9 posts from March 2009

Day 3 of the AVN 2009 Las Vegas Expo filled the great halls of the Sands Expo Center with an upbeat crowd of thousands. Fans, stars, industry reps and even a giant of the industry, Joe Francis, creator of the Girls Gone Wild series. Joe Francis and Hustler's Larry Flynt have joined forces to ask Congress for a $5 billion US taxpayer bailout for the adult entertainment industry similar to the auto maker's cash bag distribution.

Bernard Madoff made his way to the courthouse Thursday, where he pleaded guilty to conducting the biggest Ponzi scheme ever.

After pleading guilty and explaining how he ran his scheme, Madoff was sent to jail to await sentencing which is scheduled for June 16.

Bernard Madoff, who stole billions from investment clients, was ordered jailed Thursday after pleading guilty to all 11 criminal counts in one of Wall Street's biggest swindles ever.

"I operated a Ponzi scheme," said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.

"I thought it would end quickly, but it proved impossible," said Madoff, who stole from thousands of victims through his investment firm. "I am ashamed for these criminal acts. I always knew this day would come."

U.S. District Court Judge Denny Chin remanded the 70-year-old to jail following his confession. He was taken to Manhattan Correctional Center, near the courthouse in lower Manhattan.

He could face a maximum 150-year sentence. His sentencing was set for June 16.

Madoff admitted that he never invested his clients' money, and that he deposited the funds into a "Chase Manhattan" bank.

"When money was requested, I paid it out from the Chase account," he said.

As Madoff wrung his hands and made other nervous gestures, the judge suggested that he pour himself a glass of water.

Madoff had successfully avoided detention after his December arrest, posting $10 million bail and cloistering himself with his wife in their $7 million Manhattan apartment.

He was able to remain in his residence, despite accusations from federal prosecutors that he tried to hide his assets from seizure by mailing diamond-studded jewelry to relatives. Only a fraction of the missing money has been recovered.

Madoff created a decades-long scheme in which new investments were used to fund payoffs to earlier investors, to falsely create the appearance of legitimate returns.

Richard Friedman, an accountant who said he lost $3.1 million to Madoff, told CNN that he hopes Madoff is sentenced to the full 150 years and that he "lives a very long life" in prison.

"The crime is really unimaginable," said Friedman. "It's not just a typical Ponzi scheme. It affects society as a whole. You don't just have to be a Madoff investor to be affected by this."

Friedman also blamed the Securities and Exchange Commission for allowing the scheme to go undetected for so long, and said that Madoff's family members are probably complicit and should go to prison.

"There's no way he could have acted alone," said Friedman. "There had to be other people involved. The whole family, as far as I'm concerned, once proof becomes available, should be thrown in jail."

In Thursday's court proceeding, Madoff faced many of his alleged victims -- with 50 courtroom seats reserved for them. Some of the investors entrusted all their savings to his firm, Bernard L. Madoff Investment Securities LLC.

But not all is lost for these burned investors. They could be eligible for $500,000 from the Securities Investor Protection Corp., a government entity that provides funds to victims of failed brokerage firms, according to Irving Picard, the court-appointed trustee for the liquidation of Madoff assets.

At a Feb. 20 meeting at the U.S. Bankruptcy Court in Manhattan with several hundred Madoff investors, Picard said that $650 million had been recovered thus far. He said the assets would be divided among the creditors, commensurate to how much they put in.

Many of the investors seem to be angrier with the SEC than with the man who stole their money.

At the Bankruptcy Court hearing, 77-year-old investor Raymond Spungin, who claimed he lost $700,000 to Madoff, yelled, "We're not just the victims of Madoff; we're the victims of the incompetence and irresponsibility of the SEC!"

He was answered with loud applause from the crowd of ripped-off creditors.

The SEC had been alerted to Madoff's fraudulent behavior by whistleblower Harry Markopolos, a Boston accountant who repeatedly contacted the commission but was ignored for his efforts.

"I gift-wrapped and delivered the largest Ponzi scheme in history to them and somehow they couldn't be bothered to conduct a thorough and proper investigation," he said, in testimony to the House Subcommittee on Capital Markets on Feb. 4.

But the times are changing. In January, Mary Schapiro assumed the role of SEC chairwoman, after the former chair, Chris Cox, resigned under severe criticism.

Schapiro on Wednesday requested more funds for the commission to ramp up enforcement and examination staff. Also, the SEC is taking steps to centralize whistleblower tips to better follow leads, rather than have them funneled through separate departments.

Markopolos, in testimony, said he's already alerted to the SEC to two new fraud cases, but provided no further details.

I personally think this peice of dirt had better be given no prefferential treatment in jail at all and even that's nowhere near enough suffering that this guy should have to edure

MGM Mirage casino co. says it may default on debt

LAS VEGAS (AP) -- MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the $8.6 billion CityCenter in Las Vegas.

Unless the economy turns around and more people start gambling again, the Las Vegas-based casino company believes it will break its loan agreements this year, it said in a filing with the Securities and Exchange Commission.

