Pinnacle Entertainment , operating casinos in regional U.S. markets, posted a wider fourth-quarter loss, due mainly to costs related to opening a new casino, while Harrah's, which operates Las Vegas Strip resorts like Caesars Palace and the Flamingo, posted a fourth-quarter loss, burdened by impairment charges and losses at its properties in Illinois and Indiana.

Gary Loveman, Harrah's chief executive, said on a conference call that results at regional casinos were "mixed," while in Las Vegas "the gaming business has held up well, but room rates are off a bit."

Boyd Gaming Corp , which owns and operates 17 casinos in seven states, posted a 45 percent drop in fourth-quarter profit.

Boyd, which is building Echelon on the Las Vegas Strip, said net income fell to $31.2 million, or 35 cents per share, from $56.3 million, or 64 cents per share, a year earlier.
From All Bets Are Off: Casinos Feel Economic Pain

Xuzhou Anying Biologic Technology Development Co., Suzhou Textiles, Silk, Light Industrial Products, Arts and Crafts I/E Co., and Las Vegas-based ChemNutra Inc. were charged in two separate but related indictments. The U.S. attorney's office in Kansas City said the tainted food led to the death and serious illness of pets in the U.S. last year.

For more see 3 Companies Indicted.

Jerome Kerviel, the rogue trader blamed by Société Générale for massive fraud, was taken into custody in France.

If he had really been a supercriminal, I would have thought he would have a couple new identities and left for some fun in St. Kitts.

The French bank Société Générale said Thursday that it had uncovered "an exceptional fraud" by a trader that would cost it 4.9 billion euros, or $7.1 billion, and that it was raising about 5.5 billion euros in fresh capital to shore up its finances.

The company, one of the biggest banks in France, said in a statement that the fraud had been committed by a trader in charge of "plain vanilla" hedging on European index futures.
During a conference call, Société Générale's chairman and chief executive, Daniel Bouton, said the bank had started legal proceedings against the rogue trader, whom he did not identify; he also said the trader's whereabouts was unknown. The trader is "on the run," officials said.
A banker close to the situation identified the trader as Jé&ociec;me Kerviel, a Frenchman in his 30s who joined the bank in 2000.
...
Speaking at an afternoon press conference, Christian Noyer, governor of the French central bank, the Bank of France, described the trader as a computer "genius."
"I am totally serene," Mr. Noyer said. "I wouldn't be if the bank wasn't in a very solid situation. There's no problem of confidence for consumers for depositors, for clients." Fraud Costs French Bank $7.1 Billion

First, I wouldn't call a $7 billion dollar fraud simply "exceptional" and secondly, I certainly wouldn't be "serene" about its effects. Serene is how our politicians, bankers, and former Fed Chairman, Alan Greenspan (who left just before the crisis began), seemed to handle the housing bubble two years ago. Now they are scrambling to convince the country we can avoid a recession, while we head into a depression.

Harrah's said Monday that the National Indian Gaming Commission has approved the company's $17.7 billionpurchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. That conditional approval means Harrah's can go forward with the deal, which is expected to close in early 2008.

On the heels of Goldman Sachs posting its fist ever quarterly loss, Bear Stearns Cos. said Thursday a bigger-than-expected writedown in its mortgage portfolio caused the nation's fifth-largest U.S. investment bank to post the first loss in its 84-year history.

It took a $1.9 billion writedown in the quarter ended Nov. 30 as its mortgage-backed securities continued to lose value amid the global credit crisis. That was much larger than the $1.2 billion it expected in November.

Bear Stearns' fiscal fourth-quarter loss, and collapse of two hedge funds it managed during the summer, prompted Chief Executive Jimmy Cayne to pass on his 2007 bonus. Members of the company's executive committee also will not receive year-end bonuses.

For more go to Yahoo News.

Last year Bear Stearns paid Chief Executive Jimmy Cayne $40 million, a 32 percent raise, after the firm reported its fifth straight year of record profit. (but built on poor lending practices and soon to be record losses...Don't you just love Wall Street "wizards?")

So as I see it, even giving up his cash bonus this year, the man has been paid obscene amounts of money in the past and still makes obscene amounts of money to screw up this year. It's no wonder that candidates such as Edwards, Obama, Clinton, Paul point fingers at the corporations for the ills of the world. Nobody on my block is going to have any sympathy if corporations get hit with taxes, penalties, what have you when most of us simply lose our jobs if we screw up or when the corporate heads screw up for us.

In the Las Vegas Sun:
Two years ago, after learning that each of 23 tennis courts at the new Washington Buffalo Park was cracked even before it opened, city staff did not want the city to work again with Asphalt Paving Corp., the courts' general contractor.

The City Council ignored that recommendation, however, and allowed APCO to bid for $19.1 million worth of work on the Centennial Hills Community Center. APCO did not win that contract. But shortly after, APCO filed a $7 million claim against the city over the $29.7 million Washington Buffalo Park job.

During the past year, APCO has bid twice on city projects and both times the City Council awarded the contracts - worth a total of $13.2 million - to the company, unanimously and without question.
...
Mayor Oscar Goodman holds a 4 percent stake in Apex Business Park, which is partly owned by APCO employees.

'm sure readers can do the math.

As reported by the press of Atlantic City: "In a stunning move, New Jersey gaming regulators refused to renew the operating license of Tropicana Casino and Resort and turned over control to a trustee who will oversee the troubled property until it is sold.

By a 4-1 vote Wednesday, the Casino Control Commission ruled that Tropicana's owner, Columbia Sussex Corp., lacked the good character, business ability and financial responsibility required under New Jersey's licensing standards."

The casino will remain open while a buyer sought.

A citywide survey was conducted in Oct. of 2006 at a cost $16,000 and while the results were released internally they were never made public until posted on LasVegasNow.

Among some of the anonymous comments from Las Vegas Fire & Rescue employees are:

"The promotional process is definitely biased."

"Management bases decisions upon 'who is a friend."

"Equal opportunity applies only if you are black, Mormon or female."

Zounds to me as if the fire department is run just like every other business or government office in the valley. There has never been a climate of fair play in southern Nevada from the days of mob run casinos and corrupt politicians to today's corporate run casinos and corrupt politicians. Period!

And speaking of corruption...

LasVegasNow is also reporting new developments in the public corruption investigation of former University Medical Center chief Lacy Thomas.

Bank records from out-of-state may be the final piece of evidence needed in the case.

At the center of the probe are the relationships between Thomas and his cronies from his tenure at Cook County Hospital in Chicago.

Texas-based developer Christopher Milam's plan to build the tallest building west of the Mississippi River on the old Wet 'n Wild site on the Strip took a big hit Monday after federal officials lopped nearly 500 feet off the project's proposed height.

The Federal Aviation Administration said Crown Las Vegas's planned hotel tower could be 1,064 feet high, the agency said in a letter to the developer.

Milam had originally hoped to build a 1,888-foot-high tower but lowered his sights to 1,550 feet in a letter to the FAA dated Sept. 14.

The Stratosphere, less than a mile north of the Wet 'n Wild site and the tallest structure in the West, is 1,149 feet tall.

But just like for Regent Sisolak, perhaps the Nevada Supreme Court could find a taking by authorities and award millions of dollars to Milan.

For more go to Rolling Good Times.

Nevada's largest teachers' union has launched its initiative targeting the state's gaming industry in an effort to get more funding for public schools.

The Nevada State Education Association submitted its petition to the secretary of state Monday. The proposal would raise the gaming tax on Nevada's largest casinos to 9.75 percent, from 6.75 percent. The union estimates that an additional $250 million per year, although others contend $400 million is more accurate, could be used for public schools and teacher raises.

The higher tax would apply only to casinos that make more than $1 million a month in gaming revenue.
...
The union's next step is to gather 58,628 signatures by May. 20.

How much would you like to bet that the initiative will be rejected just hours before the deadline to place on a ballot leaving no time for a re-write?

Since 2000, according to published reports noted by Newsweek, the former veep has transformed himself from a public servant with around $1 million in the bank to a sparkling private consultant with a net worth estimated to be north of $100 million. He's a senior adviser to Google, a board member at Apple and now a newly minted general partner at Kleiner Perkins Caufield & Byers, the Silicon Valley venture-capital firm that made billions investing early in Netscape, Amazon and Google.
...
Gore's relationship with KP is perhaps the strongest signal yet that his days in politics are over. The firm is notoriously secretive about its finances, and it's unlikely that KP would strike a deal with Gore if the association could subject the firm to public scrutiny.

