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The 5 Dumbest Things on Wall Street This Week: Feb. 24
20.05.12
With $2.7 billion of the company's shares, forgot the lyrics before finding himself at odds with the Vegas tycoon this weekend. The battle between the casino big-wigs, and former best buddies, escalated on Sunday morning with Wynn forcibly buying back all Okada's shares at a 30% discount. Aside from snatching his stock, Wynn also filed suit against the Japanese tycoon, accusing him of buying off overseas gaming regulators and violating U.S. anti-corruption laws in the process. Most notably, Wynn was in sharp disagreement over Okada's allegedly shifty dealings in the Philippines, where he was developing a property without Wynn, but publicly acting like he had the casino impresario's imprimatur. Wait. So how did Steve Wynn know Okada was bribing foreign authorities with cash and goodies? Simple. He hired former FBI director Louis Freeh to tail him. Hey! Give Louie a break. He's a former government employee and doing Steve Wynn's dirty work is good work if you can get it. Anyway, based on
Source: TheStreet.com
