Friday, February 15, 2013

San Diego Ex-mayor's Billion Dollar Gambling Spree

There's a reason the Hong Kong billionaires decry gambling as the worst of the vices.
There is a natural limit on how much you can spend drinking, whoring or eating before it kills you.
With gambling there is no limit and you can destroy not only yourself but the family and not just the family but future generations of the fam.
As one of my favorite translators says, "No good".

From the AP via Yahoo News: 
Ex-mayor's $1 billion gambling woes stun San Diego
Maureen O'Connor was a physical education teacher who won a seat on the San Diego City Council when she was only 25 years old, later winning two terms as the city's first female mayor as she charmed voters with a populist flair.
But her rapid rise was matched by her fall, culminating Thursday when she acknowledged in federal court that she took $2.1 million from her late husband's charitable foundation during a decade-long gambling spree in which she won — and lost — more than $1 billion.

O'Connor pleaded not guilty to a money laundering charge in an agreement with the Justice Department that defers prosecution for two years while she tries to repay the foundation and receives treatment for gambling.
O'Connor, 66, once had a personal fortune that her attorney estimated between $40 million and $50 million, inherited from her husband of 17 years, Robert O. Peterson, founder of the Jack in the Box Inc. fast-food chain. She is now virtually broke, living with a sister....MORE