And you thought Al was just a concerned humanitarian. Being green today is about as tough as John Edwards suing the tobacco industry. Some things the public is ready for and politicians and attorneys are always ready to capitalize on them.

photos by flipchip • lasvegasvegas.com

Las Vegas Sands Corp. has announced that The Palazzo Las Vegas will soft-open on December 20 followed by a series of spectacular grand opening celebratory events from January 17 to 19, 2008.

According to President of The Palazzo Las Vegas Rob Goldstein, the property will become a new resort-hotel-casino of unparalleled luxury, sophistication, and contemporary chic on the Las Vegas Strip.

That's code for Z. O. can't afford it.

In the Las Vegas Sun:

Several chief executives of the state's largest casino companies called on Republican Gov. Jim Gibbons to drop his no-new-taxes pledge and balance the budget as they faced a ballot initiative that would raise the taxes on gambling revenues.

MGM Mirage Inc. chief executive Terry Lanni said casino companies have been targeted unjustly. The company operates 10 resorts on the Strip and is building the massive $7.8 billion CityCenter development.

"Any economist will tell you that it's bad government to rely on one industry," Lanni said. "My view is simple; all businesses that we have here -- bankers, retailers, auto dealers -- have to participate. Whether we're ranked 47th in education, 48th or 49th, whatever the number is, that's not a good rate and something needs to be done about it."

The Nevada State Education Association has put forth a ballot initiative that would add another 3 percentage points to the tax on gambling revenues collected by Nevada's biggest casinos, those that gross more than $1 million a month.

It would raise the taxes for such companies to 9.75 percent, and generate more than $200 million a year to fund the state's schools.

The 6.75 percent rate is the lowest rate in the world and a rise of 3 percent would still be the lowest tax rate in the world. Higher rates haven't deterred these casino corporations from flocking to Macau where the tax rate on gaming is 50 percent. Rather, casinos want others to take a hit, and while casinos blame a reliance on a one industry economy for them being a target of taxes, they are the ones who have bought the goverenors and legislators who have promoted their one industry economy. As long as they make obscene profit on "taking money for nothing" in a service industry, casinos actually have no interest in the fact that Nevada has managed to fall behind perennial education "powerhouses" such as Arkansas, Louisiana, and Mississippi.

Business Press reports southern Nevada office vacancies reached 12.24 percent in the third quarter amid a housing market downturn, acording to Applied Analysis, a Las Vegas-based economic research firm. The Las Vegas valley had 44.1 million square feet of office space at the end of September, and despite two million square feet worth of absorption for the year-to-date, vacancies still increased by 2.2 percent in the third quarter over last year.

Oh well...we have gotten used to seeing buildings implode here in the valley; now we get to see a whole market give it a try. And while we have these big casino projects being built, the gambling money is now going to Macau, which is using sports stars like tennis' Roger Federer and basketball's LeBron James to outstrip the Vegas Strip. Once the fire starts, we won't even have the water to put it out, but nothing is "wrong" in the valley except prostitution isn't legal according to Oscar.

A barrel of crude oil hit a new all-time high of $85.92, the energy sector now up 0.9 percent, while the Dow is sinking like an anchor.

What I wonder is how much the billions of dollars donated by the Federal Reserve to "poor" companies like Bear Stearns, Goldman Sachs, etc., which resulted in a devaluation of the dollar and saving the big boys while smaller mortgage companies folded and lost jobs, have contributed to the rise in oil prices.

We are under assault by a few corporations bent on world domination--there are only approximately eight oil companies really pumping and buying the oil, four or five pharmaceutical companies, four of five major financial institutions, four or five communication companies, the U.S. Supreme Court has recently struck down a long standing anti-trust ruling precedent, our politicians stuff their pockets with kickbacks and bribes, and the general population watches American Idol, Entertainment Tonight, and ESPN. Compare the fall of the Roman Empire concurrent with Colliseum events and the hiring of mercenaries to hold the empire together and the correlations with our own society are eerie and depressing.

The Association of Certified Anti-Money Laundering Specialists (ACAMS) is gearing up for the 6th Annual International Money Laundering Conference, September 24-26th in Las Vegas, NV.

According to an announcement yesterday from ACAMS, the conference will open with a "rare, inside look at a regulatory exam" with a walk-though by Lisa Arquette (FDIC), John H. Atkinson (Federal Reserve Bank), and Kimberly Hebb (OCC).

Isn't having a money laundering conference in Las Vegas like having an anti-terrorist conference in the middle of an Al-Qaeda camp or an anti-prostitution conference in certain Las Vegas massage parlors?

Forbes is reporting on a quarterly report out of the University of California says the US economy, while not technically in a recession, is having a 'near recession experience.'

The UCLA study released today predicts real US economic growth will be just above 1 pct in the last quarter of this year and the first quarter of 2008, and says the deterioration of the housing market is to blame.
....
The forecast predicts the US economy will return to a 3 pct growth rate by 2009, and that the Fed will cut the federal funds rate to 4 pct by the end of this year, more than a full percentage point lower than the current 5.25 pct.

But in other news today the dollar fell to an all-time low against the euro today and oil prices surged to a record, suggesting that a weaker American economy will be accompanied by higher prices for energy and other imported goods.

Early this afternoon one euro was trading at $1.391, up from $1.384 on Tuesday evening; the euro is up 5.4 percent against the dollar so far this year and about 1 percent so far this week. Crude oil prices were up 2.2 percent, to $79.91 a barrel

Home market crash, credit crash, rising oil prices, rising product prices, and poisoned toys from China. If we don't see a recession, it's still going to be tough Christmas season.

Monster Worldwide Inc. recently discovered that contact information from resumes for 1.3 million people were taken using software known as Infostealer.Monstres. Files were also taken from USAJobs.gov, the federal-government site run by Monster Inc.

Although the information isn't as sensitive as bank accounts, etc., most do contain e-mail addresses--plus names, addresses, and telephone numbers--which can be sold to spammers or used for phishing e-mails to find account information..

November of last year, the attorney general in the state of Washington reached a settlement with two companies, including LA Weight Loss Franchise Company (LA Weight Loss), which agreed to pay settlements to consumers of up to $50,000.

Last month Oregon Attorney General Hardy Myers filed a lawsuit against LA Weight Loss Franchise Company (LA Weight Loss) and an Oregon franchisee alleging false and misleading representations about the costs, fees, products, and benefits associated with the program. Named in a complaint filed in Marion County Circuit Court is LA Weight Loss Franchise Company, a Delaware corporation operating out of Horsham, Pennsylvania, and an Oregon franchisee, NWM, Inc., of Lake Oswego.

Wednesday Channel 8 News reported that all valley locations of LA Weight Loss are closed with the following sign:
"Due to circumstances beyond our control, we are no longer able to conduct business."

Isn't it nice that it is all about circumstances beyond their control, that apparent fraud isn't a circumstance they could control. My suggestion is grab the old lady and pack up the babies, I mean get your spouse, or friends, or children, turn off the TV and get to a park and walk, play, do something, do anything but stop at a fast food restuarant on the way back. Also, there are several day trips that can be planned; go to Lake Mead, Red Rock Canyon, Valley of Fire, Mt. Charleston and the Toiyabe National Forest, and check out trails, rock formations, big horn sheep. Just some (free) weight loss advice from Zounds Off.

Just a few excerpts I found interesting from Robert Massi's article "A Call to Change: Why the U.S. Legal System Harms Americans, and How We Can Reclaim Our Rights:"

The president of the American Bar Association noted in an interview in June that almost half of the nation's 900,000 lawyers will be retiring over the next 10 to 15 years.

Karen J. Mathis told the Third Branch newsletter, published by the Administrative Office of the U.S. Courts Office of Public Affairs, that up to 400,000 attorneys will be retiring, and she called upon those baby boomers to make a positive impact on their communities and professions.

"Boomer lawyers," as they're called, came to the practice of law with the energy, enthusiasm, work ethic and democratic and liberal ideals of the '60s. We held the law in reverence and believed in a justice system that was created to protect the rights of all citizens.

And while the ABA president's call to retiring lawyers to continue to contribute through "active retirement" is critical, we cannot wait for these educated volunteers to create a positive impact on our flawed civil court system. The work must begin now.

...

By the time [these] clients arrive in a lawyer's office they have formed a poor opinion of our current overburdened legal system. It has let them down, cost them money, impeded solutions and delayed resolutions to their problems.

I propose that a lawyer's role today is not to "bail out" their clients but to educate them and help them find a solution without kicking them back into the legal system's vicious cycle of expense, delay and frustration.

