundering_b_645885.html?show_comment_id=53702542
"Too Big to Jail" - How Big Banks Are Turning Mexico Into Colombia
http://www.taipanpublishinggroup.com/tpg/taipan-daily/taipan-daily-080410.html
Banks Financing Mexico Drug Gangs Admitted in Wells Fargo Deal
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/06/28/bloomberg1376-L4QPS90UQVI901-6UNA840IM91QJGPBLBFL79TRP1.DTL
--
virtualization experience starting Jan1968, online at home since Mar1970
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