WSJ--During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007, Terrance Watanabe managed to lose nearly $127 million.
The run is believed to be one of the biggest losing streaks by an individual in Las Vegas history. It devoured much of Mr. Watanabe's personal fortune, he says, which he built up over more than two decades running his family's party-favor import business in Omaha, Neb. It also benefitted the two casinos' parent company, Harrah's Entertainment Inc., which derived about 5.6% of its Las Vegas gambling revenue from Mr. Watanabe that year.
Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the casino company bears some of the responsibility for his losses.
BANZAI7 NEWS--During a decade-long securitisation binge Wall Street investment Banks managed to lose $Trillions.
The run is believed to be one of the biggest losing streaks in history. It devoured much of the US Treasury's fortune.
Today, Wall Street and Washington are fighting over another issue: whether the Federal Reserve Bank bears some of the responsibility for its losses.
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