People are right to look to the legal system for resolution of a dispute. But as it exists now, the cost, the complexity and the slowness of the system can be intimidating. However, there are ways to settle legal problems outside of the court system. These methods include mediation, arbitration (both binding and nonbinding) and other, more specialized forms of alternative dispute resolution (ADR). These methods are generally less contentious, less costly and less time-consuming than traditional civil litigation.

A radical shift in how lawyers, judges, courts and legislatures view the forum for dispute resolution is a critical step in restoring the legal system as a viable option for settling disagreements. Our legal system must return to the ideals it is rooted in and offer equal access and justice for all -- not only for those with the means to afford counsel, but also for those without financial means who need impartial advice.

The legal system was meant to promote equality and provide a fair venue in which to resolve disputes. But the erosion of access for those without financial means, the cynical and calloused attitudes of some of those who do legal work and the dehumanizing processes of an overburdened system have contributed to the erosion of our reverence for the law.

I agree 200 percent that the legal system is broke--many people file frivolous law suits hoping to retire on their "reward," some people are constantly contentious litigators, some just know that they can get away with a lot within our legal system because of a regular network of payoffs and courting of political and legal "juice," and millions can't afford legal representation.

Your generation is the one that found the "golden goose" and is the reason that law schools have to spend more and more time teaching ethics in the practice of law. But that doesn't seem to have much effect on the "real" practice of law. Just write a few more delaying motions, review a few more case files, and pile up those billable hours at $350 per hour. If you want to do something, you might consider why the court system and the bar association are so adamant in policing themselves. Seems to me it's so the system can remain exactly the same. Certainly your generation of attorneys hasn't stepped forward on this until millions have been made. You are the generation which has spawned thousands of lawyer jokes. Be proud of yourselves for that; you have earned it.

Some interesting excerpts of a Tony Cook colunm in Las Vegas Sun Politics:

Clark County hired Josh Griffin and Tim Crowley in February 2006 at a rate of $5,000 a month until the session began, when the monthly rate jumped to $10,000. Overall, the county paid the pair $105,000. Griffin and Crowley also represent gaming giant MGM Mirage.

The county stood to lose hundreds of millions of dollars in revenue because of the tax breaks and wanted them reduced as much as possible. MGM Mirage, on the other hand, had expected to save about $395 million on its $7.4 billion CityCenter thanks to the tax breaks and wanted to keep as much as possible.

The issue pitted the interests of one Griffin-Crowley client against another.

"They couldn't forcefully advocate for the county because in doing so they would have been forcefully arguing against another client," one county official complained privately. "They weren't able to help us."

The issue highlights a common problem.

The state's most talented lobbyists often boast more than a dozen clients. Indeed, 67 lobbyists in Carson City this year each represented more than 10 clients, making occasional conflicts inevitable.

The client lists of some lobbyists include local governments and special interests that they regulate. When it comes to which client will bear the burden of a tax shift, lobbyists can suddenly find themselves in sticky situations.

Sometimes, the ironies are rich. For example, R&R Partners, one of the state's lobbying powerhouses, represents the Indoor Tanning Association and the Nevada Cancer Institute.

Conflict of interest means disclosure and withdrawal in most places...in Nevada it just means that you get paid for not being able to do the job. Great work if you can get it, but you have to be part of the corrupt network of politicians, developers, attorneys, courts, and corporations to have a chance.

Hedge funds are a trillion dollar a year player in today's commodity, real estate, and stock markets.

Democrats seek to collect more in campaign donations than the traditionally money rich Republicans.

Hedge funds are vast pools of capital that operate secretively and with little government supervision and can use techniques such as short-selling, or betting on falling stocks or markets to make a profit from downturns.

Hedge funds want to continue making money for their wealthy investors without further government restrictions; recognizing that Democrats have Congress and a good chance of gaining the White House in 2008, hedge funds are pouring money into Democrat's pockets.

Democrats like money as much as Republicans and want to win elections, so their pockets are open.

Hedge fund managers make obscene amounts of money--James Simons of Renaissance Technologies Corp., made $1.7 billion--and want to make sure it continues.

How will Democrats explain to the constituency they supposedly represent that taking vast sums on money from Republican-like, "robber baron" devils is a good thing? For more go to Hedge Funds Take On Emerging Political Role.

Two Canadian billionaires, David and Eskander Ghermezian, and one of the biggest developers in the Las Vegas area could be among the witnesses called to testify in the federal corruption trial of real estate consultant, Donald Davidson, accused of paying $200,000 for a favorable vote from former Clark County Commissioner Erin Kenny and of trying to buy votes from other elected officials including former Las Vegas City Councilman Michael McDonald, who just got his own sweetheart land deal from the Las Vegas City Council this week.

Among the Ghermezian clan, they are managers and officers of over 300 corporations listed on the secretary of state website for corporate entities

The Las Vegas Review Journal reported that Michael McDonald addressed the Las Vegas City Council on Wednesday and left with the council agreeing to sell him land for millions of dollars less than it's worth.

Alpha Omega Strategies, of which McDonald is president, plans to build 600 apartments for low-income senior citizens on the 13 acres at Decatur Boulevard and Vegas Drive.

The mayor and the rest of the council voted to sell the land to the former Las Vegas councilman because of a desperate need for affordable housing for the elderly, they said.

The city acquired the acreage -- including some parcels that were purchased during the years McDonald held his office -- for $8.5 million and two recent appraisals for the city valued the land at $9.2 million and $9.6 million, but the council is letting it go for $6.5 million.

Mayor Oscar Goodman acknowledged that flak might be coming the city's way.
"Only an idiot would say this transaction would not be looked at closely," he said.

Only an idiot would believe that our "good ole boy" network of developers and politicians, making sweetheart land deals from Senator Harry Reid down to McDonald, would care whether any transactions would be looked at closely. It is time for Las Vegas voters to finally care and vote out the city council (too late for Oscar who is in his last term). After all, anyone who buys property for $8.5 million and sells for $6.5 million, even in the current market, is simply cheating the citizens. Don't let the sound bite "affordable housing" fool you.

In the Las Vegas Sun:
Trial for a developer, Donald Davidson, accused of bribing southern Nevada officials has been delayed until Wednesday while prosecutors and defense attorneys argue over whether too much time has elapsed to pursue one of the charges.

Jury selection was to have begun Monday but was postponed so U.S. District Judge Roger Hunt in Las Vegas could decide whether a conspiracy charge against the real estate consultant exceeded a five-year statute of limitations.

Davidson, 72, and his son, Lawrence Davidson, 40, were indicted in 2005 on charges of conspiracy, mail fraud and money laundering that could result in decades in prison and millions of dollars in fines on conviction.

Both men pleaded not guilty to accusations that they paid former Clark County Commissioner Erin Kenny $200,000 in exchange for her help in 2001 to allow a chain pharmacy to be built in northwest Las Vegas.

Lawrence Davidson, a former Las Vegas attorney, became a fugitive and a warrant was issued last October for his arrest after he failed to appear for a trial in a separate federal case.

Lawyers were arguing Monday whether a conspiracy charge contained in a second superseding indictment filed against Donald Davidson in 2006 exceeded the five-year time limit.

The revised indictment alleged Davidson conspired with Kenny on a proposal for a neighborhood casino in the Spring Valley area of Clark County outside Las Vegas.

Davidson's lawyer, Dominic Gentile, has argued that there was no evidence that Kenny received money for the casino vote. Even if Davidson and Kenny had an agreement before the vote, Gentile said, the act of conspiracy would have been completed once the vote took place.

Of course, the counter argument most likely is that it was part of an ongoing conspiracy of money for influence that included the later events also. Heck, maybe there was some tax evasion which should have been considered, bringing down the wrath of the IRS and a six year limitation, I believe.

Bloomberg reports that Wynn Resorts Ltd. increased the size of a loan for its casino in Macau, the world's biggest gambling market, by 24 percent to $1.55 billion.

The company, controlled by billionaire Steve Wynn, boosted borrowings from $1.25 billion after more than 50 banks and funds offered to lend more than it sought, according to sources, who declined to be identified because details aren't public. Bank of America Corp., Deutsche Bank AG and Societe Generale SA are arranging the financing, they said.

Wynn, 65, entered Macau in September after China in 2002 ended Stanley Ho's 40-year casino monopoly in the former Portuguese enclave. The loan will trim Wynn's interest costs and finance an expansion that will more than double the size of the 110,000 square-foot (10,200 square meter) Wynn Macau.

