Kinja reply list

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BrianGriffinHamilton Nolan
2/19/16 3:47pm
When you're a billionaire, $100M is nbd. There's no need to launder money when it's either going to be used again in a back room poker game or spent on hookers and blow.
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  ParseBrianGriffin
  2/19/16 4:00pm
  If you are worth a billion dollars, 100 million is a tenth of your total assets. Betting a tenth of your net worth on a single poker hand (not a night of gambling, but a single hand) seems to me like it might be a big deal.
  
  If it’s no big deal, what’s the fun? Are you suggesting these guys are just playing a version of penny ante poker? That didn’t seem the spirit of the Hollywood Reporter story, which specifically identified the people involved as “high stakes gamblers.”
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  XrdsAlumParse
  2/19/16 4:05pm
  $100 million was the total pot, not each person’s bet. It was likely more $10-20 million each, which is still crazy for a billionaire, but not for one who's also a gambling addict. For people like that, it's not about fun but compulsion.
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XrdsAlumHamilton Nolan
2/19/16 3:56pm
It’s not implausible. First, this wasn’t a legal game in a Vegas casino, it was an illegal game in a private area of the Viper Room between people who travel with bodyguards and who need to maintain their reputation in their little group. I also doubt there was much actual cash involved.

Second, excluding the people who dropped out it’s very possible that 5-10 very rich, very drunk degenerate gamblers could pony up $10-20 million each over the course of the game. A gambling addict like Milch who had $100 million at one time could easily bet 10% of his net worth in one game.

So it comes down to your question about how the money was "laundered"(not quite the correct term) for the payout. I’m guessing wire transfers between offshore banks, deeds to vacation homes outside the U.S. being transfered at nominal rates, art and jewellery and wine and diamonds and similar pricey mobile physical assets being handed over as “gifts,” etc.
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  PucksrXrdsAlum
  2/19/16 4:40pm
  Taking money that money that was acquired via a criminal activity(illegal gambling winnings) and making it look like legitimate earnings is not “money laundering”.
  
  What is the correct term for this endeavor?
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  Sonic Reducer 151XrdsAlum
  2/19/16 4:47pm
  This sounds plausible. Also consider that it’s the height of poor poker manners to win the largest pot of the evening and then get up and cash out. You’ve got to stick around for a little while at least to give the rest of the table a chance to win some of their money back.
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Bolivia Newton JohnHamilton Nolan
2/19/16 3:40pm
Laundered? That money was immediately invested into blue chip stocks and taxed at a capital gains rate of 15%. No fucks given.
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  Fred Garvin Male ProstituteBolivia Newton John
  2/19/16 3:45pm
  
  GIF
  
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  malik3000Bolivia Newton John
  2/19/16 3:52pm
  Or, at least, it became the subject of a serious conversation with one of these gamblers’ CPA and/or financial advisor?
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Sid and FinancyHamilton Nolan
2/19/16 3:53pm
This reminds me of two true, well-reported anecdotes for which I am unmotivated to Google references.

One was in the obituary I read in the NY Times, I’m pretty sure, of a professional gambler who won $1mm in the World Series of Poker, back before that was household-name event.

After winning, he was asked what he would do with the money. “Lose it,” he replied.

He died broke in a fleabag Vegas motel.

The other was some British lesser noble who was gambling at a table with an obnoxious Texas oilman, also in Vegas.

“What are you worth?” our Englishman asked.

“One hundred million dollars,” the Lone Star stud proudly proclaimed.

“I’ll flip you for it,” the Brit replied, ending the conversation.
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  HighlySelassieSid and Financy
  2/19/16 3:59pm
  The first one sounds like something Stu Ungar would have said; he was evidently one of the best poker players (and likely the best gin rummy player) of his day. He was also a self-aware degenerate gambler.
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  Sid and FinancyHighlySelassie
  2/19/16 4:03pm
  You called it!
  
  http://www.nytimes.com/1998/11/24/us/…
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Dashiell HammletHamilton Nolan
2/19/16 3:42pm
that has to bullshit, right?

only part of that story that just flew out at me and I was like whoahhhh... no.

if it’s true, those still at the table should be liquidated and their assets spread among the masses.
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  holierthanyourmamaDashiell Hammlet
  2/19/16 4:34pm
  Fuck off, Commie.
  
  Go earn some money of your own and then do what you want with it.
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  Dashiell Hammletholierthanyourmama
  2/19/16 4:35pm
  farthest from it. but gambling 100 mil between friends should and must be completely impossible
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IAMBlastedBiggsLostBurnerHamilton Nolan
2/19/16 3:48pm
Okay, stop me if you've heard this one: Wesley Snipes, Nic Cage and Val Kilmer are playing poker one night...
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  torchbearer2IAMBlastedBiggsLostBurner
  2/19/16 4:00pm
  It's nice when they all have the same night off from their shifts at Planet Hollywood.
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  Sid and FinancyIAMBlastedBiggsLostBurner
  2/19/16 4:28pm
  Oceans 11 Digits
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Fresh Courage TakeHamilton Nolan
2/19/16 3:53pm
Lol, the article makes it sound like there is 100 million dollars in cash sitting in the middle of the room.
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  hotoynoodleFresh Courage Take
  2/19/16 6:24pm
  right? lolz. cars, boats, art, jewelry, the hookers you brought with you for the weekend, etc... none of which has to be sitting in the room either.
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  Fresh Courage Takehotoynoodle
  2/19/16 7:07pm
  Well, that's not really how it works. Lol. I can go with it tho.
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kaysey17Hamilton Nolan
2/19/16 4:28pm
Maybe Molly Bloom or someone like that for the source? ¯\_(ツ)_/¯

http://www.hollywoodreporter.com/news/hollywood…

http://www.vanityfair.com/style/society/…
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AcrobackHamilton Nolan
2/19/16 4:27pm
Lot of people below talking about different ways to launder such a huge amount of money. Here’s a really easy way: spend it in increments that are small relative to your total wealth. I imagine it’s really easy to add a few million to the top if you’re putting a down payment on real estate/buying it outright.
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tornadoslackssHamilton Nolan
2/19/16 3:48pm
I’m betting the mastiff with the cigar won.
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