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Barney Frank will return money from indicted poker players
Boston Herald ^ | 9/21/11 | Frank Quaratiello

Posted on 09/21/2011 12:21:45 PM PDT by raccoonradio

Thousands of campaign donations received by U.S. Rep. Barney Frank from three Full Tilt Poker stars allegedly involved in a Ponzi scheme to defraud online players will be set aside to compensate victims, according to Harry Gural, Frank’s spokesman.

Manhattan U.S. Attorney Preet Bharara yesterday alleged that Full Tilt took money from players and paid out more than $440 million to board members and owners, including at least three men, Howard Lederer, Rafael Furst and Craig Ferguson, who have donated to Frank’s election campaign.

Frank (D-Newton) has been one of the most vocal congressional supporters of legalizing online gaming and has received tens of thousands of campaign contributions from online poker players, owners and lobbyists.

Gural said Frank’s office is waiting to see if the Justice Department will set up a fund to compensate victims, and if it does, the money will go there.

Following the U.S. attorney’s initial poker crackdown in April, Frank remained a supporter of the online players, reportedly telling an interviewer that Bharara’s actions were “an incredible waste of resources.”


TOPICS: Breaking News; Miscellaneous
KEYWORDS: barneyfrank; fulltiltpoker; gambling; onlinepoker; pokehim; poker
Sorry Barney! Meanwhile another US Rep from MA John Tierney (D-Salem) had his wife convicted to laundering money from an online sports betting operation run by her family. She got a slap on the wrist. He claimed to know nothing about it. He was re-elected.

>>one of the most vocal congressional supporters of legalizing online gaming and has received tens of thousands of campaign contributions from online poker players, owners and lobbyists.

1 posted on 09/21/2011 12:21:52 PM PDT by raccoonradio
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To: raccoonradio; Andonius_99; Andy'smom; Antique Gal; Big Guy and Rusty 99; bitt; Barset; ...
Howie Carr list ping


2 posted on 09/21/2011 12:23:32 PM PDT by raccoonradio
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To: raccoonradio

The Banking Queen

http://www.youtube.com/watch?v=-CT6HIDPbPc


3 posted on 09/21/2011 12:24:15 PM PDT by raccoonradio
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To: raccoonradio

Looks like Barney was dealt a bad hand.

Too bad he didn’t play straight.


4 posted on 09/21/2011 12:26:31 PM PDT by rightwingintelligentsia (Be careful of believing something just because you want it to be true.)
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To: raccoonradio

Sorry Barney! Meanwhile another US Rep from MA John Tierney (D-Salem) had his wife convicted to laundering money from an online sports betting operation run by her family. She got a slap on the wrist. He claimed to know nothing about it. He was re-elected.”

Ted Kennedy sat on a riverbank waiting for a nice young woman to die so he could continue his career. He got re-elected.

Massivetwoshits, American home-base for socialism and “progressives.”


5 posted on 09/21/2011 12:26:34 PM PDT by jessduntno (Obama shanks. America tanks.)
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To: jessduntno
If "lawn signs could vote", Bill Hudak would have beaten Tierney (I voted Hudak) but Tierney pulled it out, despite the last minute news about Patrice Tierney (who got one month home confinement). I saw tons of Hudak signs out but they got out the vote. Hacks.

From Herald on 9/11/11:
>>The convicted wife of U.S. Rep. John F. Tierney (D-Salem) may be called to testify against her brother when he goes on trial next month for the winning hand the federal government says Daniel Eremian played in a lucrative Internet betting site.

>> Robert Eremian, a second brother similarly charged with racketeering, money laundering and illegal gambling, is a fugitive from justice.

article

John and Patrice Tierney

6 posted on 09/21/2011 12:34:13 PM PDT by raccoonradio
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To: raccoonradio

I’d be carefull with the rolled up coins.


7 posted on 09/21/2011 12:34:40 PM PDT by Larry Lucido (I can only be series in a parallel universe.)
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To: jessduntno
Ted Kennedy sat on a riverbank waiting for a nice young woman to die so he could continue his career. He got re-elected.

I can picture where I was, when I first heard Limbaugh proclaim that Mary Jo Kopechne was the most influential woman to date (ca 1990), on American politics.

So startling and so true.

Imagine Ted Kennedy as president, probably for eight years; starting in 1980.

8 posted on 09/21/2011 12:35:44 PM PDT by cicero2k
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To: rightwingintelligentsia

He bent over.


9 posted on 09/21/2011 12:36:20 PM PDT by boomop1
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To: cicero2k

“Imagine Ted Kennedy as president, probably for eight years; starting in 1980.”

I prefer picturing him in his new “district” where he is known as Ted Kennedy (D-HELL).


10 posted on 09/21/2011 12:37:16 PM PDT by jessduntno (Obama shanks. America tanks.)
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To: raccoonradio

Bawney Fwank and poker in the same title can be dangerous to your health...............


11 posted on 09/21/2011 1:02:21 PM PDT by Red Badger ("Treason doth never prosper.... What's the reason? Why if it prosper, none dare call it treason.")
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To: kevkrom
Frank (D-Newton) has been one of the most vocal congressional supporters of legalizing online gaming and has received tens of thousands of campaign contributions from online poker players, owners and lobbyists.

Now, is this cronyism or should we dismiss it because frank has regularly supported legalized online gambling?

12 posted on 09/21/2011 1:05:34 PM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their VICTORY!)
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To: raccoonradio

When will he return the money stolen from taxpayers by Fannie & Freddie and the banks threatened into playing along?

There are many punns to be had here...but I’m trying to be sewious......


13 posted on 09/21/2011 1:18:08 PM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: raccoonradio

This is not satire? Who knew Barney was involved with online poker? What a crook!


14 posted on 09/21/2011 1:29:00 PM PDT by WashingtonSource
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To: raccoonradio
I hate to say it but Barney has been the only one on my side. I think it is absurd that in the land of the free and the home of the brave we have to watch while people in Bulgaria play Poker on line. I wrote to my RINO Congressman about this and didn't even get a reply. Eat s*** and die, Rodney.

ML/NJ

15 posted on 09/21/2011 1:31:02 PM PDT by ml/nj
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To: Red Badger

Gee thanks...

Excuse me while I poke out my mind’e eye.

The NappyOne


16 posted on 09/21/2011 1:50:55 PM PDT by NappyOne
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To: raccoonradio

Of course Bawney didn’t know anything about this, just like he didn’t know anything about the teenage homosexual prostitution ring run out of his own house by his homosexual roommate.

We believe you, Bawney. /sarc


17 posted on 09/21/2011 1:50:57 PM PDT by American Quilter (aka American Hobbit)
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To: raccoonradio
Gural said Frank’s office is waiting to see if the Justice Department will set up a fund to compensate victims, and if it does, the money will go there.

"My constituents have the attention span of a rutabaga. We'll wait a few days for this to blow over, and I'll keep the money."

18 posted on 09/21/2011 2:12:28 PM PDT by FlyVet
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To: raccoonradio

Positively sickening. Mass. is the state of my birth...glad we moved, there’s GOT to be something in that water.


19 posted on 09/21/2011 2:27:36 PM PDT by SueRae (I can see November 2012 from my HOUSE!!!!!!!!)
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To: ml/nj
I think it is absurd that in the land of the free and the home of the brave we have to watch while people in Bulgaria play Poker on line.

Absolutely!! I've been playing on-line since 2003, and never had a problem. When Poker Stars was shut down, I got all my money refunded within a month. Half of that time was Poker Stars waiting to get the OK from the DOJ to pay us.

You can still play on-line for money, there are a few sites that still let Americans play.

20 posted on 09/21/2011 3:33:57 PM PDT by skully (I don't need no steenking tagline!!)
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To: raccoonradio

bttt


21 posted on 09/21/2011 5:22:58 PM PDT by StAnDeliver (/)
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To: raccoonradio

Saying he is going to do it is one thing. Doing it is another.


22 posted on 09/21/2011 5:55:37 PM PDT by Revel
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To: raccoonradio

that from the pok-her players he will gladly return...that, however, from the pok-him players....nyet!!!


23 posted on 09/21/2011 6:08:32 PM PDT by mo
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To: raccoonradio

He should be investigated, charged, indicted, prosecuted, forced to resign from the HOR, convicted and sent to jail, not necessarily in that order.


24 posted on 09/21/2011 6:13:36 PM PDT by decisis
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To: raccoonradio
Howard Lederer

His sister, Annie Duke, was a finalist on Donald Trump's second Celebrity Apprentice, against winner Joan Rivers. Rivers said of Duke in the final, "You're a poker player. You're worse than Hitler!"

Lederer's father is Richard Lederer. Richard Lederer was a regular monthly guest on the KSFO Morning Show with Lee Rodgers. Lederer was the Word Man, taking calls from listeners on the origins of words, cliches, slang, and proper uses.

