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To: IngotWeTrust who wrote (84013)3/31/2002 1:14:16 PM
From: long-gone  Read Replies (1) | Respond to of 116972
 
While it matters not(or far less) for the purely electronic games, the gambling devices which contain rotating wheels may not be disturbed during hours of operation. The massive casinos which went in drilled down to solid bed rock for their footings. No blasting was allowed for new casinos during operating hours of the nearest by existing gaming houses.



To: IngotWeTrust who wrote (84013)5/15/2002 4:32:10 PM
From: long-gone  Respond to of 116972
 
Seen this one?
Moneynews.com
Next on Gov't Hit List: Currency Traders

Currency traders, check your rear-view mirror.

Currency trading does not operate under any government or regulatory control, unlike other regulated financial markets which operate under the guise of the Securities and Exchange Commission or other agencies.

In fact, according to the Wall Street Journal, currency trading is the largest and least regulated market in the world - and ripe for financial mayhem.

The Justice Department is investigating some of the world's largest banks for deceptively using their online trading service to keep other foreign currency traders out of the market.

The paper reports online upstart Currenex, Inc., and another service owned by State Street Boston Corp., among other currency trading operations, have been illegally crowded out by the 17 international financial institutions that make up the foreign currency exchange system, known as as FXA11.

Citigroup, J.P. Morgan Chase, Goldman Sachs and Credit Suisse are some of the top players under investigation.

Over the past year, FXA11 has been offering foreign-exchange-currency services over the Internet and private networks in response to competition by online currency trading companies.

FXA11 competitors say that the design of the banks' joint venture is spoiled with conflicts of interest. Currenex claims its independence from big banks - using venture capital money instead - allows them to offer better pricing and the chance of clients getting a better deal.

Online trading in the currency market cuts costs for companies providing new competition, especially on pricing and movement of currencies, versus the old traditional method where corporate treasurers use phone calls to transact business. One of the biggest segments of the currency trading market deals with businesses that need foreign currency to pay foreign employees or convert sales in foreign currencies to U.S. dollars, writes The Wall Street Journal.

Despite the investigation, a spokesman for FXA11 says the electronic exchange is operating in full compliance with the law and is maintaining an "open dialogue" with regulators. The major banks under investigation declined to comment.

More than $1.2 trillion changes hands each day in the currency trading market, according to The Wall Street Journal, which is often referred to as the Wild West of global capitalism because of lack of government regulation.

Anti-trust issues are not new to Wall Street, but with Wall Street rife with financial mayhem, another regulatory action does not bode well for this group of the world's largest banks.

Congress has stepped up measures to continue the investigation, as lawmakers in Washington are scrutinizing whether the "liquidity hoarding" taking place affects the markets in such a way that trading volume is reduced on rival exchanges.

Former Justice Department insiders say for the online currency trading market to survive with no collusion, rigorous rules to limit information visibility and prevent price-fixing must be applied.