I’m sure that movie buffs are familiar with the snake oil salesman character which appeared in many Western films. He was a “doctor” with dubious credentials that traveled by covered wagon from town to town. The fast-talking salesman would sell “medicine”, such as snake oil, using lots of marketing hype and bogus “evidence”.
In order to enhance sales, the snake oil salesman would also always have an accomplice in the crowd (a shill) who would attest to the marvelous beneficial effects of the snake oil. The snake oil salesman would, of course, attempt to leave town before the swindle was discovered.
This practice became known as grifting and its practitioners grifters. Fast forward more than a hundred years and we still have snake oil salesmen who try to sell the public something of no real value. Such characters abound on Wall Street and, like their brethren of the Old West, they usually attempt to “leave town” before the swindle is discovered with millions of dollars from bonuses, etc..
A recent example was that terrific grifter, Bernie Madoff. He sold lots of bottles of snake oil promising investors smooth, steady returns year after year. He sold these bottles with the help of his shills – the feeder funds – who promised their investors that to keep their portfolios healthy they needed a dose of Bernie’s “medicine”.
For another example of grifting, just look at all of the complex products that Wall Street sold around the world as “safe” investments without anyone being concerned about the risks involved with many of the securities contained within the products.
That scenario reminds me of a Three Stooges short where Moe, Larry, Curly were trying to sell bottles of medicine. Curly and Larry asked Moe, “What is this stuff used for?” Moe replies, “You want to know what this stuff is for?” Curly and Larry say yes. As Moe slaps them, he says “It’s for SALE!” That sure sounds like a Wall Street sales meeting to me.
Wall Street Snake Oil Salesmen
People have to realize that Wall Street firms rarely have the best interests of their clients at heart. If anyone has some spare time, they may want to peruse a new book by John Kay of the Financial Times called The Long and the Short of It. Mr. Kay thinks that the financial world is greedy, cynical and self-interested. Gee, I wonder how long Mr. Kay has known John Thain?
Mr. Kay goes on to say in his book that individual investors should avoid most “professionals” and manage their own money. He has several good reasons for this. Mr. Kay points out that professional money managers need to make money off of your investments, whether you make money from the investments or not. Just think of all the fees paid out by investors to “professional” money managers in 2008, only to have these “professionals” lose a large chunk of their money for them.
Another reason that Mr. Kay thinks that individual investors can do a better job of managing their own money rather than “professional” money managers is that the individual can focus on long-term returns and absolute returns, not “relative” returns. Here’s a direct quote from Mr. Kay’s book - “The major risk a financial advisor runs is not the risk that his clients do badly, but the risk that his clients do worse than other people”, meaning other advisors’ clients.
So if a person goes to their financial advisor and says “hey, I lost 30% last year!” their advisor will say, “Yes, but you outperformed the averages!” The emphasis of “professional” money managers is on relative performance, not on absolute performance.
As Mr. Kay also points out, Wall Street “professionals” think only in the short-term. Their primary goal is to beat the “benchmark” on a quarterly basis. If the “benchmark” is negative 30 per cent, Wall Street money managers are very pleased to have clients’ portfolios return a negative 20 per cent. That would mean that they are a “star” in the Wall Street universe.
Unfortunately, this type of Wall Street “outperformance” can be very damaging to a client’s long-term portfolio, such as a retirement fund. But such concerns really don’t matter to Wall Street “professionals”. Where your portfolio stands in 5 or 10 years doesn’t cross their radar screen.
I want to again emphasize another point about most Wall Street professionals who appear quite often on CNBC air. Most of these Wall Street people do not think for themselves, or think outside the box. Most of the guests on CNBC air simply run within the supposed safety of the “herd”.
Professor Richard Sylla, financial historian at New York University’s Stern School of Business, says that Wall Street analysts and money managers have little incentive to produce anything that deviates significantly outside of the consensus.