And I'm just trying to afford that dollar a gallon rise in milk prices at my local grocery store.

From gaming news on Casino City Times:

The New York-based private-ownership group buying the New Frontier's 34.5-acre Strip location is expected to seek financing from Israel's largest investment company for up to $8 billion to redevelop the site.

Meanwhile, a spokeswoman for the New Frontier said Tuesday the 984-room Western-themed hotel-casino will close at midnight July 15.

Elad Group, which is controlled by Israeli billionaire Yitzhak Tshuva, said in May it would pay more than $1.2 billion for the New Frontier site and spend $5 billion more to construct a replica of New York's famous Plaza Hotel. The complex would include a casino and a hotel with 3,500 rooms and 300 private residences.

Liz Pulliam Weston writes in her article, "When Banks Turn Evil," six ways that your bank might be charging you outrageous fees, including charging for 'potential' overdrafts and fees for using personal-finance software. She notes that banks generate $50 billion in fees each year and has suggestions on how to fight back.

Besides the banks, the oil companies are evil, telemarketers are evil, telephone companies are, insurance companies are, pharmaceutical companies, politicians, public education, and I think even my neighbor's dog might be evil.

Harry Reid of Nevada, who in the past three years has blamed Republicans for being soft and beholden to big oil, has finally noticed that gasoline prices are at record prices already this year.

CQ Today reports that Energy legislation and the annual defense authorization bill -- including an amendment to begin a withdrawal of U.S. troops from Iraq -- will dominate the Senate floor between now and the Fourth of July recess, according to Majority Leader Harry Reid.

Senators returned this week from their Memorial Day recess, during which they got an earful from constituents. Reid said, "There are two issues that are foremost in their minds: No. 1 is the Iraq War and No. 2 are gas prices. We're going to deal with that as soon as we finish with this immigration legislation." In non-political without posturing words what Harry means is: Which we will never finish because both sides are more interested in creating more voters than closing borders and dealing with criminals so your gasoline prices will be high all summer unless something happens to depress prices which is beyond our control but that we will take credit for.

Reid, a Democrat who represents Nevada, was referring to a comprehensive immigration overhaul that has been offered as a substitute amendment to a shell bill (S 1348). The controversial bill has attracted numerous amendments, and Reid may try to force an end to the debate later this week -- a move Republicans will resist. Or not, as politicians determine how many political miles can be forced out of posturing for the public. If we could just get as many miles per gallon from our vehicles as politicians get from empty posturing we would have a world-wide oil glut.

Reid said that once the immigration debate ends, there will be an effort to proceed to a "no confidence" vote on Attorney General Alberto R. Gonzales. But that attempt is unlikely to garner the 60 votes needed. I thought after immigration the Senate was going to tackle gasoline prices. In ordinary speak this means by the time we are done with the small stuff oil companies will have two more record breaking quarters and the economy will be in a real recession that even the media might recognize.

The energy legislation could prove contentious, even though its pieces commanded broad bipartisan support in committee. Much will depend on the amendments offered on the floor. PORK!!!

Reid said the legislation (S 1419) is an amalgam of bills approved by four committees: Energy and Natural Resources (S 1321); Environment and Public Works (S 992); Commerce, Science and Transportation (S 357); and Foreign Relations (S 193). Oh no. If one committee is bad, think what four committees have done to the bill.

He said he did not think the legislation was the "appropriate time" for a floor fight over efforts to address global warming. But he acknowledged that battles are likely over moves to toughen fuel efficiency standards and to set a national renewable-portfolio standard requiring 10 percent to 20 percent of electricity to be produced from renewable sources by 2020. While at the same time there is Democratic Congressman, Alan Mollohan, from West Virginia trying to put restrictions on wind generated power which just might affect his state's coal industry. He claims the blades kill bats. My experience is that bats are smarter than congressmen. Naturally, miners vote and bats don't so I am sure his concern for the bats is "real." The question of how to have wind turbines and protect birds and bats has been the subject of articles for the past few years with several solutions being tested. Perhaps the Congressman simply wants the wind farms built on the land he purchased with the head of a small defense contractor that had won a $2.1 million contract from funds that the congressman added to a 2005 spending bill.

As for global warming, will someone please explain why temperatures on the other planets have also risen--is our global warming so powerful that we can affect Mars? And has anyone actually considered how much pollution is created by China, India, Mexico, etc.? Even Presidential candidate Hillary Clinton is aware that China is bringing on-line a 1,000 megawatt coal-fired power plant every 10 days. Are they going to stop?

Federal figures announced Monday, compiled from 387 tribal facilities in 28 states show Indian gambling pulled in $25 billion in 2006, 11 percent more than the year before and nearly double from just five years ago.

Indian casinos brought in $12.8 billion from gambling in 2001, $22.5 billion in 2005 and $25.1 billion in 2006, according to the National Indian Gaming Commission.

In 1988 Congress passed a law allowing Indian tribes, with the consent of a state's governor, to run slot machines and other games on their reservations.

There are now 415 Indian gambling facilities nationwide operated by more than 200 tribes.

The Reno Gazette-Journal reported that the Nevada Senate voted 20-1 to approve Assembly Bill 478, which Assembly Speaker Barbara Buckley, D-Las Vegas, said was needed to close a loophole in the state's 2005 payday loan law.

Several small payday loan companies opposed the law, insisting they were "installment lenders" who should be regulated differently. Buckley noted the companies changed their contracts when the 2005 law took effect. Those changes allowed them to charge interest rates ranging up to 900 percent for over a year.

Under AB478, any company charging more than 40 percent interest on a loan must limit the term of the loan to 35 days. If a borrower can't pay the loan back after that time, the interest rate must drop to the prime rate plus 10 percent, or 18.25 percent in the current market.

Within a week after the proposed 2005 law change was announced, attorneys were advising their payday loan clients to basically create contracts that are executory in nature, meaning it is like signing a rental agreement for six or twelve months. As soon as you default, the whole amount of the contract becomes immediately due. By the time the law went into effect, the loan companies already had their new business plan in effect, so they never missed out on their loan shark returns; plus they had another two years to invest in new enterprises as they had to know the law eventually would be reworked. Also, their attorneys have had two more years to think of possible ways to continue collecting exorbitant rates from the segment of our population who can't qualify for bank loans in the midst of our booming economy...for some. And I wonder if the legislature is looking at how a credit card company owned by Illinois residents incorporated in lNevada--I am referring to HSBC--can, through penalties and fees and other clauses, pump interests rates to 120 percent or more? But hey, as long as "corporations" file their fees to incorporate, Nevada remains a scam friendly state. Spend a day on the Secretary of State website and you might be amazed how many corporations are formed and then sort of vanish before they comply with furnishing a list of officer which they have at least a year to do, or corporations which are managed by other corporations which further searching shows don't exist

I see by a post in the Pioneer Loan Center Blog that dear ole Babs got her way in the house, which as far as I can tell, is run by her and her pet dilettantes.
AB478 passed.

These losers are so busy saving the world that they don’t even consider the consequences of their actions.
Instead of fixing the problem they simply created an untenable situation for the consumers.
They force people to try and repay a loan in 210 days, instead if a year or more.
If they had done something reasonable about interest rates and forced the 400% + crowd to actually do installment loans, the problem could have been resolved.

As far as I can tell, their goal is to put all the loan companies, except for banks and mortgage companies out of business.

Obviously, most short term and title loans go to people the banks won’t touch, and the mythical maximum 100 and 200 dollar loans exist mostly in the egocentric, delusional world of the idealogs.
These people are so attacking the evil loan companies that they are making it impossible for the little people to borrow from anyone but the local loansharks. (If you think loansharks have disappeared then you don’t know jack about human nature.)

If it was possible to loan money out to high risk customers at a total, including any and all fees, of 40%, the banks would be all over that market.
You’ll notice who’s not jumping in.

Original post from RCNevada used with permission.

Wednesday, May 16, 2007: NYMEX West Texas Intermediate for June delivery closed down $0.62 at $62.55 per barrel. Oil prices are about $4 a barrel less than 10 days ago but the price keeps climbing at the pump while Democrats who railed against Republicans in the past for being in bed with big oil are still basically quiet this year. And while oil companies continue to reap record profits, and other businesses see profits down as consumers put more money in their tank, the oil companies apparently are squeezing every penny even out of their own distributors. The following story was carried in the San Francisco Chronicle :

It has become almost a regular stop for San Francisco tourists. Once they've seen the Golden Gate Bridge and the Transamerica Pyramid, they can drive down Harrison Street to see the most amazing sight of all.

