Monday, March 4, 2013

Casino Magnate and Professional Obama Hater Sheldon Adelson Admits to Breaking Laws on Bribes to Foreign Officials

But Don’t Worry – Neither He Nor His Company Will Suffer

In the 2012 election billionaire Sands casino owner Sheldon Adelson gave massive monetary support to Newt Gingrich and later gave a substantial amount of money in support of Mitt Romney to defeat Barack Obama in the general election.  Mr. Adelson developed a visceral hatred of Mr. Obama, and vowed to do everything he could to defeat the President.  Of course the fact that he backed Newt Gingrich did indicate that he really didn’t know what he was doing and was not to be feared, even with all of his money.

Now the Wall Street Journal, the part that still does real news, is reporting that Mr. Adelson’s casino operations have admitted that they violated the Foreign Corrupt Practices Act. 

Las Vegas Sands Corp.  told the Securities and Exchange Commission that an internal review found the casino operator had likely violated the Foreign Corrupt Practices Act, a federal law that bans bribing public officials abroad.

The company on Friday said in its annual report that its board's audit committee had advised the company and its accountants that it had reached a preliminary finding that there were "likely violations of the books and records and internal controls provisions" of the antibribery law.

The findings relate to a series of business deals conducted in mainland China and led by executives who are no longer with the company, according to a person familiar with the matter. The findings from the board's audit committee were first reported by The Wall Street Journal last August.

Gosh, here is Mr. Adelson, whose vitriol in part at Mr. Obama was the result that he (Mr. Adelson) felt Mr. Obama was violating the spirit of America.  Of course it turns out that it is Mr. Adelson who is the violator, in this case of the law.

But no one should lose sleep over any liability either Mr. Adelson or his company will have.  The company will pay a small fine, promise not to do this again and go on about their business.  Mr. Adelson will suffer nothing.  As for the shareholders, well the Sands Corporation will surely promise that they will never be caught doing this again, and that will be their goal,  to never get caught.

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