Don't Know If You Caught The "60 Minutes" Segment On Professional Gambler Billy Walters, But...

[WillyT]

The ending was very interesting.

<snip>


Walters has built an empire from his gambling. And at the age of 64, he isn't slowing down. He owns four golf courses, eight car dealerships and a ton of stock. But it was on Wall Street he says where he was taken for a ride.

"I've been swindled out of quite a bit quite a bit of money on the stock market. And I bought a lot of Enron stock once. And I got swindled. I bought a lotta WorldCom stock, got swindled. I bought a lotta Tyco stock. I got swindled," he told Logan.

His disdain for Wall Street is one of the reasons Walters decided to talk to "60 Minutes" - a chance he says to make the point that the gambling world is not as shady as most people think.

"I ran into a lotta bad guys, a lotta thieves. I mean, they'd steal the Lord's Supper. But I can tell ya, percentage-wise, I ran into many more with suits and ties on than I have with the gamblers," he told Logan.

"So you would say that the hustler from Vegas got hustled by Wall Street?" Logan asked.

"There's no doubt about it," Walters replied.

<snip>

Link: http://www.cbsnews.com/stories/2011/01/13/60minutes/main7243443.shtml?tag=currentVideoInfo;segmentTitle

Video: http://www.cbsnews.com/video/watch/?id=7253011n&tag=contentMain;contentAux

:kick:

[RC]

1. That's what he said.

When are we going to wake up?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x205379

[girl gone mad]

9. The people have woken up.

The last few years have seen record outflows in equities.

[Common Sense Party]

11. Record inflows into equities last year.

[beevul]

2. WOW. Just wow.

"I bought a lotta Tyco stock. I got swindled."

I'm not a stock market person, though I've considered dabbling - never for very long before I decided against it every time, though.

Tyco stock? Toy trains? Or is this a different Tyco? lol

[WillyT]

4. LOL !!! - NOT The Toy Train Company

Link: http://www.usatoday.com/money/industries/manufacturing/2005-06-17-tyco-timeline_x.htm

:hi:

[Canuckistanian]

13. I used to work for Tyco

We used to joke that "Tyco" stands for "take your company over"

[Raster]

3. Heartily kicked and recommended! Wall Street is the casino of the rich and powerful...

...the odds are always in their favor, and if they lose, you and I pick up the tab.

[glinda]

5. Plain as day thieves. Right out there in our faces. People go broke and they walk.

[MilesColtrane]

6. If I'm not mistaken, brokers and brokerage firms are required to inform clients that...

their investments, and any returns, are not guaranteed.

Seems to be another case of dollar signs getting in the way of common sense.

[Common Sense Party]

12. I have much better odds in my mutual funds and my 401(k) than any casino

is going to give me.

If you're going to speculate, you might as well play roulette. Speculating IS gambling.

If you're going to invest, then you learn how to do it prudently and you give your investments time, and you do well.

[Stinky The Clown]

7. I saw that. He's a very engaging guy. Also seemed very trustworthy.

[Thunderstruck]

10. I saw that too. And I agree on both counts. I also thought it was very

telling what he had to say about Wall Street. Pretty discouraging that an industry once dominated by gangsters and cheats is now more reputable than today's Wall Street.

[Cerridwen]

8. Scum bag gambler in a town of scum bag gamblers.

He's used his millions to rob his community of monies to maintain his community.

Go search on billy walters golf courses and read about his shit dealings with Las Vegas and Clark County. Yeah, he used "creative accounting" to avoid paying rent. He's used creative accounting for a few things.

The only difference between him and the assholes on wall street is they dress better.

He's scum.

He's calling wall street scum, scum. There's a joke.

No honor among thieves.

they'd steal the Lord's Supper

He'd be taking odds on who stole it. If he'd been there at the Crucifixion, he'd been taking odds on how long Christ took to die.

He's scum.

[slay]

14. At least when you gamble in Vegas you have a CHANCE of winning

it makes me ill that these white-collar wall street criminals not only got away with crashing the economy and costing people their life savings - they got even LARGER bonuses this year! unreal. :puke: