I gotta ask some questions that jumped out at me as I read this article ….
But, first, I loved the blog post. And it had some insightful statements.
And of course, I agree that lotteries are conducted by terrible politicians who are lazy and want quick fixes to their overspending problems.
OK to the questions raised,
1) “When did scamming become ethical?”
2) Is a meager 2.8% rate of return on investment truly an indicator of ‘intelligence?’ NOTE: that did not include costs from what I read ….
And why is it OK for MIT syndicates to con the taxpayer, but it is despicable for the state to do so? Isn’t that a double standard?
I think it should be unethical and despicable for anyone to cheat and steal from anyone ….
On one level, I love this story, for it confirms what I have been arguing for over a decade. State lotteries represent an unethical capitulation of governments to laziness, cowardice and greed, as they choose emulate casinos to entice the poor, desperate and stupid to give away their money rather than do their duty and make hard political choices about taxes. The inherent corruption this engenders was beautifully demonstrated by the lottery scandal recently revealed in Massachusetts.
A group of science and math whizzes, many of whom had MIT credentials, formed a gambling syndicate to beat the lottery, and did, generating almost $8 million in winnings after exploiting a flaw in the lottery rules to execute a system that virtually guaranteed profit. Their domination of the lottery continued over seven years, and was known about by lottery officials, who did nothing. Why? Because the money was coming in, and they…
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