The expansion of legal gambling continues across the United States. The state of Ohio approved four casinos, and there’s already evidence that the new casinos in Cleveland and Toledo are pulling customers away from casinos in Detroit, Pennsylvania and West Virginia. Las Vegas has all sorts of problems as they no longer attract as many high rollers, but as more casinos open across the country that has to have an impact as well.
In Illinois, the state will be rolling out the first legal video poker machines to offer payouts to customers. Now, not everyone in the state will be able to play in their immediate neighborhood, as many local areas including Chicago have their own laws restricting the games. But obviously the new poker games will just be a car ride away for most residents, so expect this to find a market as well. Of course for years poker fans could just look up an online poker guide to find the most popular poker sites and play in the comfort of their own home.
In some ways, all of this just keeps making poker more popular as a game, and that’s good for the entire industry. More players means a bigger pie for everyone to share. But the companies and outlets sharing the pie might be growing faster than the number of new players.
it will be fascinating to see how all of this plays out. With the feds saying they have no jurisdiction here, we could be another round of expanding interest in poker, one of the great all-time games of skill, and many companies can benefit from this.
Here’s one of Capital One’s catchy ads featuring Alec Baldwin. The ad wasn’t deceptive, but apparently the bank was benefiting from other problematic business practices.
The nation’s consumer watchdog on Wednesday delivered its first enforcement action against the financial industry, fining Capital One for pressuring and misleading more than two million credit card customers.
Capital One, one of the nation’s biggest banks and credit card lenders, agreed to pay $210 million to resolve a pair of regulatory cases, the latest legal setback for the financial industry.
The Consumer Financial Protection Bureau, Wall Street’s newest regulator, accused Capital One of “deceptive marketing tactics.” The credit card company — which is known for its catchy television ads, asking “what’s in your wallet” — received a regulatory rebuke for misleading card customers into buying unnecessary products like payment protection and credit monitoring, according to the consumer agency.
It’s nice to see someone looking out for the consumer . . . finally.
Here’s an awesome ad from Apple’s old campaign comparing the Mac to the lame PCs of the era. This version with Gisele Bündchen really drove the point home that Macs were better in so many ways.
The question now is whether Microsoft can finally fight back. It will be releasing the new operating system along with new office software. Will it be a huge step forward as some are saying, or will it suck like Vista with Microsoft blowing the execution? In reaction to the new Surface tablet, Steve Wosniak made the stunning statement that it was as if Steve Jobs had been reincarnated at Microsoft.
In the largest settlement involving a pharmaceutical company, the British drugmaker GlaxoSmithKline agreed to plead guilty to criminal charges and pay $3 billion in fines for promoting its best-selling antidepressants for unapproved uses and failing to report safety data about a top diabetes drug, federal prosecutors announced Monday. The agreement also includes civil penalties for improper marketing of a half-dozen other drugs.
The fine against GlaxoSmithKline over Paxil, Wellbutrin, Avandia and the other drugs makes this year a record for money recovered by the federal government under its so-called whistle-blower law, according to a group that tracks such numbers.
In May, Abbott Laboratories settled for $1.6 billion over its marketing of the antipsychotic drug Depakote. And an agreement with Johnson & Johnson that could result in a fine of as much as $2 billion is said to be imminent over its off-label promotion of another antipsychotic drug, Risperdal.
No individuals have been charged in any of the cases. Even so, the Justice Department contends the prosecutions are well worth the effort — reaping more than $15 in recoveries for every $1 it spends, by one estimate.
But critics argue that even large fines are not enough to deter drug companies from unlawful behavior. Only when prosecutors single out individual executives for punishment, they say, will practices begin to change.
“What we’re learning is that money doesn’t deter corporate malfeasance,” said Eliot Spitzer, who, as New York’s attorney general, sued GlaxoSmithKline in 2004 over similar accusations involving Paxil. “The only thing that will work in my view is C.E.O.’s and officials being forced to resign and individual culpability being enforced.”
We’ll see if these fines deter future behavior. I can’t imagine that a fine of this size won’t have an impact in the industry.
That said, the laws on disclosure of risks surrounding drugs need to be enforced and people hiding results need to be held accountable.