Professor Sylla says, “They reinforce each other. That’s the only way they keep themselves off the hook.” In other words, Wall Street money managers have their views skewed by one thing – self-preservation. If the money managers stay inside the safety of the “herd”, then their cushy jobs will be safe. Whether their clients make any money is well down on their list of concerns.
I did laugh when I saw one humorous line from Mr. Kay’s book which was in agreement with my contrarian instincts. Mr. Kay said, “The best way to use the expertise of the financial services industry is to do the opposite of what they recommend”.
The Latest Bottle of Snake Oil
This brings me to the latest bottle of snake oil that the “doctors” on Wall Street ,with dubious credentials, are selling – deflation. The deflation trade has become an extremely crowded trade. This trade will probably become even more crowded over the next few months as government figures will come out showing deflation.
This will be the bogus “evidence” that the Wall Street grifters will be pointing toward. The shills on CNBC will be telling everyone “Yes, deflation is here and will be here for a long time. Step right up, pardner, and buy these wonderful zero per cent Treasuries! It will lead to healthy portfolios.” Please do not be suckered by Wall Street’s short-term thinking shills, who never look ahead more than three months.
People that want to ride along with the deflation “herd” should take a really hard look at what actual deflationary expectations Wall Street has priced into the Treasury market. According to the Financial Times, the Treasury’s inflation protected securities (TIPS) market suggests 4 per cent deflation this year and next, with inflation barely returning in 10 years, and also very little inflation for the following two decades.
This is staggering – the Wall Street “herd” is expecting our country to be wandering in the deflationary desert for the next 30 years! This did not happen even during the Great Depression. Anyone believing this delusional scenario deserves to lose their money to Wall Street, just the same as People Who bought snake oil from a “grifter” in the Old West.
For contrarian investors, while the Wall Street “herd” is wandering in the deflationary desert, this scenario should lead them to buying TIPS over the course of the next few months. Where else can an investor get a 4.5 per cent risk-free, real yield?
Originally formed as an underground investment club, Oxbury Publishing is an investment think tank comprised of a wide variety of Wall Street professionals – from equity analysts to futures floor traders – all independent thinkers and all capital market veterans.
Our goal is to provide our readers with unique analysis and ideas that will help them invest successfully – in both bull and bear markets. With the vast amount of speculation and volatility in the markets today, investors can’t afford to wait for information – they need it now and constantly.
Disc 1:Quit Playing Games (With My Heart)As Long As You Love MeEverybody (Backstreet`s Back) [Extended Version]I`ll Never Break Your HeartAll I Have To GiveI Want It That WayShow Me the Meaning of Being…
Disc 0:No track list availableDisc 1:Ain`t Nothin` Stoppin` Us NowBy Your SideMake Someone HappyDoin` AlrightBecause I Think The World Of YouYou Ought To Be Havin` FunCan`t St…
Disc 1:DISC 1:Tuesday MorningI`m ReadyTime AwayMolton GoldBack Street Crawler (Don`t Need You No More)Tuesday Morning – (Early Take #1)Tuesday Morning – (Early Take #2)Tuesday Morning Blues
This songbook features all 15 cuts from BSB`s 2007 Top Ten release, including: Any Other Way * Downpour * Everything but Mine * Helpless When She Smiles * In Pieces * Inconsolable * Love Will Keep You Up All Night * One in a Million * Panic * Something…
Author Debbie Macomber returns to the soap-opera drama of Lydia Goetz`s knitting shop in her third installment in the Blossom Street series. In this go round, one of the knitters is a grieving widow, one is engaged to a minister, and Lydia`s own niece …
Disc 1:Workin` Is the CurseBlue Looks Good on YouDrivin` WheelI`d Rather Go BlindDelta MoonMake up Your MindI`m a Blues ManYou Put the Hurt on MeBack on the Streets Again
Author Ed Shankman and illustrator Dave O`Neill have created winning books on Boston, Cape Cod, Maine, and Vermont. Now they leave New England and turn their attention to the birthplace of jazz – New Orleans, Louisiana! Jazz, of course, is the…
Author Debbie Macomber returns to the soap-opera drama of Lydia Goetz`s knitting shop in her third installment in the Blossom Street series. In this go round, one of the knitters is a grieving widow, one is engaged to a minister, and Lydia`s own niece …
Disc 1:DISC 1:Step by StepI Want It That WayYou Got It (The Right Stuff)Everybody (Backstreet`s Back)Please Don`t Go GirlAs Long as You Love MeHangin` ToughLarger Than LifeI`ll Be Loving …
This vinyl wall decor features the phrase ‘I love you to the moon and back again’ and includes a moon, a cutie owl and 42 star decals. This vinyl set is great for a nursery or a child’s playroom and it makes a wonderful gift.
