A new workplace worry for banks?

If there's one thing that that traders love to do, it's gamble. Heck, most will tell you they do it for a living. Is Rep. Barney Frank about to do them a favor, or a disservice? He introduced a bill yesterday aimed at reversing a three-year-old ban on wagering on the web, according to the New York Post. The bill, the Internet Gambling Regulation Consumer Protection & Enforcement Act, would "establish a federal regulatory and enforcement framework for online gaming." Frank also will introduce a bill to freeze other restrictions on online gambling.

The betting at many firms gets pretty intense, especially during the NCAA tournament and the Super Bowl. Way back in 1991, three traders from Smith Barney and Paine Webber were fired after betting $300,000 (in 1991!) on the tournament. Banks may want to get their policies in order. At the same time, it might also be a huge opportunity for firms that already allow prop wagers on various financial events, interest rate movements, etc. The entrepreneurial possibilities are interesting. 

For more:
- here's the article

Post a comment