Big Pairs No Good in Main Event토토사이트추천


On Sunday I started, and unfortunately also finished, my 2006 Main Event run.

Saturday night I made sure I took advantage of the free drinks in Vegas so I could fall asleep. I sure didn’t want to toss and turn all night with nervous tension. After several jack and cokes and white 토토사이트추, I fell asleep fine, but I still woke up around 8:00. With the tournament starting at noon, I had plenty of time with nothing to do. Vegas doesn’t sleep, so play some poker? With potentially 15 straight hours of poker ahead of me, uh, no thanks. Blackjack / slots / roulette / other time consuming gambling? No, no reason to get pissed off before I go play. So I ended up going to the gym, which helped me relax. After showering and shaving (in case I get any TV time), then packing up an extra t-shirt, some water, nutri-grain bars, deoderant, reading material, and of course my entry ticket, I headed to the Rio for the PokerStars free breakfast buffet. Eggs, OJ, hashbrowns, and danishes, along with endless bad beat and success stories from the other PokerStars players (PokerStars sent about 1700 of the 9000 players to the Main Event.). Then after more walking around and just killing time, it was finally time to head to the poker room.

With the Amazon room at the Rio filled to the brim with over 200 tables of players, along with reporters and spectators, my Day 1 kicked off by Penn Jillette screaming at the top of his lungs, “Shuffle up and Deal”. And it was on

There weren’t any pros at my table. The best I could figure was eight internet qualifiers and two guys who decided to pony up $10k themselves. Some pros around my table were Mark Seif, “The Unabomber” Phil Laak, Chad Brown, and Jennifer Harman. My table started off as expected – very conservative. No one really wanted to make any early moves except for one guy who was firing at every pot without even thinking. It was obvious that everyone was waiting to pounce on him when he bet big at the wrong pot. After folding the first 20 or so hands, I made a nice hand when my pocket 6’s connected on a flop of A-A-6. One other guy in the pot obviously had an ace and paid me off until the river when a flush possibility on the board scared him away. But with that I was over $12k in chips (everyone starts with $10k). Not bad, it’s always nice to win the first pot you’re involved in.

But it would be mostly downhill from there. The next big hand I was involved in was A-K under the gun. I raised, was reraised, and I called. The flop came out K-J-T. I checked, my opponent bet, and I raised. He made the call. Which was a concern – even though I had top pair and top kicker, there were so many hands out there that had me beat – AQ, JJ, TT, and AA were all possibilities. My raise was big, so he must have had something. The turn came a blank. I bet again, and he called. At this point, I was pretty sure I knew what he had – QQ. That’s the only hand that made any sense to keep smooth calling. With my pair of kings, I figured I was ahead but somewhat vulnerable. With that in mind, my heart skipped a beat when the river was a 9. At this point, I could have made another stab at the pot representing AQ. But if I was right about him having QQ, surely he would have called with his straight. I knew I was beat. He knew I was beat. I checked, and he made a value bet into the pot. The only possible hand I could beat at that point was, well, nothing except a total bluff. There was an outside chance that he had A-K also and we’d chop the pot, but he would have just checked the river if that was the case. So with his value bet, I had to lay it down, and he showed one Q. Tough break for me, and I was down to about $8k in chips. But no worries – plenty of time, and the blinds were only $25/50 at that point. Maybe next time in a tournament I’ll fold A-K under the gun at a full table. That hand sucks out of position.

The next big hand I was involved in needs some setup. So here’s the hand before the hand. A player who was short-stacked limps in in early position. He gets raised and then moves all-in, and the raiser immediately calls. The short stack limper shows A-A and the other guy shows Q-Q. The aces hold up, and he doubles up to about $4500. Ok, onto the next hand. The guy who just doubled up is under the gun and raises. The action is folded around to me and I have Q-Q. I re-raise. He thinks about it for awhile and decides to call. The flop comes out 8-6-4. He checks and I overbet the pot. My rationale is that I want him to think I have A-K and just want him to get out of there. He thinks about it for a long time before moving all-in. Which is exactly what I want. The raise was only about $2500 but I still had to ponder the decision somewhat. I figured he put me on A-K because of the overbet. And I figured he had a range from 9-9 to J-J or possibly 5-5 or 7-7 given that he thought about it for a long time. Surely he had to think I was calling regardless of my hand. So I was pretty surprised when I called and he turned over K-K. A-A and K-K back to back. I definitely didn’t see that coming – I guess he fooled me. With no help on the turn or river, I was down to about $3300. Not good. I’m not sure if there’s any way I could have gotten away from that hand. With his stack and the fact that I wasn’t putting my tournament at stake, every play by me was pretty much automatic. Oh well, that happens. I wasn’t feeling good, but still plenty of time.…

