Quote:
Originally Posted by TheJacob
Interchange rich friend with company stealing money from its players.
At the time Barry borrowed the money, he probably had no reason to think of FTP as a company stealing money from its players. Probably he had no reason to believe this until some time after BF.
Quote:
Originally Posted by TheJacob
Come on, these guys are pretty smart.
If Barry or anyone else had told me that FTP was loaning millions to players they had relationships with I'd have been concerned.
Yet people much smarter than me saw no problem with the situation?
High stakes gamblers seem to be used to the concept of off-setting no-interest demand loans, and the possibility that demands might not be honored promptly, if at all. It is part of their way of doing business with each other. They also seem to consider it normal for a casino to loan money to high rollers. If this is correct, then I don't see why Barry would have seen something wrong with his loan arrangement with FTP.
However, as has been pointed out, online gambling regulators have rules in place that prohibit loans to players. Since he was not a site operator himself, Barry might not have known this. If he was used to a different reality in the B&M world, I don't think it is surprising he'd be unaware.
Quote:
Originally Posted by TheJacob
I understand how hard moving large sums of money around can be, but that is no excuse for players to accept loans in this manner.
I think you more likely have a vague intellectual notion of the difficulty of moving large sums of money around, rather than the visceral understanding that comes with repeated personal experience.
People with your background and mine might look askance at such loan arrangments, but high rollers apparently live in a different universe. I'm not suprised they would consider this normal. The problem arises not from the players acting as players, but when such players end up in charge of an online gambling company, and continue to do what they are used to, rather than what the regulations require. I don't fault Barry very much in this matter, but I sure as hell fault those running FTP for making such loans and otherwise breaking the rules.
Another part of the problem is toothless regulators who are set up to facilitate gambling operations as an economic boost to isolated backwaters and who don't have the resources or inclination to effectively protect customers by detecting such rule violations and enforcing compliance.
Quote:
Originally Posted by TheJacob
If all of this was on the up and up why wasn't this disclosed by anyone?
If all this was on the up-and-up, why would it be disclosed to the public? Legitimate business loans of individuals and private companies are not a matter subject to pubic disclosure.