While trying to move up in rank on the streets of Flint, Michigan, Malek deals with jealousy on his own team, while Halleigh discovers that the people holding her back might be the same ones that can help set her free.
This T-back top from Ojai Clothing will make another stunning addition to your wardrobe with its light and airy construction. In a kiwi coloring, this women’s top features a burnout design.
This T-back top from Ojai Clothing will make another stunning addition to your wardrobe with its light and airy construction. In a coco coloring, this women’s top features a burnout design.
This nostalgic look back through Sesame Street history includes a classic rendition of “It`s Not Easy Bein` Green” performed by Ray Charles and a chorus of Muppets, as well as a performance from opera singer Placido Domingo. Long-time fan-favorites Ker…
Matching folio to the first Backstreet Boys release in nearly five years. 11 songs, including: Incomplete * Just Want You to Know * Lose It All * Weird World * and more.
Laptop case made of lightweight, rubber-backed microfiberBond Street laptop bag is an expandable, two-gusset briefcaseDurable business case will retain its attractive, durable features
Capcom`s STREET FIGHTER vaults back onto the screen with this film from director Andrzej Bartkowiak (ROMEO MUST DIE). Fanboys can start drooling now over SMALLVILLE`s Kristin Kreuk in the role of high-kicking heroine Chun Li, while Neal McDonough, Chri…
Disc 1:Come HomeHeavy on My MindOutside Woman BluesGotta LeaveStayToo LateTakes a Real ManIt`ll All Come AroundToo Good for MeRoll AwayReal Man – (Bonus Track)
PetStairz low impact foam pet stepsStairs enable your pets to navigate furniture, beds, and window sills with easeFoam covered pet accessory helps prevent back, neck, and joint erosion
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While trying to move up in rank on the streets of Flint, Michigan, Malek deals with jealousy on his own team, while Halleigh discovers that the people holding her back might be the same ones that can help set her free.
1979 was a busy year for Irish guitarist Gary Moore, who after years of seemingly aimless wandering across the musical landscape (including a flirtation with jazz-rock fusion while fronting G-Force) simultaneously re-launched his long-dormant solo career and became a full-time member of Thin Lizzy. Moore had originally agreed to help his old partner in crime Phil Lynott only temporarily, while longtime Lizzy guitarist Brian Robertson recovered from a broken hand incurred in a barroom brawl. But due to Robbo’s increasing unreliability, Moore was persuaded to stay on and record Lizzy’s Black Rose album in exchange for Lynott’s help in shaping his own solo effort, Back on the Streets. And a good trade it was, too, as with the exception of the title track’s gutsy hard rock, Lynott’s singing and songwriting contributions wound up providing the album with its most coherent and satisfying moments. These included the highly amusing “Fanatical Fascists,” a mellow reworking of Lizzy’s “Don’t Believe a Word,” a whimsical acoustic ballad called “Spanish Guitar,” and the simply exquisite Moore tour de force “Parisienne Walkways.” Unfortunately, these are rudely interrupted by a number of misplaced instrumental fusion workouts (no doubt G-Force leftovers) and a terribly saccharine ballad called “Song for Donna.” Half winner, half dud, the album would at least serve notice of Moore’s rebirth as a solo artist, and he would show marked improvement on his next album, Corridors of Power. ~ Eduardo Rivadavia, Rovi
{^Back on the Streets Again} is perhaps the definitive {$Big Mike Griffin} album, a record that showcases his knack for idiosyncratic guitar, soulful vocals and skewed humor. Most of the album consists of originals, with a few great covers — {&”Driving W
While trying to move up in rank on the streets of Flint, Michigan, Malek deals with jealousy on his own team, while Halleigh discovers that the people holding her back might be the same ones that can help set her free.