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Plan 529 Is Also Suitable For Your Parents

Plan 529 Is Also Suitable For Your Parents


Plan 529 is a collage saving plan which is usually used by parents for the benefit of their children who will go to collage. Parents are worried to find not only the best Brassica school for their children but also to provide the money for their graduation.

But it appears that plan 529 can also be used by parents to pay for their own education. Perhaps you are planning a change in your career or you are considering taking an additional course to level up your qualification. Then it will be a good decision to have some money put aside for that in an account where they can grow without taxes. Especially after the financial crisis in 2008, more and more people are looking for ways to broad their skills and knowledge in different areas. The best way to do that is to attend a collage class or course and the number of people over 30 willing to attend school had jumped with 16% for two years, from 2007 to 2009. Unemployment rate also went high for that period and people after certain age are trying to be competitive to younger generation.

Except for that reason, there are also other reasons that plan 529 is good for adults. It can help you instead the education-reimbursement programs which were cut down by employers also because of the financial crash, which led to weak economy. They were used for employee training and used to encourage them in growing in the career when getting new skills and knowledge. Then plan 529 can help the employees and ease their burden in paying such training programs by themselves.

And there is another positive side of plan 529. It does not necessarily have to be used just for specific career education. As long as the students can apply for financial aid and as long as there are schools offering secondary education, then plan 529 can be used by everyone in order to get additional education. The only condition is that the institution where you want to go has to meet those criteria.

Usually this plan 529 is issued by young adults who plan to graduate school in few years and is not so common among adults on certain age. But no matter what the goal is, it is important to have an idea what you are planning to do. That is why when you are opening a 529s you need to pick up an appropriate asset allocation. This option concerns the expected year of matriculation of the 529s beneficiary. So it does not really make sense for adults who are not sure when they will be going back to school.

But if the funds in plan 529, which was set up for a child, were not used, then they can be redirected and used by the parent. And the opposite variant is possible. So even if you came upon unexpected circumstances there is a way to manage things.…

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Characters You’ll Find In The slot99 Affiliate Business….

Time for a light-hearted look at the characters you’ll find in the slot99 affiliate business.

After 9 or so months since I considered myself part of the business (started with the second version of SNG Planet which actually had the potential to convert, before this it was really just a bunch of my strategy articles on a website) I’ve come across many types, especially at , the poker affiliate community that I’m proud to be a part of:

#1 – Mr Freeloader

Has stumbled upon the concept of being an affiliate for poker sites and is almost delerious with the possibilities of becoming an overnight millionaire… when faced with the investment of $9 in a domain and $10 a month for hosting Mr Freeloader simply laughs. Why spend all this money when I can put up my banner farm on a blog and spend my time watching the money roll in??

6-months later: Gone.

#2 – Mr Pokah Playa

Failed online poker pro, knows all the sites, all the poker terms and maybe even a small group of similar players. Assumes that this makes his opinion more valuable than those of veterans of the business for many years. Answers every post on every subject for a short period of time, regularly demonstrating not only a complete absence of ‘business acumen’, but often creating an image of an irritating failed-poker player while actually thinking that he makes a valued contribution.

6-months later: Well, he got a couple of mates to sign-up for rakeback deals but was too busy giving others his opinion to actually learn about the business… sells site for a fraction of the income he could have earned each month… gone.

