News Analysis: The Senate of Bermuda voted to allow for three Gaming Establishments on the island. First one would be built, then the next two would follow. During the Senate debate, the question of strengthening the proposed Casino Law to preclude miscreant behavior was suggested by some Senators. The other Senators thought such negative activities were covered already in Bermuda’s Criminal Code. The “Smell Test” sought, was dispensed with by the majority.
It is interesting for International Businessmen, of which Bermuda has many, to note that the “Free Market Place” is hardly such. Bermuda Is To Have Casino Gambling; “Smell Tests” Are Not Required [Due To Sea Breeze]?
Internationally, there will always be the lurking “Shtarkers” who want to take advantage of the “Freiers” in all economic activities; the London Interbank Offered Rate (LIBOR) Scandal is just one example. Another example is the “Afternoon Gold Fixing Rate” in London.
One can find many examples of Accountants, Arbitrageurs, Bankers, Brokers, Fund Pool Managers, and others looking to ways to “Game the System”; the ‘Morality of the Marketplace” currently being a giant ‘Sinkhole’. “Smell Tests” can be very helpful to the Wise.
One should realize that while the aforementioned activities are actual, the adage to those who want to enter this melee is: “If you are afraid of receiving ‘fast ball pitches’, do not get up to the ‘plate’ to bat.”
Smart International Businessmen always ‘Sleep With One Eye Open”.