BUSINESS

Foreclosure boom comes back to bite

TAGs: David J Stern, foreclosures

Gambling News - Closures

Many in the United States legal profession won’t be the happiest should Gov. Chris Christie sign off and approve the New Jersey gambling bill in the next few weeks. The bill, which would allow intra-state gambling in the state, may not be to the liking of many but it’s hard to criticize its claims – two of which are new jobs being created and the revival of the ailing land-based industry.

Although coming up to the biggest weekend in the US sporting calendar, most would be happy enough just to be able to place a bet on the big game this coming Sunday. As most are wondering how much money they might have made if they’d been allowed a punt from the comfort of their own home, members of the legal fraternity won’t be sleeping at all easy right now.

An article in the New York Times, explains that legal crooks are continuing to literally steal houses right from under their owner’s noses. David J. Stern made his money during the foreclosure boom, but since going public early last year it’s all gone a bit Pete Tong for the Florida resident.

It’s thought stern pocketed almost $60million from going public but apparently it isn’t at all kosher and the attorney general’s office is on their tail. Add this to the fact that their shares have dropped from around $14 a piece to just 50 cents, and then they have a problem.

Now to our knowledge no one has ever lost a home thanks to online gambling in the US, so why are these guys not castigated any more than they have been already?

Things are just a bit too messed up in the US to even keep track of anymore, but at least a bit of poetic justice is being dished out here.

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