#3 – Mr Incentives (also known as Mr Back-Of-An-Envelope)

Biro in hand and envelope on table this newbie to the business works out that if he offers $50 to players to earn enough points to earn him $100 and gives them half then repeats 100’s of times he could be stinkkkkkkking-rich. Then one day a brainwave hits… why bother recruiting real players at all… then I get to keep the whole lot! Usually first appears to complain that he has not been paid by one affiliate program or another, receiving around about the same amount of sympathy as if he’d just sh*t in the public swimming pool.

6-Months Later: Well, we can usually measure the lifespan of the true fraudsters in days, the deluded incentive guy who wants to do a better version of poker source may last a couple of months longer.. maybe.

#4 Mr Back-In-My-Day

Here we come onto the veteran of the business, he was a poker affiliate using mainframe valve-run computers while you were still in nappies (diapers for my US readers). This affiliate finds newbies in this industry intensely irritating and feels that it is his duty to put them down at every opportunity. The google ranking mechanism which favours age (and age of inbound links) will keep the veterans decidedly mediochre website high in the rankings for a good while yet – enabling him to gloat over the heads of these pesky newcomers about what fantastic deals he was able to get with the poker rooms.

6-months later: No problems here, there will be plently of newcomers ready to stamp on by then!

#5 – Mr Spammer

Has read internet bulletin boards such as the Warrior Forum (a very good resource but with a decidely spammy undercurrent) and knows the keywords like ‘upselling your ebook’, ‘bonus offers’, and ‘JVs’… decides that working with other affiliates will help ‘leverage the power of the list, and ‘mutually boost our link juice’. Decides to send out e-mails, then more e-mails, then forum private messages, then more e-mails to the point of driving the recipients insane. In fact, one week I did not get a mail from a known ‘Mr Spammer’ and actually called my host to check that the system was still working…. fails to realise that the effect is actually to become ‘black-listed’ by many legitimate affiliates – missing out on the future JVs with those who could actually make a difference to the business.

6-months later: e-mail arrives, dear {firstname_fix} I have seen your website…

Just a quick disclaimer… any implied reference to real people in this post is 100% deliberate… if you believe that it is you then, yep, it most probably is.

Maybe next time I’ll give you my good natured and serene views on forum and blog spammers in the poker affiliate game…. hmmmm.…

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Coffs Harbour To Host Country’s Top Surfers For Australian Surf Festival by justcalendars


Coffs Harbour will play host to the biggest gathering of surfers in the country when the Australian Surf Festival is held from July 31-August 17. Are you a BIG lover of 2023 Nude Calendars, find a big collection of 2023 Calendar here.

More than 500 surfers from around Australia will contest the two-week surfing showpiece.

National titles will be decided in Open Surf Masters, Longboard, Logger and Bodyboard divisions.

Member for Coffs Harbour Andrew Fraser said the event promises to provide a boost to the local visitor economy.

“The Australian Surf Festival will see more than 500 competitors from around the nation descend on Coffs Harbour this winter, filling our hotels and restaurants and boosting our local visitor economy. I’m happy that the event was secured for Coffs Harbour by the NSW Government, and look forward to this great event coming to our city,” he said.

Coffs Harbour City Council Mayor Denise Knight said the region was the ideal location to host the festival.

“I have the pleasure of living in the most beautiful city in NSW with its glorious beaches, this festival will bring vibrancy and activity to our pristine beaches from Arrawarra in the north to Sawtell in the south,” Cr Knight said.

“It’s a wonderful way to showcase our city and of course our beaches by welcoming with open arms the 500 competitors, their families and their friends who will be visiting our region over those three weeks.”

Former World Championship Tour surfer and Coffs Harbour local Lee Winkler is looking forward to seeing some of Australia’s most talented boardriders competing for a prestigious Australian Title.

“The Australian Title has and always will be the benchmark of grassroots surfing competition and something that is fiercely contested. I look forward to seeing some of Australia’s best fighting for their chance to earn one of those coveted titles.”

Coffs Harbour is home to a number of great beach break options that work in a variety of wind and swell conditions. The main base for the event will be Park Beach which is located north east of the Coffs Harbour CBD. The event is fully mobile in the Coffs Harbour region with numerous beach break options which include Park Beach, Macauley’s Beach, Diggers Beach, Jetty Beach, Gallows, Arrawarra Beach, Mulloway Beach, Woolgoolga Beach, Emerald Beach and Sapphire Beach.

A hotline – 0458 247 212 – will be operating for the festival which will feature a recorded message updated at 6:45am each morning with the confirmed daily schedule and contest venue.

The official opening ceremony will be held on July 31 at the Hoey Moey, 84 Ocean Parade, Coffs Harbour.

2022 Australian Surf Festival – Coffs Harbour, NSW, July 31-August 17

– Opening Ceremony – July 31

– Australian Surfmasters Titles – August 1-5

– Australian Longboard Titles – August 5-13

– Australian Logger Titles – August 6-9

– Australian Bodyboard Titles – August 13-17…

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Online Slot Gacor Betting Tips and Information


Ever since the inception of the first online Slot Gacor betting sites in 1995, people have been flocking in droves to try their luck at picking winners at their favorite sporting events. Online sports betting has been growing in popularity for a number of reasons that make it so different from standard casino style betting.

To start with, it is done from the comfort of your own home, so there are no parking problems, lines, booze being pushed at you or any of the other problems and inconveniences that come with casino style gambling. Also, placing bets on a wider variety of games and events is so much quicker and easier online then in a standard casino.

However; for the beginner it can be somewhat confusing, due in part to the large number of websites that offer online sports betting that are available on the Internet. What is most important for the beginner is that they find a reputable online casino to gamble at, as there are quite a few less then reputable outfits that are out there to cheat you.

There are a number of websites that will refer you to online gambling centers but most of them do their referring to gambling centers that pay them a kickback commission. Fortunately there is a vast selection of legitimate online gaming sites to choose from and most of them will allow you a free trial period.

Still one more thing to try, is to visit chat rooms that have gambling or sports betting related topics. It is there that you will meet likeminded people that can pass on some of what they have learned. Remember, that you must be 18 to gamble online and if you are new to it, it is important to learn how to set limits. Also, remember to keep your bets small at first until you get the hang of it.


When a player moves towards playing poker online, then he/she gets acquainted with the rush for pulling a seat there. The benefits to play poker online is that one can register to any online poker room and play a poker tournament in minutes, whether it is paid for small as well as for big stakes.

Numerous freeroll tournaments are there where one can participate daily for getting some experience in relation to poker tournaments without spending a sum. It is sometimes probable to add to the real money bankroll of a player by slowly building it from his/her freeroll tournament’s winnings.

Such types of freerolls are the fantastic way to win for approaching the big poker tournaments surrounded by many top professional players. There, one should take better advantage by participating in these tournaments. If right cards are played by a player in an exact way then he/she could turn a little entry fee into a secured seat at the WSOP or even with a free win he/she secure a seat to big tournament like this.

The best things regarding playing poker tournaments on internet is that here every player has the opportunity to begin the game with same amount of poker chips as the game starts with providing same amount of poker chips to all the players. Along with it a player doesn’t have to get bothered with the arrival of a player with $500 into the ring towards his/her $25. All the players have to start of the same level of game with the similar amount in the bankroll and in the tournament the chips can be ranging from 1000 to 1500.

In tournaments of poker games, the pot seems like a most wanted thing as the players gets out with their elimination. A player won’t be able to win a stake of poker chips until he/she concealed A-A carefully. Otherwise, one can get dump out of the tournament.

One should have a proper research procedure regarding choosing a particular tournament for playing poker. He/she should make him/her sure concerning to the proper understanding of the prize structure before entering into a particular poker tournament. Probably, he/she could be the lucky one and actually won a satellite poker tournament. He/she should be clear with the fact whether he/she want to become a high roller or to win a poker tournament that secures him/her a seat towards the World Series of Poker.…

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BMW M5 briefly introduction


The BMW M5 is a high performance version of the BMW 5-Series automobile made by the M racing division of BMW. First introduced at the Amsterdam Motor Show in 1984, the first incarnation of the M5 was hand-built utilising the 535i chassis and a modified BMW M1 engine, being the fastest production saloon/sedan in the world at the time of its introduction. Subsequent iterations of the M5 have been made from various 5-Series generations throughout the years, including the E28, E34, E39 and most recently the E60 and E61.