Regular gas for $4 a gallon.

Actually, it is higher than that. At Bob Oyster's Shell station at Sixth and Harrison, regular is $4.33 a gallon, plus is $4.43, and "V-Power'' is $4.53. Motorists can be seen rolling their eyes as they drive by. Just another example of a greedy station owner, sticking his customers for all they are worth?

Not really.

There's a much deeper story here, and it begins with Oyster, a respected, self-made businessman who turned a single station into Oyster Petroleum, a profitable firm in Redwood City. Oyster is nobody's fool. Don't think he isn't well aware that the Chevron station across the street is selling regular for 70 cents less.

Putting the price way up over $4 a gallon isn't about making a profit. It's about making a statement to a multinational corporation. After Shell forced him to pay higher prices for gas in San Francisco and jacked up his rent, Oyster says, he decided to fight back.

"I got fed up,'' Oyster admits. "It makes a statement, and I guess when people see that price they also see the Shell sign right next to it.''

In fact, far from making a huge profit, Oyster is going out of business. He has operated the Shell station at Sixth and Harrison for 22 years, but he's walking away from it at the end of the month, handing over the keys to Shell officials and expecting them to shut it down.

"I'm getting nothing for the station,'' he says. "I just give them the keys and walk away. They told me they were probably just going to fence it and bulldoze it anyway.''

For franchise dealers like Oyster, it is the ultimate irony. At a time when the oil companies are posting record profits, the little guys are struggling to stay in business. And many, like Oyster, are giving up the fight.

According to Dennis DeCota, executive director of the California Service Station and Automotive Repair Association, "The companies are squeezing these guys out....If the dealers like them leave, a company like Shell can run its stations with its own employees and set its own pump prices. "That way they really are controlling it from the well head to the gas pump,''

With only eight major oil companies in the world pumping the oil, bidding on the oil, shipping the oil, refining the oil, and selling the oil, soon $4.00 a gallon might sound like a bargain.

"Matthew Josephson called them 'Robber Barons'. He wanted readers to think back to their European history classes, back to thugs with spears on horses who did nothing save fight each other and loot merchant caravans that passed under the walls of their castles. He judged that their wealth was in no sense of their own creation, but was like a tax levied upon the productive workers and craftsmen of the American economy. Many others agreed: President Theodore Roosevelt--the Republican Roosevelt, president in the first decade of this century--spoke of the 'malefactors of great wealth' and embraced a public, political role for the government in 'anti-trust': controlling, curbing, and breaking up large private concentrations of economic power."
From "Robber Barons."

We here at LasVegasVegas absolutely love Oliver Stone's 1987 film Wall Street. Guess what? There's going to be a sequel tentatively titled Money Never Sleeps. We get to follow the Gordo Gekko character decades after he gets out of prison. Oliver Stone will not be directing the sequel that will be starring Michael Douglas

According to an article in the NY Times titled, Film's Wall Street Predator to Make a Comeback...

Edward R. Pressman, who produced the original movie and reached an agreement with Fox this week to develop a sequel in which Mr. Douglas will resume his machinations on a global scale in the hedge-fund era. Mr. Pressman declined to say more about the plot.

Greed is still good. Personally, I'm waiting for the cross-over film where the crew from Ocean's Eleven pull a fast one over Gordon Gekko. Hijinks ensue.

According to the Las Vegas Review-Journal, Nevada Power is preparing for rate increases that would send residential bills through the roof. If state regulators approve this increase, it will go into effect beginning June 1.

UNLV's Rebel Yell reports the increase can widely be attributed to programs initiated in the early 1990s that failed to take the long-term electrical needs of Nevada into account.

Record untility bills, gasoline prices, beef and pork prices, home foreclosures, personal debt, and the list goes on. While the top one percent of this country are getting extremely rich, most of us are getting less each year. If we put the "volatiles" back into the equation, we are suffering higher inflation than we have in decades and for almost all wage earners we fall farther behind. Exxon-Mobile record profits are not going to benefit the U.S. population--any dividends will most likely be invested in markets overseas at this time. And although the Iraq war is forefront on everyone's mind (And how can it not since, along with several months of Anna Nicole Smith stories, it has been the media's primary story. But if we look back to before the war started, though, the media pushed as hard for this war as did George Bush, apparently all for ratings.) what we really have is two sides--Democrats and Republicans--posturing for position and votes for 2008. If a Democrat is in the White House in 2009, and the Iraq war is still being fought, the likely outcome will be the new Democrat President will find it's suddenly irresponsible or dangerous to abandon Iraq just yet. Lucky for our politicians, the American public doesn't pay attention except to sound bites and most don't vote. Give 'em their SUV, a credit card, cable TV, and a drug of choice be it tranquilizers, alcohol, or illegal, and many will treat tomorrow the same as today. Problems other than Iraq are mentioned, sometimes discussed, put in committee, and eventually anaethesized. It's time for voters to stop returning incumbents to office, thinking "oh, my Senator has been there so long he is now a "Very Important Person." Your Senator is now a "Very Rich Person," having parleyed position and votes that reward the Senator and his friends, not the rest of his constituents, because today is just like yesterday.

Let me say at the beginning, I am not an economist, but here are just a few numbers which the International Forecaster posted which I find interesting:

The number of US homes entering foreclosure doubled from a year earlier. Owners of 168,829 homes got notices in the first quarter. That is versus 83,154 for the same period last year. Riverside County, CA had a 172 percent rise in homes entering foreclosure. Others with mega increases were Clark County, Nevada, (Las Vegas) 143 percent; L. A. County 92 percent.

March industrial production fell 0.2 percent.

The euro rose .0016 to $1.3542, the pound rose .0016 to $199.01, the Canadian dollar rose .49 to 88.44 and the dollar index fell .06 to 81.87.

Consumer debt is growing; student loan debt is growing so fast that undergraduates may not be able to pursue graduate degrees.

But this is how the picture was presented on a few PBS shows on Friday:

PBS Nightly Business Report covered how the Dow Jones almost reached 13,000 on Fiday, closing at a new record high. The blue chip average rose 153 points to 12,961. The NASDAQ jumped 21 points. Fueling the rise were a batch of strong earnings reports in corporate America, including better than expected earnings from Dow component Caterpillar and Honeywell. Even though only a quarter of S&P 500 companies have reported their earnings, Wall Street analysts are already boosting their growth projections.
But wait, weren't expectations by Wall Street on earnings once 9 percent, then lowered to 3.3 percent, and now predicted at about 5 percent though three quarters of companies haven't reported. And wasn't another CEO, this time with Qwest, convicted on nineteen charges which included falsification of figures to show higher earnings than there were. It kind of makes me leery of trusting the market analysts who remain "bullish" on the stock market, where a rosy forecast means more investment which means more money for the analysts.

And Henry Paulson, Secretary of the Treasury, was on Charlie Rose April 20 pushing for China to open its country to capital market reform and let leading financial institutions in to do business, claiming that as they do better, we do better. He believes China's incredible growth will somehow translate to a stronger U.S. economy.
Isn't this is the same China with a protectionist economy, no qualms about patent and copy write theft, continued human rights violations, and no problem polluting itself to death, with, as we have seen with pet food recall, poor quality control over the products they sell to us.

Are we still living under the mantra that we can simply spend our way out of recessions or avoid a devastating recession altogether? Let me remind you, I am no economist, but something about the numbers does not sit right with me. As a nation we seem to be continually encourage to increase our debt now in the hopes that we can somehow pay for it later. But what happens when we can't pay for "it?" And do we really think other countries will care except as to how our problems affect their economies? I think the whole world is waiting for us to become a second or third class nation, and I think we are helping ourselves in that direction.

Let me say at the beginning, I am not an economist, but here are just a few numbers which the International Forecaster posted which I find interesting:

The number of US homes entering foreclosure doubled from a year earlier. Owners of 168,829 homes got notices in the first quarter. That is versus 83,154 for the same period last year. Riverside County, CA had a 172 percent rise in homes entering foreclosure. Others with mega increases were Clark County, Nevada, (Las Vegas) 143 percent; L. A. County 92 percent.

March industrial production fell 0.2 percent.

The euro rose .0016 to $1.3542, the pound rose .0016 to $199.01, the Canadian dollar rose .49 to 88.44 and the dollar index fell .06 to 81.87.

Consumer debt is growing; student loan debt is growing so fast that undergraduates may not be able to pursue graduate degrees.

