Donald Trump Atlantic City History Defended by Brand New Jersey Governor Chris Christie

Donald Trump Atlantic City History Defended by Brand New Jersey Governor Chris Christie

Donald Trump spent more than 20 years in the Atlantic City casino business, employing 1000s of local residents and millions that are generating tax income for the state. Dating back to the early 1980s when he first entered the resort industry, Trump operated and owned three casinos on the Boardwalk in that which was then considered the gambling mecca associated with the East Coast.

In 1990, Donald Trump went all-in on Atlantic City, but today his business transactions are now being criticized by some whom hold the billionaire partially responsible for the gambling destination’s dismal present fiscal state. (Image: Charles Rex Arbogast/AP)

Fast-forward to 2016, and the Republican frontrunner for the presidential general election happens to be dealing with backlash, not only for the ultimate fate of their Atlantic City casinos, but additionally for exactly what role he perhaps played in your community’s current and ongoing downturn.

A former 2016 GOP candidate who has since endorsed Trump, defended the billionaire on Tuesday, New Jersey Governor Chris Christie.

‘He is a honorable person, and I don’t think he is ever been an office-holder in Atlantic City,’ Christie told reporters. ‘ I don’t keep in mind Donald mayor that is being’ he included, an obvious dig at current AC Mayor Don Guardian, for who the Governor has no love lost.

Trump Taj Mahal Junk Bonds

Criticism of Trump’s Atlantic City record mainly deals with how he funded construction associated with the Trump Taj Mahal. In 1987, Resorts International was in the process of building the casino hotel when its owner James Crosby died at the age of 58, due to problems of serious emphysema.

Crosby’s heirs didn’t feel adequately skilled to understand project to completion, and eventually sold the stake that is controlling of to Trump for $79 million. He promised local officials that the construction will be finished through standard bank loans, and also the Casino Control Commission authorized the project. However, the banks got cold feet, and Trump eventually raised capital through junk bonds with high interest levels.

The interest in the project that is mammoth to Trump defaulting on payments just 15 months later on and filing for Chapter 11 bankruptcy security.

Trump was repeatedly pressured to defend his time in Atlantic City. During the first Republican debate in early August, he said his usage of bankruptcy laws is something most businesspersons do at some point, and that sticking the bill to your junk bondholders wasn’t a big deal.

‘These loan providers are not children,’ Trump said on 6 august. ‘These are total killers. They are perhaps not the good, sweet little individuals.’

Moving Forward

While Trump had the ‘good feeling’ (by his own account) to keep Atlantic City eight years back, the city itself has struggled ever since. Decreasing gaming revenues and property values has produced a shortfall in taxes being paid to the city, but Christie believes outlandish spending on the section of local government hasn’t been reigned in properly.

The governor in his second term has threatened to veto any Atlantic City relief bill that comes to his desk that doesn’t also hand over responsibility that is fiscal the state government.

Christie is at chances with State Assembly Speaker Vincent Prieto (D), who would like to impose the PILOT (payment in lieu of taxes) system to allow struggling casinos to spend a fixed cost to the city, in the place of taxes.

Some type of action should be taken.

‘ If all you see are headlines that Atlantic City is out of money, people may draw a complete large amount of wrong conclusions from that,’ Christie explained. ‘It make a difference tourism not just to Atlantic City but to any or all of south Jersey.’

Reno Sparks Nugget Fined $1 Million for Lax Money-Laundering Controls

The Sparks Nugget in northern Nevada has been fined $1 million for ‘systematic and egregious’ violation of its anti-money laundering (AML) laws, the Financial Crimes Enforcement Network (FinCEN) said this week.

Michonne Ascuaga, whom presided over the Reno Sparks Nugget once the violations took spot. She voluntarily resigned from the Nevada Gaming Commission in February over the scandal. (Image: Jeff Scheid/reviewjournal.com)

The violations occurred even though the casino ended up being underneath the handling of former Nevada Gaming Commissioner Michonne Ascuaga, whom ended up being forced to resign from the commission board in when news of investigation went public february.

The Ascuaga family members ran the Nugget for over 50 years, before it had been sold to investment that is private Wofhound Holdings in 2013. None associated with research’s findings relate to the handling of the casino under its new owners.

Systematic Breakdown of Compliance

FinCEN, a branch associated with Treasury Department, said that the Sparks Nugget willfully chose not to file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), an oversight which was in violation of the anti-money laundering provisions of the Bank Secrecy Act (BSA).

The casino also instructed its compliance officer not to connect with the IRS’ Bank Secrecy Act auditors, while a management committee established to determine whether to file SARs ‘never held just one meeting.’

The federal government agency said that the Nugget had been guilty of hundreds of bookkeeping violations and AML compliance failures. Since the passage of the BSA in 1970, after which the funds Laundering Control Act in 1986, all US financial institutions were obligated to file a CTR to FinCEN for any transaction over $10,000, as well as to report any transactions that are seemingly suspicious.

BSA eliminated an individual’s straight to financial privacy by declaring that the financial organization would not be held responsible for declaring monetary transactions to the authorities academized.

‘Sparks Nugget had a systemic breakdown in its conformity system,’ said FinCEN Director Jennifer Shasky Calvery in a statement. ‘Despite the very fact so it hosted convicted embezzlers and had been repeatedly alerted to suspicious transactions by its[BSA that is own manager, Sparks saw no need to re-think its (AML) defenses.’

Ascuaga-Wolfhound Case Dismissed

Information for the FinCEN investigation first came to light in court papers in February, as part of judicial proceedings brought by the Ascuaga family members against the owners that are new. The Ascuagas advertised they were owed $500,000 under the purchase and purchase agreement of the Nugget to Wolfhound, but that situation was dismissed by way of a judge this week, coincidentally on the day that is same FinCEN made its announcement.