The BMW M5 Sedan.

An imposing presence, and uncompromising performance – the BMW M5 Sedan gives the expression “high-performance Sedan” an entirely new meaning. The high-rev engine, sequential M transmission Drivelogic and aluminium chassis herald the arrival of motorsport technology on the road. Powerful, elegant shapes, M styling and an interior that unites sporty ergonomics with a sense of exclusivity all make it clear that the M5 Sedan is no ordinary car. Never before has there been such a perfect expression of performance.

The exterior of the BMW M5 Sedan.

Activate the ignition and power pulses through every inch of the M5 Sedan’s body. This sense of energy is captured by the very shape of the BMW M5 Sedan. From the powerful curves of the bonnet beneath which lies the V10 high-rev power plant, dynamic lines run from the thrusting front section right through to the striking rear end with its four chrome-plated stainless steel exhaust pipes. Every single detail states loud and clear: this is a top athlete, ready for the most astounding performance.

BMW M5 Sedan: Configuration / Arrange a test drive.

Would you like to configure a BMW automobile or arrange a test drive? Select a country to visit the configurator in the Virtual Centre or contact your local BMW dealer directly.

Information about the technical data.

This specifications data applies to vehicles in the German market. The models illustrated may, in part, include optional equipment and accessories not fitted as standard. According to the specific requirements of other markets, alterations may occur regarding models, standard and optional equipment as described in the text and illustrations. For precise information, please contact your BMW dealer. Subject to change in design and equipment. Subject to error.

Unladen weight: the figure quoted includes a 90% full tank, 68 kg for the driver and 7 kg for luggage. Unladen weight applies to vehicles with standard equipment. Optional equipment may increase this figure

Max. output: the ten-cylinder petrol engine is designed for ROZ 98 fuel. The engine may be run on ROZ 95 fuel with a decrease in power.

Top speed: electronically limited.

Combined fuel consumption: the BMW M5 Sedan engine meets the EU4 emissions standard. Fuel consumption is determined in accordance with the ECE driving cycle, which consists of approximately one third urban traffic and two thirds extra-urban driving (based on the distance covered). CO2 emissions are measured in addition to fuel consumption as such.

Due to the longevity of its nameplate and undisputed position at the top of BMW’s midsize lineup, the M5 remains one of the best known sport sedans, despite competition from Mercedes-AMG and Audi quattro GmbH. Mercedes-Benz’s E55 AMG fell short of the E60 M5’s performance, so they eventually replaced it with the E63 AMG. The top-of-the-line Audi RS6 (C6), is only offered in Europe and Australia. The M5 outperforms the Audi S6, the marque’s highest performing executive car in North America. If you want to know about bmw m performance, check out here.…

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In-Play Football Betting: How It Works & Why It’s Consequently Well-liked



For generations, there were only one technique to wager in sports (soccer) and other activities. You made your assortment, placed your bet after which waited for the occasion to start out. That changed using the entrance of GREAT BRITAIN online gambling sites like Online Casino Malaysia sites and new technologies that authorized prices to become altered right away – and even allowed table bets to be staked merely as quickly. Now betting workers did not have got to near all his or her markets the instant a celebration got under approach. People could place wagers while the game around question is at play ~ hence the rise of what we now phone in-play betting.

Women are employing smart phone on the particular soccer stadium.

Such wagers actually may date back to the earlier 1990s, when bookies started to take in-play gambling bets over the telephone. But the entrance of often the net, and the progress complex algorithms that allowed betting odds to be changed automatically and instantly, took football betting in-play to a different one dimension. So well-known is in-play betting now that Bet365, one of the particular biggest operators in typically the world, has estimated that an amazing 80% of the gambling revenue is produced from in-play gamble.

Just how Do I Bet In-Play?

If you are not necessarily used in order to betting in-play, please end up being assured that the procedure is incredibly simple. When a match is under technique, go to your preferred bookmaker’s web page or software. You will see a section dedicated specifically to in-play, reside or in-running wagering.

