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Debates Forum

Debates Forum

  1. Standard member Seitse
    Doug Stanhope
    08 Dec '09 15:45
    http://online.wsj.com/article/SB125996714714577317.html


    During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007,
    Terrance Watanabe managed to lose nearly $127 million.

    The run is believed to be one of the biggest losing streaks by an individual in Las
    Vegas history. It devoured much of Mr. Watanabe's personal fortune, he says,
    which he built up over more than two decades running his family's party-favor
    import business in Omaha, Neb. It also benefitted the two casinos' parent company,
    Harrah's Entertainment Inc., which derived about 5.6% of its Las Vegas gambling
    revenue from Mr. Watanabe that year.

    Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas
    history, losing $127 million dollars in one year. Mr. Watanabe, who now lives in the
    Bay Area, stands near the entrance to Stanford University on Dec. 3, 2009.

    Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the
    casino company bears some of the responsibility for his losses.


    What do you think?
  2. 08 Dec '09 15:52
    I think he's a moron.
  3. Standard member Palynka
    Upward Spiral
    08 Dec '09 17:17
    Originally posted by Seitse
    http://online.wsj.com/article/SB125996714714577317.html


    During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007,
    Terrance Watanabe managed to lose nearly $127 million.

    The run is believed to be one of the biggest losing streaks by an individual in Las
    Vegas history. It devoured much of Mr. Watanabe's personal fortune, he ...[text shortened]... casino company bears some of the responsibility for his losses.


    What do you think?
    If convicted, Mr. Watanabe faces up to 28 years in prison

    That sounds a bit excessive.
  4. Standard member sh76
    Civis Americanus Sum
    08 Dec '09 17:32 / 1 edit
    Originally posted by Palynka
    If convicted, Mr. Watanabe faces up to 28 years in prison

    That sounds a bit excessive.
    Maximum sentences always sound ridiculous and bear little relationship to reality.

    For example, wire fraud carries a maximum penalty of 5 years in prison. So, if someone is indicted for 20 counts of wire fraud based on a series of confidence schemes, the idiots on the media will say "Mr. X, if convicted, faces a maximum sentence of 100 years in prison."

    In reality, sentences are based on the amount stolen and, in federal court, are based on the Federal Sentencing Guidelines; not on the statutory maximums.
  5. Standard member Palynka
    Upward Spiral
    08 Dec '09 17:48
    Originally posted by sh76
    Maximum sentences always sound ridiculous and bear little relationship to reality.

    For example, wire fraud carries a maximum penalty of 5 years in prison. So, if someone is indicted for 20 counts of wire fraud based on a series of confidence schemes, the idiots on the media will say "Mr. X, if convicted, faces a maximum sentence of 100 years in prison."

    ...[text shortened]... federal court, are based on the Federal Sentencing Guidelines; not on the statutory maximums.
    You're on to something here. Could it be that the judicial system is in league with the media moguls in order to increase the number of eye-catching headlines?
  6. Subscriber AThousandYoung
    It's only business
    09 Dec '09 03:39
    Originally posted by Seitse
    http://online.wsj.com/article/SB125996714714577317.html


    During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007,
    Terrance Watanabe managed to lose nearly $127 million.

    The run is believed to be one of the biggest losing streaks by an individual in Las
    Vegas history. It devoured much of Mr. Watanabe's personal fortune, he ...[text shortened]... casino company bears some of the responsibility for his losses.


    What do you think?
    Sounds like that company should have had a bean counter with the keys to the safe.
  7. Standard member sh76
    Civis Americanus Sum
    09 Dec '09 04:21
    Originally posted by AThousandYoung
    Sounds like that company should have had a bean counter with the keys to the safe.
    It is a shame. I used to order from Oriental Trading all the time. They sold these mostly useless trinkets; but they were so darn cheap!

    I still have some of the ping pong balls that I bought in, I believe, 1992 (give or take). A gross (144) cost me $9.