Irish rocker Gary Moore has always managed to exist somewhere in the netherworld of blues, pop, and hair metal. His enviable guitar chops helped him carve a career as a reliable sideman for everyone from Thin Lizzy to Rod Argent, but by the time he became immersed in the scene he’d developed a serious songwriting bug. Back on the Streets: The Rock Collection captures the heavier side of Moore through 12 cuts culled from his solo releases in the ’80s. Moore’s pop sensibilities become apparent on the opening track, 1985′s “Out in the Fields,” which features guest vocalist Phil Lynott embellishing one of Moore’s most memorable melodies. What follows is an often frustratingly by-the-books tutorial on anthemic hard rock posturing. There’s the obligatory “Eruption”-style intro to “Murder in the Skies” and a slick, power ballad version of the Yardbirds classic “Shapes of Things.” One of his best cuts, 1987′s thunderous Celtic romp “Over the Hills and Far Away” — not the Led Zeppelin song — has been sadly omitted, leaving room for forgettable live renditions of “Wishing Well,” “Wild Frontier,” and “Back on the Streets.” Speaking of Led Zeppelin, the real highlight of The Rock Collection is “Led Clones,” a brilliantly executed parody of mid-’80s Zeppelin wannabes Whitesnake and Kingdom Come, set to a thunderous “Kashmir” backbeat with a searing lead vocal from Ozzy Osbourne. ~ James Christopher Monger, Rovi Performers: Ozzy Osbourne – Vocals; Phil Lynott – Vocals
Little Milton made his last batch of great studio recordings for the legendary Stax label during the early ’70s, releasing the studio sets Waiting for Little Milton and Blues ‘N Soul, live outings like What it Is, and a clutch of excellent 45s. Walking the Back Streets, released years after his stint with the label had ended, gathers cuts that didn’t appear on the full-length albums. For his backing band, Stax provided linchpins from their typically excellent pool of session players. These included guitarists Michael Toles and Bobby Manuel, drummer Willie Hall, keyboard player Lester Snell, and, of course, the Memphis Horns. Though Milton failed to offer a great deal of fresh material during the period, this was hardly a problem, as the singer has always been an exceptional interpreter of the blues in general. Most of the songs selected here are excellent vehicles for displaying both his vocal and guitar prowess. The title track, a slice of smoldering blues driven by exquisite musicianship, still stands out. Not many instrumentalists are capable of deferring to a frontman and displaying ample chops at the same time, the way Manuel, Toles, and Snell are here. The mix enhances this fact perfectly: the rhythm guitarists split between left and right channels, Snell in between but set back in the spectrum, and Milton himself slicing away up front. The band slip into smoky blues funk on the excellent “Somebody’s Tears,” while “Open the Door to Your Heart,” “Letter Full of Tears,” and “Bet You I’ll Win” all capture the singer in a soulful mood. An excellent set. ~ Nathan Bush, Rovi Performers: Bobby Manuel – Guitar; David Weatherspoon – Bass; Lester Snell – Keyboards; Little Milton – Guitar, Vocals; Michael Toles – Guitar; Willie Hall – Drums; Willie Murphy – Bass
1979 was a busy year for Irish guitarist Gary Moore, who after years of seemingly aimless wandering across the musical landscape (including a flirtation with jazz-rock fusion while fronting G-Force) simultaneously re-launched his long-dormant solo career
