Wednesday, June 29, 2011

Full Tilt is DEAD?!

Full tilt is being shut down for being insolvent! So, there goes my bankroll.

Look, if I EVER hear one more bad word about Dutch Boyd, I am going to punch someone in the face. Talk about being vindicated. Here was a guy at a young age who took a shot and got arguably screwed by his bankers, and took over a decade of abuse for it. Now, the "experts" show everyone how it's done, right? Lessons learned and all that? Bull. Just lip service. These guys actually KNEW they were not covering bank. ARE YOU KIDDING ME? HOW DO YOU NOT MAKE MONEY AS A SOFTWARE SERVICE? ALL YOU DO IS COLLECT RAKE AND PASS ON FEES? HOW THE HELL DO YOU LOSE MONEY DOING THAT? I mean, what are you costs? Servers? You dont even use up that much bandwidth.

This is a TRAVESTY on so many levels. You know what this is reminiscent of? Adelphia. And Enron to some extent.

Now, what comes next? Is this the poster child for NO online poker or is it a call to arms for regulation of online sites operating as a bank?

Want me to venture a guess as to what happened? Full Tilt "executives" decided they did not have to act like Poker tars did (professionally and ethically)and told the US that they would pay back the money when they were "darn good and ready". So the US called UK and said, "Hey, these guys are making a mockery of International Banking, shut it down". The arrogance that they were above US law eventually did them in. Poker Stars was very smart. We got away with it for a while. When the hammer comes down, we take the profits, refund the money and live to rake another day. THAT, readers, is the way its done.

Shameful. And what of Ivey and his suit? Well now, what better way to DISTANCE yourself from the others who may FACE CRIMINAL CHARGES? And poor Clonie Gowen, who was seemingly on to something, will never get a dime AND will have to get dragged into courts as a witness for the prosecution. I would not be feeling very good if I were say, Howard Lederer. I would be selling off assets and HIDING MY MONEY. Which is what I presume is happening and thus the elongated posturing and delays and avoidance of the press.

So dont talk to ME about Poker Spot and Dutch Boyd. Absolved fully as far as I am concerned (and probably long overdue).

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