Banks kicking Gambling Addiction?

We've allowed Gambling to become so pervasive, so connected to government, we no longer consider the consequences.

Bankers Anonymous launched to help banks kick gambling addiction

February 18th, 2013
Author: Economic Voice Staff

Anti-poverty campaigners today launched ‘Bankers Anonymous‘, a five-step programme to help investment banks kick their addiction to gambling on global food prices.

Barclays announced a withdrawal from speculating on food last week following public outcry over its effect on hunger.

The campaign by the World Development Movement asks people to take five steps to help win new rules to prevent banks driving food prices up through financial speculation.

Banks like Goldman Sachs are speculating on food prices, increasing volatility in the markets and fuelling sharp price rises. The World Development Movement is calling for strict controls to limit speculation.

Step one of the Bankers Anonymous programme asks people to write to their MP, urging them to call on George Osborne to back tough rules. Legislation to curb speculation is being discussed at the EU, but the UK government has so far opposed effective controls.

Goldman Sachs made an estimated £251 million (US$400 million) from speculating on food in 2012.

Roulette Wheel by Toni Lozano

World Development Movement campaigner Heidi Chow said today: “Banks are addicted to gambling on food, making millions while hungry people lose out. When food prices rise, the world’s poorest people can no longer afford to feed their families. And those on the borderline of hunger are faced with having to take their children out of school, or forgoing essential health care, just to be able to buy food.

“The only way to cure banks’ addiction is to introduce strict controls on their gambling. If the UK government is serious about tackling global poverty, it must back strong legislation to curb speculation.”

Image by Toni Lozano [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

Read more: http://www.economicvoice.com/bankers-anonymous-launched-to-help-banks-kick-gambling-addiction/50035032#ixzz2LIOkcTnP

Las Vegas losses

Continued Losses for the Las Vegas Hilton

The Owners of the Las Vegas Hilton

Colony Capital, LLC of Los Angeles and Goldman Sachs are the partnership that owns the Las Vegas Hilton. They claim to have lost $14.796 million in the third quarter which ended September 30th. One year ago they showed a loss of $13.168 million. Overall, net revenue further fell from $44.3 million to $39.5 million.

Also, casino revenue declined by 18.4 percent to approximately $15 million because of the decrease in table game and slot- activity. Hotel room revenue fell to $15.2 million due to a decline in rented rooms. Overall, the Las Vegas Hilton contains 2,950 rooms. Additionally, food and beverage revenue dropped by 9.1 percent to $12.9 million as a result of decreasing convention business.