GOP activist says his gambling days are over

Sac Bee ^ | 5/5/03 | AP - Washington

[WoofDog123]

"In short, blackjack is MY servant, not the other way around. The stock market is gambling, too. But I do better at blackjack."

It is fair to note that there are many traders who consistently derive trading income from the market, up or down, over many years. Blackjack (and even more so poker) are games where a small % of participants can overall net money over some reasonably period consistently. An experienced trader can find niches that produce income consistently for months, if not years, before matters alter and the vein is mined out. In fact, unlike house games, I think a trader with good tools and discipline starts out ahead of the house every day, not the reverse.

[EGPWS]

"I play fairly high stakes. I adhere to the law. I don't play the 'milk money.' I don't put my family at risk, and I don't owe anyone anything," Bennett was quoted as saying.

Sounds like a true entrepreneur playing the market. If I could break even on my recreation and relaxation I would be elated!

Lest we forget, the media made this an issue, not Bill Bennett OR his loved ones. Now maybe it can be layed to rest.

[WoofDog123]

"In fact, unlike house games, I think a trader with good tools and discipline starts out ahead of the house every day, not the reverse."

As a general disclaimer (and from my own experience), really bad days can happen without the slightest advance notice, and without regard to any risk-management strategy besides the global maximums (i.e. total value of long positions or total potential loss from shorts or naked options) in place at the start of the day. A trading halt, gap down, bad economic number, nasty market maker locking the market down from 9am on, competitor's warning about profits (losses), even failure of a new disease to cause more trouble, can all contribute to insta-loss.

[EGPWS]

video poker and slot machines are his favorite games, the magazines said. ??? I've wondered about Bill's judgment ever since I found out that he preferred rock music over swing. But slots? Video poker??? A guy with his brains should be counting cards at the blackjack table.

Good Gawd, I hope MY recreational pasttimes never find their way to FR! (GASP)The money I have spent on my dog and trying to keep my yard in shape (on my income anyway) is staggering! My comma's and dot's may be in different locations in my annual income than BB's but relatively speaking I think he has done better than me financially with his pasttime compared to mine! After contemplation I guess I should seek treatment for my addiction...who know's someday I may feel the compultion to mow my lawn in the middle of the night and disturb my neighbors.

[William McKinley]

Has Tower been drinking since then? Has Tower made a good faith effort to stop drinking to excess?

[Neets]

So who is the next Bush associate target gonna be?

[William McKinley]

Tough call. It will be a neocon, which in the language of the moment means 'anyone who isn't a liberal or a paleocon'.

[Neets]

One a month until Election day ya think??

This is afterall the only way they see possible to defeat him.

[William McKinley]

Dunno. Somehow I don't think this is about Bush per se. Bennett is too weakly connected to him. He's not an administration official.

[leadpenny]

I will not stand in judgement of Bill Bennett for doing something that is legal, however, his desire to keep his habit secret brings a question to my mind.

About three and 1/2 years ago the daughter-in-law of the President of Hillsdale College, Lisa Roche, committed suicide on campus after revealing a 20-year affair with her father-in-law. Dr. Roche was forced to resign and a search was undertaken to find a replacement. Bill Bennett was one of the people who was asked to be on a search committee. Within days Bill Bennett very publicly refused to participate saying something to the effect that he wanted nothing more to do with the administration of Hillsdale College.

I just wonder if Bill Bennett was running from something in his past when he was asked to help?

[NormsRevenge]

Unfortunately for John Tower, he is taking a long dirt nap after dying in a plane crash some years ago.

Yes, he quit drinking. Did he really want to? Not that way. ;-)

[ppaul]

Wednesday, May 07, 2003, 12:04 A.M. Pacific

Letters to the editor

VIRTUE'S CURSE

Former drug czar gets a dose of his own medicine

Editor, The Times:

I was delighted to read that former drug czar, "virtue-crat" and general busybody William Bennett was finally caught being human. Revelations that he has been gambling (and losing) obscene amounts of money over the years confirms the glass house/stones theory ("Ex-Cabinet official bets on far more than virtue," Times, News, May 3).

He has been pointing his finger in the face of America, lecturing and haranguing us for the better part of two decades now, about how he thinks a "virtuous" person behaves.

His grotesque stint as a "drug czar" now seems even more like burlesque. There was Bennett, overfed, addicted to cigarettes, gambling and admitted user of a popular, but physically addictive tranquilizer (alcohol), telling us how dangerous and wicked pot is.

Seeing his face on TV, trying to justify his multimillion-dollar gambling habit as "legal," Bennett now wears the look of so many other "sinners" that Bennett has targeted with his moral bombsight.
Paul Wilson, Seattle

When men grant they err

Bill Bennett is not just a big-time gambling loser; he also lied about his losses, and has engaged in rampant denial of his outrageous behavior. This is not just a story about Bennett, whose hypocritical pontifications have blighted the American landscape for decades, this is a story about every self-righteous public figure who arrogates to himself the position of moral arbiter.

It is a creepy indication of the condition of the American soul and psyche that millions of our fellow citizens listen to the likes of Newt Gingrich, Pat Robertson, Jerry Falwell and dozens of other famous hypocrites and liars.

No wonder the election of George W. Bush, which only happened because of the illegal disenfranchisement of thousands of Florida voters, is widely accepted: The USA has no moral compass, and the greedy are in charge.
Jeremy Smithson, Seattle

Forbearance ceases

Bill Bennett's gambling problem astounds me not so much for the level of hypocrisy involved, but for the simple numbers involved.

If we assume that he spent 40 hours per week, 52 weeks per year — gambling over the past eight years, he would have had to have lost $480 per hour to reach the $8 million that he is reported to have gambled away (please pull out your calculator and verify this for yourself).

Is it really possible to pump that much money into slot/video poker machines in an hour? Does he do anything in his free time besides gamble? How much does this guy make per hour? Does he deserve it/need it?

Wake up, folks. Our system is way, way out of whack.
Chris Matthiessen, Bothell

[NormsRevenge]

And your point is?

I don't like seeing the vastness of the gambling industry and the multitudes of organizations that are addicted or now attuned to reaping easy money for the tax coffers. But I also believe his gambling was a matter that was divulged by those with an axe to grind against all of us who do things we are not proud of when revealed, not necessarily illegal, mind you.

The casino(s) that divulged his propensity for large scale wagering are even now asking questions of who leaked the info which is technically confidentaial, but I have a feeling that doesn;t have much inport to you or the writers of the letters you posted. That's fine, but remember it works both ways.

What secrets do you have? How long before you are outed?

I'm not making this personal, I have better things then to get in a peeing contest with people who have agendas of their own or have to have the last word. If you think I have called you out, you're worng. You made your point, leave it at that.

Thanks for bumping the thread. :-).

[ppaul]

And your point is?

No point, Norm. Really.
I just found those letters interesting.
Sort of a man in the street, how the average Seattle socialistas are viewing this disgraceful tragedy.
That's all.

BUMP