[HH: Shame on you, filthy degenerates! This is your fault for not doing your job. Now get out there and gamble like you mean it. Oh, and remember, there's always help and support available for your problem, just call this toll-free number. But do it later. You'll have to act fast as there's a coupon book with $50 free slotplay if you get to the casino in the next 30 minutes. Hurry, supplies are limited.)

That would mean a default on its senior credit facility, which MGM has asked to modify.

MGM Mirage will delay filing its annual report until March 17 because it is still assessing its financial position and liquidity needs, the company said in Tuesday's unscheduled filing. One factor in the delay, the company reported, was its decision last week to tap $842 million of its $4.5 billion senior revolving credit agreement to cover general expenses.

[HH: It would seem consumers aren't the only one's living off their credit cards....Maybe MGM should get in touch with one of those debt counseling places by calling the toll-free number at the bottom of their screen. After they call the gambling support toll-free number, of course.)

As of the end of September 2008, MGM Mirage had $13.29 billion in long-term debt.

....

MGM Mirage has not reported on its financial position since September nor posted its earnings for the quarter that ended Dec. 31.

The March 17 report is to include an auditor's assessment of whether MGM Mirage can continue as a company.

Hard Rock Hotel & Casino has a buy 2, get 1 offer.

For every 2 nights you stay, you'll receive 1 free night.

Offer is good through April 30 and applies to any night, but blackouts apply.

For more information, visit this link, but be warned: Las Vegas isn't yet listed in the Morgans group of hotels since they took over.

Call 1-800-HRD-ROCK to make a reservation and mention this offer. The free night will be taken off your bill upon check-in.

The New Joint, the new bigger concert venue at Hard Rock Hotel & Casino, opens next month.

Here's the all-star lineup:

4/17 8 p.m. The Killers
4/18 8 p.m. Avenged Sevenfold (with Atreyu & Rev Theory)
4/19 8 p.m. Paul McCartney
4/24 9 p.m. Bon Jovi
4/25 8 p.m. Kenny Chesney (with Miranda Lambert, Lady Antebellum)
5/23 9 p.m. Flight of the Conchords (with Arj Baker)
7/13 7:30 p.m. Rise Against (with Rancid & Billy Talent)
9/13 8 p.m. Ricardo Arjona

In addition, concerts will be held poolside on Fridays at 9 p.m.:

5/1 Rusted Root
5/15 Eek-A-Mouse
5/22 Ozomatli
5/29 Sugar Ray
6/5 Gavin Rossdale
6/26 Gin Blossoms (with Tonic)
7/24 Unwritten Law
8/14 Los Lonely Boys (with Los Lobos)
9/11 Collective Soul

Pool shows are on presale through March 13 at 10 p.m. (password POOL).

Shows are subject to change can can be purchased at the Joint box office or at Ticketmaster with all their fees.

Just in case you thought she was lip-synching...

On Sunday night at her Circus show in Tampa, Fla., Britney Spears was heard on a live mic saying, "My pussy was hanging out."

This came after Spears was lowered down in a metallic-looking gold costume after the song "I'm a Slave 4 U."

Perez Hilton, who kicked off her tour March 3 in New York with a video of him welcoming the star on her comeback, of course has photos.

The Circus tour continues nationally. To see Britney and her hoo-ha in Las Vegas, both will appear at the MGM Grand Garden Arena on Saturday, April 25 at 8 p.m. Tickets run $55 to $275 (the $275 rate is still available) and can be purchased at any of the MGM Grand box offices or Ticketmaster.com with all their fees.

As had been widely rumored for weeks, the Wynns have filed for divorce... for the second time.

Steve Wynn married Elaine in 1963, divorced in 1986, and remarried in 1991.

Announced yesterday, the divorce filing was made March 5 and papers were immediately sealed from the public, which means further details are unknown.

Also rumored is the possible cause of the breakup: that Wynn has fallen for a woman in her 40s.

The world's largest five-diamond resort is officially going green...for St. Patrick's Day. Today, Thursday March 12, the Grand Canal inside the the Grand Canal Shoppes will turn green in an Irish flavored ceremony hosted by Liam the Leprechaun at 10 AM. Liam will arrive in a gondolier to St. Mark's Square where he will throw gold confetti into the air from the spinning boat to open the green canal for gondola rides.

Gondoliers will be dressed in green scarves, sashes, ribbons and shamrocks for the duration of the St. Patty's celebration. The singing gondoliers will be supplementing their repertoire of Italian melodies with Irish favorites including When Irish Eyes are Smiling, My Wild Irish Rose, and Up among the Heather.

Liam the Leprechaun will spend most of Thursday, 11AM to 6 PM, retreating through the Grand Canal Shoppes; and, if found and greeted with "Luck o' the Irish" he will dole out prizes from his pot of gold including free rides on the Lucky Green Grand canal. Adult guests purchasing ride tickets for $16 per person March 12-18 can exchange their ticket stub for a free bottle of Guinness at the Mercato store inside The Grand Canal. Gondola rides are open Sunday-Thursday 10 AM-11 PM and Friday-Saturday 10 AM-Midnight. Tickets may be purchased at Emporio d' Goindola ticket office.