-PJ

25 posted on 09/21/2011 6:15:33 PM PDT by Political Junkie Too (Everyone's Irish on St. Patrick's Day, Mexican on Cinco de Mayo, and American on Election Day.)
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To: rightwingintelligentsia

Please don’t use the words “poker” or “poke” regarding Barney Frank. The image of him bending over will make you hurl.


26 posted on 09/21/2011 7:57:02 PM PDT by MadMax, the Grinning Reaper
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To: rightwingintelligentsia

Please don’t use the words “poker” or “poke” regarding Barney Frank. The image of him bending over will make you hurl.


27 posted on 09/21/2011 7:57:02 PM PDT by MadMax, the Grinning Reaper
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To: rightwingintelligentsia

Please don’t use the words “poker” or “poke” regarding Barney Frank. The image of him bending over will make you hurl.


28 posted on 09/21/2011 7:59:30 PM PDT by MadMax, the Grinning Reaper
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To: MadMax, the Grinning Reaper

computer problems. Sorry.


29 posted on 09/21/2011 9:36:29 PM PDT by MadMax, the Grinning Reaper
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To: raccoonradio

Fowwowing the U.S. attorney’s initial pokew cwackdown in April, Fwank wemained a supporter of the onwine pwayers,weportedly tewwing an interviewer that
Bhawawa’s actions wewr “an incwedible waste of wesources.


30 posted on 09/21/2011 11:38:01 PM PDT by CigarettesGolfandIceCream (THE three things he has done consistently since he was sworn in, make that four, with multi vacays)
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To: Political Junkie Too

Yes I saw that name Lederer and thought, wonder if any relation to Richard Lederer who wrote “Anguished English”
and did various talk show appearances? Orig. from Manchester NH I think. Things like: the couple overseas who named their daughter after an English word they’d heard because it sounded beautiful: Diarrhea. Or various misunderstandings
due to improper usage, and things like why do we park in a driveway and drive on a parkway, etc. Or Mr Spooner who inspired the Spoonerism: Is this pie occupewed? May I sew you to another sheet...Our queer old Dean...(The Capitol Steps do their own spoonerism routine, Lirty Dies and Scicious Vandals. You just whip your flirds, see?)

Anyway, used to have that book about 20 yrs back.


31 posted on 09/22/2011 12:18:22 AM PDT by raccoonradio
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To: raccoonradio

Does it bother anyone else that when a Poker company holds 60 million in reserve to cover 400 million in customer deposits it’s called a ponzi scheme, but when Citibank does it we call it “fractional reserves?”


32 posted on 09/22/2011 2:17:49 AM PDT by politicalmerc (The whole earth may move, but God's throne is never shaken. I think I'll stand by Him..)
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To: jessduntno

DFU SING-ALONG - Ted Kennedy, Chappaquiddick Lifeguard

http://www.youtube.com/watch?v=SMqOe5iBQEI


33 posted on 09/22/2011 6:33:17 AM PDT by doug from upland (Just in case, it has been reserved: www.TheBitchIsBack2012.com)
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To: raccoonradio

Putting aside the legalities of online poker, it is customary for a poker house to keep players funds in a separate account from “poker house” funds. When poker house deals a hand, they either charge the players an hourly fee (rare these days) or take a small amount out of each pot to cover expenses. That amount is called the rake.

Obviously the reason poker player money is kept separate is in case all the players cash out at once, or even one big winner, the poker company should be able to pay on the spot. Clearly some of these places believed that money deposited by players would eventually get eaten by the rake (they had statistics on that, as well as who was likely to cash out and who would play win or lose) so they felt safe comingling the money. Only when the DOJ figured out how to crack them down (stole their domain names) did the DOJ stop US players and in the case of Full Tilt, broke the bank in the process because of all the Americans seeking cash out at once.

They ultimately “embezzled” $440 million though I am not sure if that includes money they earned over the years from the rake - I think it does. Anyway, that they did this so brazenly makes me wonder whether they also employed robots, or rigged the software to “steal” from poker players. Not one poker site every agreed to allow outside audit, nor did they publish their hand history to prove that it was truly random.

Frank has been a long time Poker proponent. He wants to legalize poker online and tax it - like a good liberal. But since these sites were overseas, licenses overseas, and illegally (in their country of license) funneled foreign money from players around the world to these American owners - it is important he return the money fast. I wonder what kind of charges we can level at Frank?


34 posted on 09/23/2011 8:12:06 PM PDT by monkeyshine
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