After the Full Tilt Poker debacle of 2011 both Howard Lederer and Chris Ferguson were by and large villainized by the poker community. Lederer took some responsibility for what happened and Ferguson seemed to take none. It's been over 12 years since Full Tilt imploded. Do you forgive Lederer and Ferguson?

Chris apologized, Howard did not.

**** em both forever

Only simps forgive

Howard did apologize

https://danielnegreanu.com/statement-howard-lederer/

I almost never played on FT and had nothing on there on Black Friday.

**** them both.

Oh. I suppose I should forgive him then.

LOL

I mean if they apologized and aim to do better in the future then I don't see why not

Absolutely not. Lederer's statement saying he "takes full responsibility" but plans to keep the money is absolutely asinine and makes me angry just reading it.

Absolutely not. While I played FT it's that much and I had nothing on FT at the time this all went down.

And to think I use to like both them way back when before this all went down.


Cheers!!!

Hard no. Taking responsibility would entail disgorging their ill gotten gains. Both are still living off players funds. The money I had on the site seems much more trivial now, but at the time represented a meaningful amount of money. F them.

Did you not get repayed your FTP funds? I did.

But where did the $ come from?

Did taxpayers fund ray bitars wedding and Howard lederer's lifestyle?

It would appear in this case the juice was worth the squeeze for every single person involved in the company.

They are both unlikeable, miserable nits. So no one is going to want to forgive them without them making it right.

100% and I thank them for their service

Loved that ten game mix

once a liar and a cheat, always a liar and a cheat.

Not taxpayers, Pokerstars.

There was NO excuse, none, zero, for kiting player deposits. The FTP owners could NOT compete legitimately as a business and were unwilling to try. They issued players chips without any backing because they did not submit credit card charges or cash deposits. No reserve, nothing, to back the player liability they created out of thin air.

They did not HAVE to do what they did, they CHOSE to operate in that manner. Neither Stars nor Party cheated at business like FTP did.

The typical approval rate for credit card deposits coded 7995 at the time was about 30%, the typical revenue from a successful deposit was about 45%, so a poker business COULD grow organically over time ....However, FTP took a chance that cashouts would not exceed actual 7995 deposits banked and issued chips without funds to back them ....that had a tremendous competitive advantage in acquiring and keeping customers,

Full Tilt Poker CHEATED as a business model because every customer was approved and given chips to play. Inevitably, that scheme was going to collapse because "winning players do not generally make deposits", and losing players were not being collected from on the deposits made. Cashouts would inevitably exceed deposits banked as the site grew.

There was not any excuse, they knew exactly what was going on.

(Respect should be given to operators like Planet Poker, which closed shop and paid everyone, instead of cheating at business by fraudulently issuing chips without any financial bacing ...)

Were it not for Stars bailing out player accounts, FullTilt customers would have ended up like Absolute Poker customers.

It's amazing the plays a player can make when he's getting a million a month and has unlimited credit. The Phil Ivey of today sure plays different on streams compared to the FTP days.



Anwyho yah I forgive them, I think fondly of those days and it was fun times on an unregulated poker site ran by poker players.

interesting gzesh, i was under the impression that they were spending money faster than it was raked because they believed withdrawals would not outpace new deposits and they would eventually get back to a position where they could cover all player balances

i thought things like issuing credit was mostly to a few insiders and guys like matusow who they wanted to start up high stakes games - ie i don't recall any "just play on credit" options on the site

i also thought that they took a bunch of funds and invested them much like insurance companies do with their reserves - but the people at full tilt used those investments poorly/embezzled and that exacerbated the issue

it's been a while so i'm hazy on the details and possibly am confused

but can you explain the credit structure further please?

this reminds me of what pos matusow is

when the ft money stopped coming in, he knew he wouldn't have the money to pay out the 1.7 million he'd owe Ted if Ted completed the weightloss challenge

so does he cancel the wager, call up ted to discuss buyout terms, etc etc?

no, he stays silent on the issue despite 100% knowing he'll be unable to pay in the event he loses - he didn't just freeroll ted, but he robbed him of all that time as ted worked on the weight loss 24/7 with constant workouts and no food and endangered his health as well

what a pos matusow is, it's amazing he doesn't get more pushback for what he did

total scumbag move. and he bemoans his "bad luck" even though he'd be set for life 10 times over if he wasn't a complete moron.

Not until they wear these around all the casinos in America: