CHEATING the casinos on VP

[rayj]

Seen the same article on Yahoo.  Had to do with changing the denomination AFTER hitting a decent hand.  The guys who found the bug made the same classical mistake....they got greedy.I knew someone who fell into a bug where the player points where adding up astonomically!  It was in Tunica and you could cash the point in for cash!This person cashed for $13,000 before getting scared and leaving.   Me, I was made to feed the machines! 

[Lucky Larry]

These are good points rascal, and I totally get your point and way of thinking.    But what ultimately paints this behavior as WRONG is simply the manner of how these two guys went about pulling off this caper and the sheer SCALE/Scope of the scam.   Clearly they knew what they were doing was "wrong" (or not fair), essentially a form of cheating....



LIBOR Scandal
From Wikipedia, the free encyclopedia
Scale of the scandal

This dwarfs by orders of magnitude any financial scam in the history of markets.[1][2
Andrew Lo, MIT Professor of Finance

The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.[3] Libor underpins approximately $350 trillion in derivatives. It is administered by NYSE Euronext, which took over running the Libor in January 2014.[4].....

The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.[5][6][7]....

Because Libor is used in US derivatives markets, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.

On 27 July 2012, the Financial Times published an article by a former trader which stated that Libor manipulation had been common since at least 1991.[8] Further reports on this have since come from the BBC[9][10] and Reuters.[11].....

Institutionalized GREED for 20+ years.

[DaBurglar]

Wow      Larry, you are one sharp dude!     Seriously......excellent post and point(s)......I have not thought about the whole LIBOR scenario and issue(s) in the context of any of the casino issues we discuss here in this forum....but you are correct, its the same dynamics at work, just not as bright people at the helm  lol  (Casino executives instead of Banking heads & execs)!The now infamous 2007 Crash that lead the way to the GREAT RECESSION had at its very center not a bank but AIG, the insurance giant.....AIG was the "greedy idiot" who took it upon itself to insure a HUGE percentage credit-default swaps, apparently thinking (and actually BELIEVING) that real estate in the USA would never go down.......ever.   Kinda like the guy who bets HALF his entire net worth on roulette, selecting BLACK because the last 17 spins in a row have been RED!     And BOOM, Red shows up for the 18th time.....Now the guy, shaking and sickly, puts the other HALF of his entire net worth  (which, actually, now represents his WHOLE net worth) on RED because......eh, don't ask.....Ball lands on ZERO, end of story.

[Minn. Fatz]

Too bad that unlike the banks and casinos we poor SOBs are not too big to jail, at least not most of the time. Plus never forget that important difference between Wall St. and Las Vegas: Las Vegas is regulated.

[Lucky Larry]

Besides greed the bankers were gambling with our money in a fixed game. A game they fixed.

You are so right, we would probably be seeing the inside of small cell if we committed such fraud.

[Minn. Fatz]

Here's the deal they get: they borrow $10k from us to enter the main event at the World Series of Poker. If they win, they keep our $10k plus their winnings. If they lose, we owe them $10k more so they can enter next year. It's enough to make a poor soul go all wobbly.

[Minn. Fatz]

Here's another take on the Ivey/Crockford's business from a UK source:

``He didn’t smuggle in a set of loaded dice or x-ray specs; he didn’t mark the cards with his fingernails or bribe the staff. He just spotted something about the deck they didn’t spot. He exploited their readiness to give him special treatment because they anticipated fat losses. I believe the casino should have ground its teeth, tipped its hat, paid £7.7m for the lesson and stopped using asymmetrical cards.

...We all dream of “a system” to break the bank at Monte Carlo. What neater way to illustrate the muggery of that dream, what handier Belloc-like lesson, than a court’s official ruling: if you actually come up with such a system, they don’t have to pay you.''