Ascuaga, who had previously been appointed to the Nevada Gaming Commission board by Governor Brian Sandoval ten months before her resignation, claimed she ‘did not purposely hold back information from the governor,’ whoever office had been unacquainted with the investigation.

She was resigning, she said, ‘out of deep respect for the Nevada Gaming Commission and not to enable myself to be an unnecessary distraction from the essential regulatory oversight work it does.’

Philippine Casinos Targeted by Government Officials Trying to recover Stolen Money Related to New York Fed Heist

The Solaire is one of two Philippine casinos taking part in a successful $81 million heist, and government officials are racing to find and clean up the money that is dirty to be in possession of numerous individuals and entities. (Image: forbes.com)

Two Philippine casinos and their parent companies are being targeted by government leaders trying to recoup the $81 million in taken funds hackers swindled in February from a bank-account held by Bangladesh at the New York Federal Reserve in Manhattan.

A total of $101 million was effectively withdrawn though $20 million was recovered by Bangladesh’s central bank.

Philippine’s Anti-Money Laundering Council (AMLC) is expected to soon file a case against the Solaire Resort & Casino and Midas Hotel & Casino for their reported roles in introducing money that is dirty the nation.

As soon as the AMLC paperwork is completed, the government that is philippine seize assets associated with casinos should illegitimate money be found. The moms and dad companies associated with resorts could contest the AMLC actions should they be able to prove that the laundered money had been presented by clean sources and junket operators who have long operated at the gambling enterprises.

Wrong Wong

The $81 million heist dates back to early February, and a lot more than two months later on investigators are still attempting to patch together just how the theft took place.

Casino junket operator Kim Wong, thought to be one of the orchestrators of the heist, has adamantly denied those allegations. Instead, Wong claims he received notification from the Rizal Commercial Banking Corporation (RCBC) on February 5 saying that the wide range of cash had been deposited into their accounts associated with his junket operations.

Wong testified before the Philippine Senate that his accounts received some $21.5 million from two international consumers, whom in change laundered the money by gambling along with a community of at the least 19 people. Wong claims he don’t know the cash was dirty and thought the high rollers had been simply millionaire investors.

Wong came back the remaining $5.46 million still in his possession to the AMLC week that is last. Investigators believe $63 million associated with the total $81 million ended up being channeled through the Solaire and Midas gambling enterprises via junket operators while an outstanding $17 million continues to be unaccounted.

AMLC officials suspect payment remittance processor Philrem Service Corp. might be accountable for the $17 million, but the company denies such claims.

Philippine officials may also be urging the 2 gambling enterprises to return monies they’re holding for the suspected thieves and return any earnings stemming from the heist.

Bangladesh Waiting

Though Wong handed over a lot more than $5 million week that is last Bangladesh still hasn’t received a penny, or should we say taka.
‘The turnover will need a time that is little but our company is using AMLC for expediting the procedure,’ Bangladesh Ambassador towards the Philippines John Gomes told Filipino news supply Rappler this week.

Wong states he will pay another $9.75 million still in their possession in the next 15 to 30 states. The Philippine junket operator is seemingly trying to clean his hands associated with dirty money, but it stays to be seen if he was in cahoots with the criminal hackers if he was simply caught in the middle of a multimillion-dollar illegal operation, or.

Untangling the complicated international crime is progressing slowly, and it surely will likely be a lot more months before the complete revelation into how a scheme operated is fully known.

Panama Papers China Connection Reflects Double Standard on Macau Anti-Corruption Measures

The Panama Papers continue to show that the seafood rots from the head down. China’s alleged drive that is anti-corruption delivered the revenues of Macau tumbling for 22 consecutive months, but now the newest revelations could send China’s ruling Communist elite as a tailspin.

Panama Papers outs Chinese Communist leaders: President Xi Jinping’s brother-in-law was called into the controversial papers. In most, eight top politicians that are chinese been implicated, causing blackout attempts by officials on Western news coverage. (Image: davidComurren.co.uk)

The scandal can be so threatening to its ‘do as I do’ stance that Beijing moved this week to block Western news outlets’ coverage of the leaked Mossack Fonseca Panama law firm database as I say, not.

In particular, any sources to companies owned in offshore tax havens by the Chinese leaders are being censored.

Politburo Hides Wealth

The Panama Papers unveil that relatives of eight of Asia’s top politicians used offshore companies to conceal wealth, including three of the seven-member Politburo Standing Committee, the country’s most powerful body.

The list includes President Xi’s brother-in-law, the daughter-in-law of propaganda chief Liu Yunshan, therefore the son-in-law of vice-premier Zhang Gaoli.

Xi’s much-publicized anti-corruption crackdown was launched amid warnings that the theft of public funds by corrupt Communist Party officials, problem that had become endemic, could destroy the Party through the inside out.

Censorship in Overdrive

Most of the VIP high rollers from the mainland had been actually crooked Communist Party officials playing with stolen public monies. These VIPs once accounted for 60 percent of Macau’s revenues, and Beijing’s squeeze on the junket industry, which introduced these players en masse, hit the gaming region’s bottom line defectively.

Now the Panama Papers threaten to undermine Xi’s anti-corruption crackdown, and the country’s censors have gone into overdrive, blocking use of websites that might carry the news that is damaging.

‘we think there is a fear and a sensitivity among Communist party leaders that this exposes the degree to which the governmental and economic elite are therefore closely intertwined and to date above your average citizen in regards to wealth,’ Sarah Cook, a China specialist from the Freedom home advocacy team, told the UK’s Guardian this week.

‘This kind of blows a big hole in that work she said because it exposes how the top political leaders and their families are, at the very least, super, super rich; even if this money had been obtained legally, which of course is a big question mark as well.

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