vpFREE2 Forums

Irresponsible Journalists - Maureen O'Connor

#1

So the news broke yesterday that the former Mayor of San Diego has a gambling problem, embezzled charity funds to fuel it, and is now in treatment. A sad story to be sure.

But the media are irresponsible jerks in this. The headlines are that she "lost over $1 billion" playing video poker. In the meat of the articles, they reference that she had W-2Gs totaling over $1 billion in a ten year span, but had lost more than that. Her attorney states that the net loss was over $13 million.

Last weekend I had around $35k coin in at Atlantis. These same journalists would be reporting the results of my trip as "he lost $19,000 in one weekend playing video poker!!!". Yes, my non-paying hands would total that. But if you used that number to scare my friends about my gambling, it completely misstates my trip, in which I lost a net of $30.

That said, the stats behind her gambling are interesting. Figure a minimum coin-in of $1.5 billion in ten years, $150 million per year. At 40 hours a week every week, that's $75k an hour. Even if she's playing fast, that's a minimum $75 per hand, and likely more given the time wasted on hand pays.

#2

I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.

http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139

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--- In vpFREE@yahoogroups.com, "clementiyn" <clementiyn@...> wrote:

So the news broke yesterday that the former Mayor of San Diego has a gambling problem, embezzled charity funds to fuel it, and is now in treatment. A sad story to be sure.

But the media are irresponsible jerks in this. The headlines are that she "lost over $1 billion" playing video poker. In the meat of the articles, they reference that she had W-2Gs totaling over $1 billion in a ten year span, but had lost more than that. Her attorney states that the net loss was over $13 million.

Last weekend I had around $35k coin in at Atlantis. These same journalists would be reporting the results of my trip as "he lost $19,000 in one weekend playing video poker!!!". Yes, my non-paying hands would total that. But if you used that number to scare my friends about my gambling, it completely misstates my trip, in which I lost a net of $30.

That said, the stats behind her gambling are interesting. Figure a minimum coin-in of $1.5 billion in ten years, $150 million per year. At 40 hours a week every week, that's $75k an hour. Even if she's playing fast, that's a minimum $75 per hand, and likely more given the time wasted on hand pays.

#3

The link you provided was an educational read. She probably lost a lot more than $13 million as article states:
"...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..."

I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.

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--- In vpFREE@yahoogroups.com, "Mickey" <mickeycrimm@...> wrote:

http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139

#4

The link you provided was an educational read. She probably lost a lot more than $13 million as article states:
"...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..."

I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.

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--- In vpFREE@yahoogroups.com, "Mickey" <mickeycrimm@...> wrote:

http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139

#5

She may have lost more than $13 million, but I would assume someone who inherits $40 million would also have significant expenses outside of gambling.

The link you provided was an educational read. She probably lost a lot more than $13 million as article states:
"...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..."

[Non-text portions of this message have been removed]

#6

Roughly $1 billion coin in over ten years. So $100 million per year with a reported loss of about 1.3%. As Mickey said, probably pretty close to theo.

There is a back story here which may never be told. What comps did she receive for her $100 million coin in per year? What incentives or rebates did the casinos provide? Do you think she was invited to have Noir status at MLife?

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>
I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.

http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139

#7

According to the article, she's broke.
Dividends and interest on $40 million would be ~$2 million/year (@5%).
I could get used to that!

She blew inheritance (and her legacy) on gambling. Not defensible.

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--- In vpFREE@yahoogroups.com, Austin Kelly <akchess_2000@...> wrote:

She may have lost more than $13 million, but I would assume someone who inherits $40 million would also have significant expenses outside of gambling.

Â
The link you provided was an educational read. She probably lost a lot more than $13 million as article states:
"...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..."

>

[Non-text portions of this message have been removed]

#8

".13%" Not 1.3%.

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--- In vpFREE@yahoogroups.com, "Slowpoke" <decca@...> wrote:

Roughly $1 billion coin in over ten years. So $100 million per year with a reported loss of about 1.3%. As Mickey said, probably pretty close to theo.

