09-16-06 - 1

Bob Ney (the confessed corrupt Republican recipient of Abramoff and others' gold) mentioned that he received several thousand dollars of casino chips from a business man. I'm an idiot, I never realized casino chips must be a *huge* common way of passing money around off the books. "business man" goes to the casino and cashes in $100k or so for chips, he gambles a while and pockets $10k, then goes back to the cage and cashes out $90k. On his books he declares a gambling loss of $10k. He goes to the congressman and passes the chips. Congressman goes to gamble and buys in for $100k. He takes the chips out gradually and leaves up $10k and declares it gambling winnings. Now, the casinos would have this on tape, but A) pocketting chips is common and not necessarilly shady, people do it all the time as just a way of holding their chips, and walking out with chips is mostly not stopped, and B) the tapes are only on a 24 hour loop or so, it's not like they'll be on file for people to go back and examine. It's a nice clean way of passing money off the record.

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old rants