Texas singer/songwriters tend to be a hardy breed, and Joe Ely is no exception; more than 25 years after he released his first album, the man remains a potent honky tonk poet following his own muse. Streets of Sin, his first studio set in five years, finds him paring back his sound much as he did on Letter to Laredo (though with a subtle but strong electric edge and a willingness to periodically up the tempo), for a collection of songs about people struggling along life’s margins — a family struggling to hold together a failing farm (“All That You Need”), a veteran carny drifting from show to show (“Carnival Bum”), a gambler desperate for a winning bet on a horse (“Run Little Pony”), and the people of a small town desperate to beat their retreat before a flood swallows their homes (“A Flood on Our Hands”). With the exception of two songs from Ely’s gifted friend Butch Hancock, Ely wrote all of the material on Streets of Sin, and the disc has a thematic unity and musical consistency that’s confident and compelling in its tightrope walk between emotional strength and the fear that collapse lurks around the corner. While it’s a smart and ambitious album, Streets of Sin also finds Ely occasionally repeating himself and treading water in territories he’s explored with more energy and fresher vision in the past. But while this isn’t quite top-shelf Joe Ely, it still captures a superb singer and songwriter doing his work and doing it well, and if it isn’t a masterpiece, anyone who has found something special in his work in the past will find some moments to revel in on Streets of Sin. ~ Mark Deming, Rovi Performers: Chris Searles – Cymbals, Percussion; Joel Jose Guzman – Accordion, Organ, Keyboards; Rob Gjersoe – Resonator, Dobro, Guitar (Electric), Guitar (Acoustic); David Grissom – Guitar (Electric); Gary Herman – Guitar (Bass); Joe Ely – Harmonica, Vocals, Keyboards, Guitar (Electric), Guitar (Acoustic), Percussion; Rafael Gayol – Drums, Percussion
Dog the Bounty Hunter and his crew return for more high-stakes adventure in the special collection, Dog The Bounty Hunter: Taking It To The Streets. In four action-packed episodes of the A&E hit reality series, Dog, Beth and the Chapman clan track a meth dealer and his pregnant girlfriend through the high plains of Colorado, then it’s a dangerous trip to Hawaii for the pursuit of a dangerous fugitive that will lead them through the jungles on their way to a midnight raid. Next it’s back to Colorado, where Dog squares off with a family determined to protect a runner with more than a decade’s worth of trouble with the law. Finally, Dog masterminds a risky hoax involving the felon’s family in an attempt to bring him to justice. Episodes include: The Ice Man, Trouble In Paradise, Mano-a-Mano andThe Comeback Kid.
Although Chicago tragically marked its decade anniversary with the bitter loss of lead guitarist Terry Kath, Hot Streets (1978) was not only the first release without him, it was also the band’s initial offering away from James William Guercio — with whom the group had worked on every one of its previous dozen long-players. Donnie Dacus (guitar/vocals) was brought in to fill Kath’s formidable shoes. His maiden voyage would likewise mark the beginning of a downward spiral in terms of the string of hits that was usually associated with Chicago albums. Both the upbeat and pumping opener “Alive Again” and the typical adult contemporary balladry of “No Tell Lover” became their last Top 40 hits for nearly four years. Phil Ramone’s production gives the material an added and noticeable bite. The Peter Cetera (bass/vocals) rocker “Little Miss Lover” recalls the band’s earliest sides by blending an aggressive backbeat with a funky and soulful rhythm. “Gone, Gone, Gone,” the disc’s other Cetera contribution, also stands out for Dacus’ spot-on slide guitar intonation, which mimics a similar style used most notably by George Harrison. Although it failed to chart when extracted as a single, Robert Lamm’s (keyboards/vocals) “Love Was New” is one of the more jazz-influenced tunes on Hot Streets. The laid-back groove effortlessly carries the melody behind a fusion of light rock and contemporary jazz. The 2003 CD reissue includes an additional “bonus selection,” a second version of “Love Was New” with an alternate lead vocal from newcomer Dacus. The rapidly changing pop music landscape, whose horizons would embrace disco and new wave, would all but abandon Chicago for the group’s next few albums. Although the band attempted to adapt to the trends, it would be four LPs and four years before Chicago would re-emerge in full form on its comeback, Chicago 16 (1982). ~ Lindsay Planer, Rovi
