The New York Times has an interesting piece on Internet gambling that I thought would spark interest. Who knew? Even online poker appears to be illegal -- I'm not sure if that extends to the type of Texas Hold-em tournaments that I've been eyeing on pokerroom.com. (I haven't yet had the guts to play one for money...but are the tourneys legal, technically?)
For their part, the investment houses have taken the position that they indeed know there are legal risks involved in investing in offshore casinos, but that the risks are outweighed by the benefits of owning shares in growing, highly profitable businesses. Those shares can give a lift to mutual funds and other types of investments sold by the investment houses, meaning bigger returns for clients.
Ah...shareholder value. Even if the actions are illegal. Ergo, shareholder value trumps the value of law?
But what if something is not only illegal but (inarguably) immoral?
To be sure, it is not uncommon for Americans to invest in overseas companies whose operations may be considered illegal or unacceptable here, from sweatshop manufacturers to European energy producers that do business in Iran.
I read these stores and I wonder if anyone else feels like "shareholder value" is one of the few remaining "values" by which American business conducts itself? Is that fair? And, if so, is there a solution? Or is the amorality of corporatations simply part of the system?
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Meanwhile, speaking of casinos, the Isle of Capri has re-opened in their "land-based" venue on the coast...
- Author
- Todd Stauffer
- Date
- 2005-12-26T15:50:25-06:00
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