But this is how the picture was presented on a few PBS shows on Friday:

PBS Nightly Business Report covered how the Dow Jones almost reached 13,000 on Fiday, closing at a new record high. The blue chip average rose 153 points to 12,961. The NASDAQ jumped 21 points. Fueling the rise were a batch of strong earnings reports in corporate America, including better than expected earnings from Dow component Caterpillar and Honeywell. Even though only a quarter of S&P 500 companies have reported their earnings, Wall Street analysts are already boosting their growth projections.
But wait, weren't expectations by Wall Street on earnings once 9 percent, then lowered to 3.3 percent, and now predicted at about 5 percent though three quarters of companies haven't reported. And wasn't another CEO, this time with Qwest, convicted on nineteen charges which included falsification of figures to show higher earnings than there were. It kind of makes me leery of trusting the market analysts who remain "bullish" on the stock market, where a rosy forecast means more investment which means more money for the analysts.

And Henry Paulson, Secretary of the Treasury, was on Charlie Rose April 20 pushing for China to open its country to capital market reform and let leading financial institutions in to do business, claiming that as they do better, we do better. He believes China's incredible growth will somehow translate to a stronger U.S. economy.
Isn't this is the same China with a protectionist economy, no qualms about patent and copy write theft, continued human rights violations, and no problem polluting itself to death, with, as we have seen with pet food recall, poor quality control over the products they sell to us.

Are we still living under the mantra that we can simply spend our way out of recessions or avoid a devastating recession altogether? Let me remind you, I am no economist, but something about the numbers does not sit right with me. As a nation we seem to be continually encourage to increase our debt now in the hopes that we can somehow pay for it later. But what happens when we can't pay for "it?" And do we really think other countries will care except as to how our problems affect their economies? I think the whole world is waiting for us to become a second or third class nation, and I think we are helping ourselves in that direction.

Here are the Top 10 most gratifying jobs and the percentage of subjects who said they were very satisfied with the job from the National Opinion Research Center at the University of Chicago as reported by LiveScience:
Clergy--87 percent percent
Firefighters--80 percent percent
Physical therapists--78 percent percent
Authors--74 percent
Special education teachers--70 percent
Teachers--69 percent
Education administrators--68 percent
Painters and sculptors--67 percent
Psychologists--67 percent
Security and financial services salespersons--65 percent
Operating engineers--64 percent
Office supervisors--61 percent

Here are the 10 least gratifying jobs, where few participants reported being very satisfied:
Laborers, except construction--21 percent
Apparel clothing salespersons--24 percent
Handpackers and packagers--24 percent
Food preparers--24 percent
Roofers--25 percent
Cashiers--25 percent
Furniture and home-furnishing salespersons--25 percent
Bartenders--26 percent
Freight, stock and material handlers--26 percent
Waiters and servers--27 percent

Oh, oh! I bet we have a preponderance of people in this valley who are working the jobs in this second list. As Las Vegas Mayor Oscar keeps pushing for a sport team, we have a workforce that "specializes" in meaningless service jobs and has little satisfaction. Could it be that we aren't living in "Happy Valley" even if the mayor of Las Vegas is? Could it be that there are actually people here who deplore the deteriorating quality of life, who might want to raise children somewhere else, but have found that the cost of living versus the "living wage" for most simply means they will never get out alive? Maybe we should try harder to bring in education teams, i.e. teachers, and improve education and opportunity. Might mean happier people, which might mean less drug and alcohol abuse, crime.... Sorry, guess I was caught in a dream state again, one other than Nevada.

State Engineer Tracy Taylor decided this week that the Southern Nevada Water Authority can pump 40-thousand acre-feet of water per year for 10 years from White Pine County near the Utah border.

The water authority wanted 91-thousand acre-feet per year as part of a plan to build a 250-mile pipeline to deliver rural groundwater to Clark County which has a 2 billion dollar proposed price tag.

For those who are confused with acre feet and math, an acre foot is the amount of water which would cover an acre to the depth of one foot and a rule of thumb is that one acre foot will supply the needs of a family of four for one year; therefore 40,000 acre feet per year would serve about 160,000 individuals. With growth in the valley still approximately 7,000 persons a month or 84,000 annually, the pipeline doesn't even cover two years worth of population increase, yet would cost at least $1,000 per person currently living in Clark County--and who could predict how high it could go if the contracts go to some of the same contractors who worked on Boston's "Big Dig" and have offices and crews in Nevada. I seem to recall that one of the contractors working at McCarran airport, Bechtel, was a major contractor for Boston's "Big Drain.".

A few headlines from the week for our enjoyment as motorists:

Gas shoots up 7.4 cents, highest since August

Crude falls before energy inventory report: Price down for a third day as government data expected to show another drop in gas stocks; loss for week tops 5%.

London Brent crude was down 61 cents to $65.32 a barrel after a fall of $1.32 on Tuesday. That brought the loss to more than 5 percent this week, partly on news that Nigeria hopes to restart some fields shut by militant attacks. U.S. crude was down 37 cents at $62.73 after losing 51 cents on Tuesday

Each spring before the summer driving season gasoline prices soar, and each year oil companies claim that the problem is changing over to summer blends and the other "experts" point to lack of refining capacity.

These experts call for more refineries, politicians make promises to ease restrictions, and, meanwhile, there hasn't been a new refinery been built in the U.S. since 1976 when our population was barely half what it is now.

So this leaves me with these few questions:

Does anyone really believe that a Democrat is any different than a Republican except for the rhetoric? Unfortunately, yes, which is why nothing will ever change.

Clark County commissioners are considering deep budget cuts at University Medical Center, the region's only public hospital. Faced with a projected deficit of $54 million, commissioners may close Nevada's only burn care unit and a regional HIV wellness center, among other facilities.

The newest crisis came to light this past winter when former CEO Lacy Thomas was accused of all kinds of mismanagement and favoritism, while underreporting UMC's financial problems by millions. Apparently, this is almost the same situation as four years ago, when UMC needed a $33 million taxpayer-funded bailout.

Where do our "fearless leaders" find these wonderfully incompetent people to fill these positions--Lacey, former school Superintendent Garcia, etc? Is there a master list to choose from of fools and liars guaranteed to live high, serve the few, and generally screw up everything for the rest? If so, I would like to be on the list--I can screw up just fine with several millions of dollars to put in different pockets. In the alternative, I think we should give over running local government to a committee of third graders; they, at least, would give more weight to the quality of nap time than to the quality of lap dances.

Read: Special Bulletin: Targeted Attack on UIGEA to be launched in April by Wendeen H. Eolis over at Poker Playerfor all the details and a ton of other links / articles on the topic.

The gist:
• Nevada Rep. Shelley Berkley (D) will play second fiddle to Rep. Frank.
• Rep. Barney Frank (D) is seeking a carve-out similar to the existing lottery and pony exceptions in the UIGEA.
• The new PPA Chair D'Amato (R) is, for now, in the background.

On March 20, 2007, Claire's Stores, Inc. announced that the company has agreed to a $3.1 billion takeover proposal from New York-based private equity firm Apollo Management LP.
You might remember that on December 19, 2006 Apollo's buyout of Harrah's Entertainment in partnership with Texas Pacific Group for $17.1 billion was approved by Harrah's board and later approved by stockholders and regulators.

Also, Smart & Final, Inc. announced on February 20, 2007 that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Management, to close in the second quarter of 2007.

These private equity firms, such as Apollo and its partner in the Harrah's buyout, invest in companies listed on public exchanges and take them private. Passive institutional investors may invest in private equity funds, which are in turn used by private equity firms for investment in target companies. Types of private equity investment include leveraged buyout, venture capital, growth capital, angel investing, mezzanine capital and others. After acquisition, these firms seem to often divest parts of the acquisition quickly, holding onto the more profitable divisions for later sale or offering the company again to the public through an initial public offering to complete the "sell out."

Apollo Management L.P. was founded in 1990 by Leon Black (Apollo Advisors). It has invested over $16 billion in companies and, along with Harrah's, Apollo has invested in such companies as AMC Entertainment, CEVA Logistics , Hexion Specialty Chemicals, General Nutrition Centers (GNC), and Linens 'n Things.