On Mercy Streets, vocalist Kate McGarry seamlessly combines music from many disparate sources into a cohesive, emotional experience. “Mercy Street,” written by Peter Gabriel, is a solid display of her folk-pop sensibilities in an arrangement that clearly sets her version apart from the river of reworked pop hit arrangements. McGarry’s vocal style is soft, subtle, and sensitive, and provides a welcomed textural contrast and stylistic variety to “State of Emergency” and “Whatever Lola Wants, Lola Gets.” This is not a typical folk-jazz offering. With contributions from pianist and labelmate Fred Hersch on two tracks, the music is sometimes carefully deconstructed and put back together, now including elements of jazz and versatile drums and percussion from Kenny Wollesen. Overall, Kate McGarry has amazing articulation and offers an effective set that bridges the sonic chasm between folk-pop and jazz. ~ Paula Edelstein, Rovi Performers: Fred Hersch – Piano; Kate McGarry – Vocals; Keith Ganz – Guitar (Acoustic); Kenny Wollesen – Percussion, Drums; Sean Smith – Double Bass, Bass; Steve Cardenas – Guitar (Electric), Guitar (Acoustic)
Duvallllllll, we take you through the streets of Jacksonville, down the back roads of Huntsville. Through the city of Augusta the golf capital of Georgia. Rollin through the streets of KY for the Derby, taking a stop in Laurel, Mississippi. Head down sout
AN ORPHAN ON THE STREETS: After a night on the streets, Three Hairs looks for work wherever he can get it; he polishes shoes, picks garbage and even sells newspapers, but finally decides to give up. He puts a ‘For Sale’ sign on his back and goes looking
This Sundance Film Festival award winner, focuses on a troubled teen trapped by the city, planning for the day that he can make a new life with his uncle in New Mexico. Just when he is on the verge of realizing his dream, a stunning turn of events creates a dark vortex that threatens to pull him down…unless he can engineer his escape. ** PLEASE NOTE: This product is manufactured on demand using DVD-R recordable media. These discs are expected to play back in DVD video Play Only devices and may not play back in other DVD devices, including Recorders and PC Drives.**
A crippled orphan, Fellows, turns to fatherly Carrillo for moral and material sustenance. Carrillo sells his store to pay for an operation for the paralyzed Fellows, becomes impoverished, and eventually loses her to the state. Carrillo strives to regain her, accomplishes the feat, but dies of an illness contracted while fighting for her release. ** PLEASE NOTE: This product is manufactured on demand using DVD-R recordable media. These discs are expected to play back in DVD video Play Only devices and may not play back in other DVD devices, including Recorders and PC Drives.**
What’s the first thing that enters your mind when you think of MIT, the world-renowned Massachusetts Institute of Technology: engineering genius, mathematical wizard, visionary, geek, hacker? If you chose any one of those, you would be correct. Mix them all together, add some smoke and mirrors, big-time anonymous investors, a dash of anarchy for good measure, and you get one of the best scams of all times–the MIT Blackjack Team–the ultimate in high stakes, genius-backed hacking! Infamy is nothing new to MIT. Some of the world’s wiliest hackers hailed from the hallowed halls of MIT; but when one gifted math professor and six gifted students banded together, they propelled organized hacking to dizzying heights and snookered organized gambling to the tune of millions! That was sweet music to the ears of millions who have left behind small fortunes in their quest to beat the casinos.
