Online gambling


Moral justifications and a slippery slope
Of course, it started as going after gamblers. But somehow, it didn't stay that way.

The Justice Department has issued subpoenas to at least four Wall Street investment banks as part of a widening investigation into the multibillion-dollar online gambling industry, according to people briefed on the investigation.

The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad. The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort, these people said.

While online gaming sites like PartyGaming and 888 Holdings operate from Gibraltar and their initial public offerings were held on the London Stock Exchange, companies that do business with them and have large bases in United States have come under scrutiny by regulators in Washington.

None of the biggest United States banks like Goldman Sachs or Citigroup underwrote the initial public offerings in London, in part because of the legal ambiguity of the sites; they are illegal in the United States, but still accessible to residents.

Just think about that for a bit.

The gambling companies are not based in the United States. The banks aren't based in the United States. The laws are definitely mala prohibita. It's a "moral law." Arguably, the companies are beyond American jurisdiction because they weren't formed in the United States and do not operate within American borders.

Think about the implications for just a bit.

Historically, "moral laws" always destroy lives.

We are now exporting misguided morals all over the world.

This is why people don't trust the United States.

— NeoWayland

Posted: Wed - January 24, 2007 at 02:49 PM  Tag


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