On Wall Street, many of the biggest traders and fund managers love playing poker. And they're good at it, too. Pro poker player Phil Hellmuth, who has won thirteen bracelets at the World Series of Poker, explained that there are a lot similarities between the card game and trading the markets.
Either the Volcker Rule is making Wall Street's menu of investment choices so unbearably limited, or traditional assets are so overpriced Wall Street won't even touch them with other people's money, but when it comes to allocating capital the smartest conmen in the room are coming up with some truly unorthodox products. Such as investing in ex-convicts in the form of 2000 newly released prisoners.
LONDON — A major casino operator is accusing Phil Ivey, an American who is one of the world’s top professional poker players, of amassing millions of dollars in winnings by cheating at baccarat.
Court papers filed in Britain’s High Court by the Malaysia-based Genting Group say that Ivey and an accomplice successfully used a scam to rack up winnings of roughly £7.8-million ($11.9-million) last summer.