TPG Capital, L.P., Apollo's partner in the Harrah's buyout and formerly Texas Pacific Group, commonly referred as "TPG", was founded by David Bonderman, James Coulter, and William S. Price III in 1992 and focuses on turnarounds, management buyouts, and leveraged recapitalizations. TPG is noted for the 2002 leveraged buyout of Burger King with Bain Capital and Goldman Sachs Capital Partners, and the acquisition of MGM in 2005 with Sony Corp. and other private equity firms. Also, on December 1, 2006, it was announced Texas Pacific Group and Kohlberg Kravis Roberts were exploring the possibility of a record $100 billion leveraged buyout of the nation's second-largest retailer Home Depot . And in February 2007, Texas Pacific Group and Kohlberg Kravis Roberts announce intention to acquire TXU http://www.txucorp.com/media/default.aspx for about $45 billion, including debt, in the largest-ever leveraged buyout. The deal is also notable for a drastic change in environmental policy for the energy giant, in terms of its carbon emissions from coal power plants and funding alternative energy. However, The Blackstone Group, together with The Carlyle Group and Riverstone Holdings, are considering a rival offer for TXU Corporation.

Two things come to my mind when I look at these players in business acquisitions, which amaze me by the fact they don't "produce" anything: first, that my assets total about $1,100 and a 1990 Ford, and my debt in student loans exceeds $50,000, so guys, I am ready to negotiate a hostile takeover by you; and second, if only AMC Entertainment, with Leon Black sitting as a director, was affiliated with AMC tv, I would know why AMC tv continually shows the movie "Jaws," all about a predator which consumes everything it sees.

Donna Childs of the Dayton Daily News reported that a Troy, Ohio woman contacted the Better Business Bureau inquiring about a letter she received from Household Finance, Inc. in Las Vegas, saying she'd won a $48,000 home improvement grant. The company alleged it had tried contacting her previously, but she hadn't responded and this was the final attempt to settle the claim.
A check for $4,920.30, an advance on her winnings, was enclosed with the letter to help her pay mandatory fees and foreign access taxes. The letter stated the fees also served as verification to establish the legitimacy of the claim.
The check is supposedly issued by Lean Horizons Consulting, LLC in Glastonbury, Conn., and drawn on Bank of America. A Lean Horizons' employee said: "Although Lean Horizons is a legitimate consulting firm, the letters and checks your consumers have received from Household Finance is a sophisticated bank scam. We recently became aware of the problem and have involved the local police, who are currently investigating the issue as check fraud." The telephone numbers listed on the check are incorrect for Lean Horizons Consulting, LLC and Bank of America.
The letter instructed her to call the listed telephone number and speak with the claim manager assigned to her file.. Although the company is allegedly located in Nevada, the number is to a cell phone in Toronto, while the envelope the letter arrived in was postmarked and stamped in Canada.
The toll-free fax number listed on the letter belongs to Liberty Group, Inc. in Las Vegas, a sweepstakes business which has an unsatisfactory record with the BBB due to one or more unanswered complaints. The BBB has been unable to confirm whether or not this company has a valid local business license.

Household Finance appears to be a different company than that listed with the secretary of state office although the one listed with the state has officers who are also involved with HSBC Finance Corporation, which has problems of its own involving subprime credit cards. HSBC has also offered tax refund anticipation loans in a partnership with H&R Block, which are targeted primarily at low-income individuals and can have annualised interest rates as high as 130 percent. HSBC has continued to expand its portfolio of subprime lending with the acquisition of Metris Companies, who also stand accused of predatory lending practises.

Liberty Group, Inc. had its status with the Nevada Secretary of State office permanently revoked in 2003. Officers of the company include Guido Volante of Delray Beach, FL and Rafe Cohen of Sherman Oaks, CA.

Oil prices dropped below $59 a barrel Monday on forecasts of warmer weather in the United States and the belief that OPEC will keep production quotas stable at its meeting later this week.

The retail price of self-serve regular gas rose to $2.55 cents per gallon, according to the latest Lundberg Survey released Sunday.

My prediction--a no-brainer, a virtual slam dunk--is that oil companies will boast of record profits again, shareholders will be happy, and those silly Democrats, who last year complained about price gouging when they didn’t control Congress, will either not notice this year or make a few token remarks.

My other "high risk" prediction is that the stock markets will continue to be fragile and volitile partially from all those people who were watching real estate informercials the last four years and played with flipping property until that crashed and now want to win easy stock market money--the new infomercial craze and probably the same ones who brought us the real estate schemes last year. Gee, didn't things like this happen as recently as the late 1990's with tech stocks or did someone forget. By the way I wonder who really is making the money, and how cheaply can I produce an infomercial?

It has been nearly two years since the international law firm Greenberg Traurig LLP opened an office in Las Vegas incorporating Quirk & Tratos, Nevada’s largest intellectual property and entertainment law firm and giving Greenberg Traurig offices in 24 locations in the United States and five overseas.

"We have had the privilege for more than 20 years of representing world-class clients in this remarkably dynamic and entrepreneurial environment. As our clients continue to grow globally, we recognized our ability to provide quality international support was vital to their ongoing success. Greenberg Traurig’s unparalleled depth and breadth matches that of our clients…," said Mark Tratos, co-founder of Quirk & Tratos and Managing Shareholder of Greenberg Traurig’s Las Vegas office from the 2005 announcement.

"Our strategy is to create the best and highest quality delivery system for legal services in the United States and in key foreign locations by establishing offices in high growth states as well as key financial and governmental cities. This move is an important element in our expansion strategy, " said Cesar L. Alvarez, President and Chief Executive Officer of Greenberg Traurig.

Greenberg Traurig has had the kind of profit growth that oil companies have come to expect. Revenues are up by more than 880 percent from 1996, and in 2006 they topped the billion-dollar mark. Profits per partner have soared from $480,000 to $1.2 million, and it expects revenue to rise another 18-20 percent in 2007.

GT has a national client list that includes Lowe's Companies, Inc., The Related Companies, LP, and Alcoa Inc. Its real estate, entertainment, and litigation practices are soaring while it has played a role in high-profile transactions, such as representing MetLife, Inc., in its $5.4 billion sale of New York's Stuyvesant Town and Peter Cooper Village, the biggest deal ever for a single piece of American property.

But Greenberg's story is far more complicated than one of exuberant expansion. This is the firm that hired Jack Abramoff, the Washington, D.C., lobbyist who engineered a scheme to defraud Native American tribes out of millions and whose shady business deals have landed him in a Maryland federal prison. Abramhoff also paid money to Nevada Senator Harry Reid but surely the Senator wouldn't allow a few thousand to influence his protection of Nevada casinos.

Abramoff's isn't the only recent imbroglio starring Greenberg lawyers. There's the Philadelphia of counsel convicted in a City Hall corruption case; the just-departed Chicago partner bogged down in another federal corruption probe; the Miami corporate partner banned from working with federally insured banks for allegedly helping to cover up a client's losses; the New York rainmaker who took kickbacks for steering clients to tax shelter operators; and the Philadelphia partner escorted from the office by federal marshals after being convicted of lying to conceal his theft of client funds in a real estate deal.

Apparently, Greenberg has paid millions-perhaps tens of millions-in fines and settlements to clean up the messes. But the firm says the scandals are isolated incidents by a few of approximately 1,680 lawyers. "We've had a couple of bad ones, no question," says Cesar Alvarez, the firm's CEO. "But every single major [professional] firm has items that are embarrassing to them."

I wonder if during the past two years if Mark Tratos has wondered about the decision to become a GT satellite. Probably not. It was probably "they showed me the money," which brought Greenberg Traurig to Las Vegas no matter how noble everyone wanted to sound. They are in business to make money. "The Greenberg Traurig mantra is . . . get out of the way and let people grow their practice with our support," according to Michael Lehr, managing partner of the Philadelphia office. However, with big money seems to come big seduction, especially as Greenberg Traurig appears like any corporation trying to please the shareholders (itself) and not get caught…a Faustian bargain made with a real life Wolfram & Hart.

BusinessWeek.com posted an article I enjoyed giving some of the history and flavor of Macau, shich is now surpassing Las Vegas in number of dollars wagered, and is the new playground for the continuing Aldelson/Wynn feuds. Highlights include:

Macau is a peninsula and two islands and was ruled by Portugal for 442 years before it was returned to China as a semiautonomous territory in 1999, making it the last European settlement in Asia.

Street signs are in Portuguese and Chinese, while the signature snack is a creamy egg tart on puff pastry. There are colonial-style mansions, churches, and government buildings painted in pastel yellow, pink and peach.

But the beautiful buildings are outnumbered by concrete apartment blocks that often have rusty anti-theft bars and cages over the windows and balconies; in the old casino district on the peninsula the streets are lined with small stores lit with bright fluorescent lights, while cashiers stare at customers from elevated booths made of bulletproof glass. Bleach-blonde Russian and mainland Chinese prostitutes hang out at outdoor cafes, cruise the dark, littered side streets, or linger in dark corners of closed storefronts.