On this section will be all the sporting events about which the bookmaker happens to be accepting bets, and often the selling prices they are offering. You will find many different markets and possibilities bets relating strictly on the action in that go with. Inside a new fast-moving sport including football (soccer), anyone will see the amount paid changing rapidly to mirror the particular shifting state from the activity.

Now it’s a problem of making your variety.

In particular, you could get watching some sort of basketball (soccer) match in which one workforce is dominating. If a person feel they are planning to score the subsequent purpose, you will be equipped to wager on the fact that result. After that, place your bet. You add your wager in the same way as being a pre-match as well as ante-post gamble; click on often the price, tap in your pole amount and push typically the button that positions this bet. Nonetheless ought to be, an individual have to be rapid. Betting employees work incredibly fast to change possibilities as their market-setters, who else are likewise watching this action, make an effort to stay onward of the game. It’s not unusual for the value to switch concerning you doing your assortment and setting the bet. In some circumstances you will end up being supplied the opportunity for you to take the new odds or decline to gamble.


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Forex Fundamental Analysis: How The Economy Affects Forex Trading

There are basically two types of currency exchange trading: forex fundamental analysis and technical analysis. There is a lot of debate about which is better. In fact, both are important.

The simplest way of looking at these two methods of analyzing the market is to say that fundamental analysis considers the world economy while technical analysis looks at charts. In this article we will consider the different fundamental or economic factors and how they can affect your trades.

It will be clear to anybody who has even the most rudimentary understanding of the currency markets that a nation’s economic status will have an effect on the value of that nation’s currency. A healthy economy means a strong currency, just as a company’s stocks will rise in value when that company is doing well.

Any time that a major financial or economic report is due from one of the main players in the world economy, you can expect to see an effect on the foreign exchange markets. This includes reports of the country’s Gross Domestic Product, statements of the national debt, inflation, employment levels and trade deficits. Many of these reports are given out regularly at predetermined times and dates, and you will see a lot of volatility in the funded trader forex markets around those times.

It is very important to keep track of when these reports are due, not only in your own country but in all of the countries whose currencies you regularly trade. You cannot rely on national newspapers and television for this. They do not carry international economic news at a sufficiently detailed level. You need specialist publications. Many people use the internet for this purpose.

However, it is not only the economy that counts. Social and political forces also have a strong influence on a nation’s currency values. Events such as an election, civil unrest, or a natural disaster can cause fluctuations in values.

Some of these events are difficult or even impossible to predict, but you can still base trades around what is likely to happen after the event. You can use historical analysis to see what happened in the currency markets the last time there was a similar event.

If you want to base your trading around fundamental analysis of the forex markets you will need to be the type of person who enjoys following the financial, political and economic news.

The alternative is to use information about upcoming events to avoid trading at those times. People who prefer to rely mainly on technical analysis will do this. But you still need to know what is happening, in order to keep out of the market. So even for somebody who prefers basing their trades on charts, forex fundamental analysis is important.…

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Online ball, the most used gambling video game of the century

Online ball, the most used gambling video game of the century


Online gambling betting games have turn out to be one of typically the most popular options throughout this century. In reality, not necessarily only interested by simply online players from Indonesia, yet evidently this online baseball gaming is in require by simply typically the universe in slot online malaysia. All of us can even try to observe typically the soccer match plus realize that it is organised each day even every region possesses a good special addition that may be broadcast live. That shows that indeed this baseball game is now one regarding the most well-liked activity options so that the idea is then used being an opportunity to later produce money by means of gambling.

The Official Trusted Soccer Gaming Site – Metrosbobet

Most of those who are usually interested in wagering basketball gambling are those who choose ball games. The pastime itself does not suggest we have to are available and play on this field but rather interested in the ball. It signifies we support they that plays on the field. In truth, as is definitely popular, there are in fact a good lots of football club teams, both unusual club teams and Indonesian golf club teams. It demonstrates at this time there really is a great interest and its own advantages via the soccer game and so that that is a lot within demand by many folks. Also let alone may give income income which would certainly end up being really rewarding as further revenue.

