This is what you won’t see or hear reported much outside of financial circles.
More than £3.5bn was wiped from the value of
Britain’s leading internet gaming companies, with PartyGaming, the
world’s biggest online poker company, seeing its market value slashed
The price collapse saw its
shares plummet 62 to 45p – a 58pc fall – which means the shares are
highly likely to be removed from the FTSE 100 blue-chip index at the
next FTSE reshuffle in December.
the world’s biggest poker site, had a market value of £4.28bn at the
close of trading on Friday. When it opens this morning, that value will
have fallen to just £1.8bn, some £1bn less than a new company would
need to be capitalised at to enter the FTSE 100.
removal from the FTSE 100 would end a remarkable 16 months for the
company, which at its peak was worth £7bn – more than twice the market
capitalisation of British Airways.
My previous entry, Fuck The Republicans, is here. How many of you realize that when the politicians in D.C. talk about "online gambling," they are talking about legitimate, publicly-traded companies listed on the London stock exchange, with market capitalization in the billions of dollars, regulated in a manner similar to publicly-traded companies in the U.S.? Sure, at one time, the industry was largely composed of rogue con-men operating in tax havens offshore with laws specifically designed to flaunt civil and criminal action. Great Britain, on the other hand, has a civil court system upon which ours is largely based. Companies operating in Great Britain are out of reach of neither foreign governments nor foreign citizens seeking civil — or, indeed, criminal — redress.
And the republicans, eager for information-trickle-down to party-base church congregations of people who would impose their values upon you by any force necessary, passed a law that in a single day wiped out the investment portfolios of companies and individuals worldwide to the tune of $7 billion. And the bleeding is by no means over.
Proud of yourselves, fuckers?
Of course, anyone but a common moron sitting in a church pew understands that this has nothing to do with gambling, per se. It has to do with states and the feds not getting their "cut" of gambling revenues when people go online to gamble; rather than, say, going to Las Vegas, Atlantic City, the Mississippi River, an Indian reservation, or the most common of all: down to the local 7/11 to purchase lottery tickets.
As usual, it’s all about theft. What people do with their own money in free, mutually-consensual trade with others is none of your goddammed business. Ever.
I’m growing increasingly comfortable with the idea that at least in some respects, America and Americans deserve to be loathed and despised by some of the rest of the world — those with a moral right to make such a judgment. I’m also increasingly anxious to leave this once-great country to live the wonderful American dream and ideal elsewhere, in a place that doesn’t have the highest per-capital prison population in the world. The United States government has ruined it utterly, and it’s only getting worse. It’s becomming impossible to be a true American in America, anymore.
And the next election is going to make it worse; and the election after that, and after that, and so on, just as every election has always ultimately done. Who’s in and who’s out is the most irrelevant and meaningless bit of data that can be imagined.
Update: John T. Kennedy says what I wanted to say. I agree with all of it, even though he’s arguing with me. I guess I just didn’t make myself clear in this entry. One phrase he uses sums it all up: "window dressing." Indeed. I didn’t mean to imply that this was a big political move to garner votes. Rather, it’s the old Puritan "ethics" deeply ingrained in our culture — in all its various facets — that allows politicians to get away with stuff, using that window dressing as justification.