Macau survived a violent transition in the 1990’s as Portugal left, leaving Chinese gangsters to battle for turf, and leading one security official famously proclaimed there was nothing to fear [for tourists] in Macau because the triad assassins were professional killers who didn't miss their targets.

The violence mostly ended after 1999 when the Chinese People's Liberation Army marched into Macau. But the biggest change came a day after the handover. The Chinese government announced it was ending the four-decade monopoly on gambling held by Hong Kong tycoon Stanley Ho.

The news created a huge stir in the global gambling world, and more than 20 bidders vied for the three concessions that were offered. One went to Las Vegas mogul Steve Wynn and another went to a partnership between Hong Kong tycoon Lui Che Woo and the Sands' head Sheldon Adelson, ranked No. 3 on Forbes' list of the richest Americans, and who later split to develop their own projects. The third concession went to billionaire Ho, now ranked 84th on Forbes' 100 richest people in the world.

And, despite predictions of a glut of rooms and gaming tables with growing competition from Singapore and other Asian cities, others making plans include James Packer, executive chairman of Australia's biggest media and gambling company, Publishing & Broadcasting Ltd., and number 114 on Forbes' richest in the world, while Richard Branson of Britain's Virgin Group Ltd. has been talking about investing in a casino resort, also.

ALM's Strategic Research Institute's the Business of Gaming Forum, is scheduled for February 22-23, in Las Vegas, and will feature leading executives within the casino and gaming industry.

Featured Speakers will represent such companies as Resorts International, IGT/Mariposa, Innovative Systems, Inc., Konami Gaming, Inc., and will include David G. Schwartz, Director of the Center for Gaming Research. University of Nevada, Las Vegas.

The conference will include sessions on Bonusing and Cashless Gaming, The Future of Gaming, Creating a Customer Marketing Database, and more.

Among the dozens of delegates expected are representatives from Bally Technologies, Gaming Marketing Solutions, Global Cash Access, Infosys Consulting, Inc., Innovative Systems, Inc., The Venetian, and the University of Nevada.

Certainly won't have the media attention of the NBA all star game but sure to be more important than watching spoiled atheletes for two hours. Maybe the gaming forum should consider an half time show also.

A federal judge sentenced former Commissioner Lance Malone Wednesday to six years in prison for delivereing bribes to Clark County Commissioners Mary Kincaid-Chauncey and Dario Herrera, who were convicted and sentenced to federal prison, and Erin Kenny who accepted a plea agreement.

Malone originally agreed to plead guilty for a sentence of not more than three and a half years, but the judge increased the sentence when prosecutors entered new evidence this week showing Malone took bribes while in office.

Prosecutors presented phone tap excerpts supporting allegations that Eskander Ghermezian, co-owner of Canada-based company, Triple Five Development that wanted to build a casino, promised to pay lobbyist Donald Davidson and Malone a combined $250,000 for Malone's favorable vote.

Malone originally stood firm against the casino but his sudden change of vote in 2000 began a scandal that included circulation fliers by Station Casinos that accused Malone of accepting a $100,000 bribe from.

Malone sued Station Casinos over the allegation and won a previously undisclosed settlement of $350,000.

Hmmm. Taking bribes and suing over allegations of bribery and winning; Malone had the best of both worlds--at least for a little while.

For more see Former Commissioner Sentenced in Political Corruption Case and Malone Pre-sentencing Memo.

I just read an article over at the Las Vegas Business Press called Nevada Casinos Break Record Again in 2006. Nevada casinos won $12.6 billion combinded. That's the take from every casino in the entire state. Almost two-thirds of number was generated by slot machines. Yes, it's true. Slot machines brought in a record $8.3 billion. I wonder how much Grubby's loses affected the numbers?

Tables games accounted for $4.3 billion with Baccarat leading the way with over $836 million. Add up all those dollars lost at craps, blackjack, and Let It Ride and that's a hefty number. Las Vegas Strip casinos represented over 53% of Nevada's overall take from 2006, which seems rigth considering that millions of tourists flock to the popular Las Vegas Strip more so that any of the casinos in Reno or at Stateline.

Nevada casinos won at least $1 billion in nine out of twelve months of 2006, ending the year with the most profotable December of all time. With the NBA All-Star game coming to Las Vegas, industry insiders expect to have a record month.

According to a RJ article, the Tropicana Casino has been and will be cutting several jobs. Those recent cuts come only four weeks after Columbia Sussex Corporation's $2.75 billion buyout of the Tropicana from former parent company Aztar Corp. on January 3rd.

One of the first signs of a reduction of staff was when Pietro's Italian restaurant closed it's doors soon after the buy out. There has not been a confirmed number of layoffs.

Columbia Sussex CFO Rich Fitzpatrick admitted the cutbacks. He told the RJ that, "We're rightsizing the organization and eliminating underperforming assets. Many of the cutbacks were at the middle manager level. We believe in managing customers, not other employees."

A $2 billion expansion of the Tropicana is slated for October. It's well overdue.

Some corporate scandals get headlines, such as Enron, Adelphia; some get a cursory story in the news such as Haliburton; and some just quietly pass on by while people get screwed like these: The Eli Lilly chief executive, Sidney Taurel, received a four percent raise last year to $1.65 million, raising his compensation to $15.2 million. Eli Lilly, a drug maker, cited the company's six percent sales increase in 2005 and "strong head-count control" as reasons for the raise. "Strong head count control" must be a new politically correct title; Eli Lilly fired nearly 2,000 employees.[NBC24]

According to the New York State attorney general Samsung Electronics agreed to pay $90 million to settle a lawsuit charging the company and others with making secret deals to raise the prices of DRAM chips. [AP]

A U.S. appeals court ruled Tuesday that Wal-Mart Stores must face a class-action lawsuit alleging that female employees were discriminated against in pay and promotions. The lawsuit claims that as many as 1.5 million current and former female employees earned less than men and were bypassed for promotions. Wal-Mart claimed rules of class actions should not apply in the case because its 3,400 stores operated like independent businesses, and that the company did not have a policy of discriminating against women. [FNR]

The last time I heard Wal-Mart complain they didn't have a policy that led to an infraction was around 2002 or 2003 when several subcontractors for cleaning stores were found to hire illegal aliens and pay less than minimum wage. Wal-Mart claimed no knowledge and no control over subcontractors but apparently federal agents knew where the documents or e-mails could be found in Bentonville, AR which showed that Wal-Mart executives were aware that subcontracts paid so low that companies filling them would be forced to cut the corners they did.

On Dec. 6, 2006 the Clark County Commission, gave the go ahead for the Las Vegas Monorail Co. to proceed with extension plans to McCarran Airport but will provide no money. The company has to finance the extension itself and plans to start building in 2011.

Will there even be a monorail in 2011?

I was reading an article from Casino City Times and wondered what it would look like as excerpts and me reading between the lines...

Harrah's Entertainment eliminated some 200 jobs in its Las Vegas corporate office Friday
Of course, we expected everything to remain the same after getting eaten by corporate raiders.

Jan Jones, Harrah's senior vice president of communications and government relations said the buyout was not the reason for the job reductions.
We were thinking of doing this anyhow; the timing just seemed right. Besides, I still have my job.

"Not only have we given them a pretty good severance package, but we're offering job placement counseling and we're trying to redirect some people to positions at the properties."
Hey, I never got to work for a huge corporation, getting overpaid for shuffling some papers. Why can't I get counseling too?

"We've been growing so fast that we needed to stop, take a breath," Jones said,
Has a corporation ever said, "Stop, we're growing too fast?"

Sources said corporate employees were all informed of the pending layoffs in a letter from Loveman. In the letter, Loveman said the employees being eliminated had contributed greatly to the company's success over the past few years.
NA NA NA NA, HEY HEY HEY, GOODBYE!

Several interesting developments, the cover story of every Newspaper, Television broadcast and even blog is the UMC missing millions. Under investigation since 2005 this has just now come to boil. Using health care as a vehicle for fraud and corruption is one of the most prevalent and most disturbing practices I know of. This is a sickness that I'd love to see a cure for, a cure which I believe requires leeches and/or amputation applied to nether regions...

The Las Vegas city council has extended the temporary liquor license for the Crazy Horse Too once again, Steve Miller is none too pleased. [KTNV]

Finally, I noted a payday loan owned by James Marchesi is in a tiff with the city of North Las Vegas, for now the judicial has (mostly) sided with Mr. Marchesi. [LVBP]