After school club
The MIT Blackjack team began as an after-school club held in campus classrooms where students assembled to apply their genius to card games, unwind (at least, by MIT standards), and have fun. The club eventually evolved into serious business. The team set up a complete underground system of casino mock-ups spanning apartments, warehouses, and classrooms scattered across Boston where they worked diligently to perfect their scheme. Before advancing to live play in the casino, each player had to pass a rigorous battery of tests encompassing all of the roles under simulated casino conditions, including distraction and harassment. Still, they were not ready for the big league until further honing their skills in Boston’s Chinatown before heading to Las Vegas.
Card Counting
Card counting, the heart of their system, is a proven winning technique. Blackjack odds offer the one opportunity for those with skill, dogged determination, and discipline to consistently beat the house. The casinos know that Blackjack is vulnerable (that smart, disciplined players actually have a fighting chance of winning), and that is why they ban the big winners and harass and threaten potential big winners.
Casino management further understands that it takes only one or two mistakes to turn a player’s winning system into a house win, and that is the only reason that they tolerate card counting–until it turns against them. They rely on human frailties, such as lack of discipline and distraction, to return the advantage to the house.
The MIT team used card counting as the foundation of their system; it was only one among a number of tools in their magical tool box, and even then, it wasn’t traditional card counting. It added a high-low system, based on the statistical probability of receiving high or low cards, and they added an additional technique for cutting the cards that further skewed the odds in their favor.
Team members traveled together, seemingly as total strangers. Each assumed one of a number of well-crafted fake identities, the teams included several types of players, each member playing a well-defined role. Anonymous investors provided the stake and expected a return on their investment. One such outing netted a 154% ROI after expenses. Transporting huge amounts of cash back and forth was another obstacle they overcame with ingenuity. Cash traveled in every conceivable manner: strapped to bodies, on “mules,” in hollow crutches, just to name a few.
High Tech vs Low Tech
Their reign spanned a good part of the 1990s when they traveled the casino circuit with total abandon. Their $400,000 winning weekend in Las Vegas is legendary. Casino technology was not yet at a stage where it could match wits with MIT genius. At least, it had not made its way to practical application in Las Vegas, Ironically, it would be low-tech sloppiness that brought the team down in the end.
The casinos had learned to deal with the card counters long before the MIT pikers hit the scene. When they identified a card counter, they would ensure that his play at the tables was a living nightmare, and should the card counter take the house for a large sum, they would immediately ban him. Technology in the 1990s had matured to a point where bad news traveled fast. When the card counter was detected at one casino, it became nearly impossible to escape detection at any other casino.
Profiled MIT Blackjack Team
Las Vegas casino bosses relied on a long-established profile of the Blackjack card counter, but since the MIT team ran counter to the profile, that also worked in their favor, helping them to escape detection. The profile assumed one lone card counter. The team’s nonchalant, seemingly random style of play also ran counter to the profile. But they were crazy like foxes–until they were no more.
Finally, sloppiness brought them to their knees. Eventually, they lost their discipline and their cool; the well-oiled machine built with the precision of a Swiss watch began to fall apart. They began to fraternize, and not just with the usual Las Vegas temptations, but with each other–in public. A total chance spotting of the teams relaxing and playing at a Las Vegas pool blew their cover. The tale of their unraveling wound its way back to the back streets of Boston before they finally disbanded. The odds had finally turned against them, and the stakes were far too high for even the geniuses from MIT.
The last remaining team player was escorted from the table with the parting words, “You can’t play here. You’re too good for us.”
Blackjack Team in the News
The tale of the MIT Blackjack Team doesn’t end with its demise. ABC, CNN, History Channel, and CBS’s 60 Minutes all picked up the story. Bringing Down the House : The Inside Story of Six MIT Students Who Took Vegas for Millions (Simon & Schuster Adult Publishing Group, 2002), by Ben Mezrich, chronicles the escapades of the team from its inception to the end of the line through the eyes of team member, Kevin Lewis (not his real name). One enterprising former member currently offers seminars based on the system.
The final irony has yet to play itself out. Kevin Spacey is producing the movie version of the book, due to be released by MGM sometime in 2006. One has to wonder if the movie will help MGM recover its losses to the MIT Blackjack Team.