There is a back story here which may never be told. What comps did she receive for her $100 million coin in per year? What incentives or rebates did the casinos provide? Do you think she was invited to have Noir status at MLife?

> >
> I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.
>
> http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139
>

#9

Really?

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--- In vpFREE@yahoogroups.com, "Dave" <haaljo@...> wrote:

".13%" Not 1.3%.

#10

Wait a minute. A billion coin in with 13 million in losses is 1.3% not .13%.

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--- In vpFREE@yahoogroups.com, "Dave" <haaljo@...> wrote:

".13%" Not 1.3%.

--- In vpFREE@yahoogroups.com, "Slowpoke" <decca@> wrote:
>
> Roughly $1 billion coin in over ten years. So $100 million per year with a reported loss of about 1.3%. As Mickey said, probably pretty close to theo.
>
> There is a back story here which may never be told. What comps did she receive for her $100 million coin in per year? What incentives or rebates did the casinos provide? Do you think she was invited to have Noir status at MLife?
>
>
> > >
> > I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.
> >
> > http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139
> >
>

#11

The quote is ".13%"
The math is 1.3%
The reality is she had >$40 million and lost it all and then some.
$40 million is 4% of a $billion action
Clementiyn estimates >$3 billion action
Math would be ~.4% FPJB 1-E.V for $one billion action.
Math would be ~.13% FPJB for $3 billion action.
Add to E.V. her C.B. B.B. Gift Cards etc
Deduct mistakes/booze etc.

What's wrong with this picture?
Starting make sense 2 me but it's Sunday morning and maybe brain fart.

What a movie this could be!

It is an educational read the news item that Mickey Crimm linked.

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--- In vpFREE@yahoogroups.com, "mike" <melbedewy1226@...> wrote:

--- In vpFREE@yahoogroups.com, "Dave" <haaljo@> wrote:
>
> ".13%" Not 1.3%.
>
> --- In vpFREE@yahoogroups.com, "Slowpoke" <decca@> wrote:
> >
> > Roughly $1 billion coin in over ten years. So $100 million per year with a reported loss of about 1.3%. As Mickey said, probably pretty close to theo.
> >
> > There is a back story here which may never be told. What comps did she receive for her $100 million coin in per year? What incentives or rebates did the casinos provide? Do you think she was invited to have Noir status at MLife?
> >
> >
> > > >
> > > I picked up on the same thing with the dishonest and/or ignorant reporting. A $13,000,000 loss on $1,000,000,000 in W2-G's is just .13%. For someone who probably had no video poker education she held them amazingly close. With a little more education she might have shown a profit.
> > >
> > > http;//abcnews.go.com/US/wireStory/san-diego-mayor-faces-money-laundering-charge-18502139
> > >
> >
>
Wait a minute. A billion coin in with 13 million in losses is 1.3% not .13%.

#12

Sure it's potentially "defensible". There's evidence some people, due to a
specific chemical imbalance, really can't
control themselves, i.e. Parkinson's patients being treated with a certain
drug and then becoming crazed gambling
maniacs (a documented phenomenon).

gj

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On Sat, Feb 16, 2013 at 8:06 AM, Dave <haaljo@yahoo.com> wrote:

**

According to the article, she's broke.
Dividends and interest on $40 million would be ~$2 million/year (@5%).
I could get used to that!

She blew inheritance (and her legacy) on gambling. Not defensible.

--- In vpFREE@yahoogroups.com, Austin Kelly wrote:
>
> She may have lost more than $13 million, but I would assume someone who
inherits $40 million would also have significant expenses outside of
gambling.
>
>
> Â
> The link you provided was an educational read. She probably lost a lot
more than $13 million as article states:
> "...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..."
>
>
> >
>
>
>
>
> [Non-text portions of this message have been removed]
>

[Non-text portions of this message have been removed]