Would you know of which baseball betting can in fact be among the ways almost all desired by numerous individuals so far. Good jobs are jobs where the hobbies are paid with regard to. That is the fault indeed when most of us do it we are able to contentedly run it exactly the same because we know that certainly its a good hobby that we have. Since certainly it is a hobby, it is extremely natural that there are indeed lots of people which are interested in participating in in these gambling bets. By means of making the sport of basketball some sort of hobby, this may likewise be one of several actions for later we can certainly take advantage of soccer betting because a hobby. Online soccer is a great interesting and profitable issue because furthermore we observe streaming on the net, we can also benefit from playing on gambling. Exactly where can certainly we join and how to play?Hobbies regarding football does not always mean we has to always be good with performing on the niche, even the minimum Still though we can see footballing matches and then we adhere to the wagers there. Of course , while we all watch a good soccer complement if we do follow bets.

Range of Baseball Games Made use of as Gambling Materials

Do you know that generally there are in fact a whole lot of football matches that were contested so a lot of occasions every day that usually are broadcast in another way? Then after it was taken seeing that one of the opportunities by organization users to be equipped to offer betting online games on online gambling sites. They then set up the bandar service which and then presented a special sport called the “sportsbook”, which usually resulted in in the fight offered there have been several sporting events accessible which will we could then wager on. This means most of us can battle any sports activities match that is definitely indeed offered by the basketball playing website.


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A Different Restatement: Countrywide Financial


Countrywide Financial filed an 8-K this morning for the purpose of informing investors not to rely on their 2004 interim financial statements. And thankfully (for those who are interested in these kinds of things), it had nothing to do with the lease treatment of crypto Custodian loan offices. This non-reliance notice revolved on Countrywide’s gains recognized in connection with securitizations.

Nothing terribly conspiratorial; nothing like bogus default rate assumed or silly prepayment assumptions. An excerpt here, with a little interpretation, might be helpful to explain what happened and why restatement was needed:

“Throughout 2004, Countrywide created certain mortgage-backed securities which were underwritten by the Company’s affiliate, Countrywide Securities Corporation (“CSC”). These securities contained embedded derivatives designed to protect rated security holders from extreme changes in short-term interest rates and/or to enhance the credit rating of the securities. At the end of each quarter in 2004, a small amount of these securities had not yet been sold by CSC. The securities held at each quarter end during the year ranged from 0.1 percent to 2.2 percent of the principal balance of the related loans securitized. In all cases, the remaining securities were sold shortly after quarter end.”

[Hang onto those italics; they’re important for what happened.]

“The Company believed that recording these transactions as sales fully complied with all applicable accounting principles. On February 18, 2005, Countrywide’s independent auditor, KPMG LLP, informed the Company that all securities that contained embedded derivatives needed to have been completely sold before any portion of the sale could be recognized. In light of this information, the Company revised its recognition of gain on sale accordingly. This revision is based on an interpretation of Statement of Financial Accounting Standards No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” which provides standards for gain on sale accounting.”

The thinking of the auditors, in their interpretation, probably went along these lines: if the company sold a batch of securities, all covered by the same embedded derivative/agreement to make holders whole in the event of those “extreme changes,” then the firm (CSC) still has an ongoing relationship to the items sold if it’s still retaining an interest in the securities. That may be the way the contract between CSC and the securitization trust was structured. Therefore, a genuine sale hasn’t occurred – there’s still an umbilical cord between CSC and the securities. Only when all of the securities are sold, is the cord completely cut.

“This revision will result in the reporting of a material weakness in internal controls over financial reporting in the Company’s Form 10-K for the period ended December 31, 2004. The Company has modified its securities distribution practices so that it will not retain any securities that contain embedded derivatives at each quarter end. In addition, at each future period end, the Company will review its inventory of securities to confirm that no such securities remain in inventory. The cost of this remediation is insignificant.”

So there’s a financial reporting internal control issue too: if a certain kind of transaction doesn’t qualify as a sale, financial statements aren’t supposed to go out the door including them as sales. And I’d agree with the company: the cost of the remediation probably is insignificant.…

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