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Thu Feb 14, 2013, 03:01 PM

Ex-San Diego Mayor O'Connor admits taking charity funds as she won, lost $1 billion gambling

Source: Associated Press

Ex-San Diego Mayor O'Connor admits taking charity funds as she won, lost $1 billion gambling
Article by: ELLIOT SPAGAT , Associated Press
Updated: February 14, 2013 - 1:48 PM

SAN DIEGO - Former San Diego mayor Maureen O'Connor has admitted in federal court that she misappropriated $2 million from her late husband's charitable foundation due to a gambling addiction in which won more than $1 billion but lost even more over nearly a decade.

O'Connor made the acknowledgement Thursday in an agreement with the government to defer prosecution for two years while she attempts to repay the debt.

O'Connor was the Democratic leader of California's second-largest city from 1986 to 1992. The two-term mayor was elected San Diego's first female leader after eight years on the City Council. She was married to Robert O. Peterson, founder of the Jack-In-The-Box restaurant chain.

Prosecutors say her gambling winnings amounted to more than $1 billion from 2000 to 2009 but she lost more than that.


Read more: http://www.startribune.com/nation/191233281.html





Maureen O'Connor


31 replies, 4274 views

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Reply Ex-San Diego Mayor O'Connor admits taking charity funds as she won, lost $1 billion gambling (Original post)
Judi Lynn Feb 2013 OP
Exultant Democracy Feb 2013 #1
olddad56 Feb 2013 #10
deathrind Feb 2013 #2
upaloopa Feb 2013 #3
CBHagman Feb 2013 #4
frylock Feb 2013 #5
slackmaster Feb 2013 #6
Blue_Tires Feb 2013 #17
Psephos Feb 2013 #25
slackmaster Feb 2013 #26
dixiegrrrrl Feb 2013 #7
Spitfire of ATJ Feb 2013 #8
austinlw Feb 2013 #12
Spitfire of ATJ Feb 2013 #15
subterranean Feb 2013 #9
Arctic Dave Feb 2013 #11
Blue_Tires Feb 2013 #16
csziggy Feb 2013 #20
Hosnon Feb 2013 #28
Kingofalldems Feb 2013 #13
Katashi_itto Feb 2013 #14
Adsos Letter Feb 2013 #18
rachel1 Feb 2013 #19
progressiveinaction Feb 2013 #21
Safetykitten Feb 2013 #22
defacto7 Feb 2013 #23
mokawanis Feb 2013 #24
exboyfil Feb 2013 #31
mokawanis Feb 2013 #32
goclark Feb 2013 #27
dimbear Feb 2013 #29
exboyfil Feb 2013 #30

Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:03 PM

1. billion here a billion there and soon we're talking about real money.

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Response to Exultant Democracy (Reply #1)

Thu Feb 14, 2013, 03:35 PM

10. Just like peeing in a cash register, it can run into real money.

groans accepted.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:07 PM

2. $1 Billion... wow

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:09 PM

3. I lived in SD then I never trusted her.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:09 PM

4. A BILLION?

No, more than a billion?

That stops me right there.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:18 PM

5. there are two types of gamblers; losers and liars

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:19 PM

6. I'm trying to wrap my head around how a person could possibly gamble away a BILLION dollars

 

I've seen a person drop $10,000 at the Del Mar racetrack in an afternoon. You'd have to do that 100,000 times to lose a billion.

I really hope that's a typo.

ETA a local news outlet that tends to be accurate says she WON more than a billion dollars over a period of years, but that her losses exceeded that.

http://www.10news.com/news/former-san-diego-mayor-maureen-oconnor-charged-with-money-laundering-021413

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Response to slackmaster (Reply #6)

Thu Feb 14, 2013, 05:19 PM

17. I want to know how she did it for over a decade without word getting out....

Someone always knows, and word always tends to get out....

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Response to slackmaster (Reply #6)

Fri Feb 15, 2013, 09:30 PM

25. If you re-read the story, she played a billion, rather than lost a billion.

In other words, most of that money she won, and then lost what she won.

The article is sparse on details, but it sounds like her net loss was in the low double-digit millions. (Which of course is still crazy.) Remember, net loss is the change in final assets after winnings are lost.

So, for example if I take $100 to the blackjack table, run it up to $2000, then give it back until I only have $10 remaining, my net loss is $90, but I gambled $2000.

See the difference?



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Response to Psephos (Reply #25)

Fri Feb 15, 2013, 09:34 PM

26. I understand the math, the finances, and the tax implications of all that. My gambling limit is...

 

...about $20 per day if I happen to be in a situation where there is gambling, such as a work-related outing to the racetrack.

I have a group of friends who get together once a year to play poker. I take about $10 in change to the game, which is about what everybody else in the group brings.

I've seen what gambling addiction can do to people. It's not pretty. It's unfortunate that "Mayor Mo" didn't seek help a long time ago.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:20 PM

7. Best way to repay the debt is to hit it big at the casinos

good think they let her go free so she could do that.
Seems she stole enough to be too big to jail.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:27 PM

8. Having moved to Vegas I can only say one thing...

See all those lights?



The casinos have ZERO problem paying for the electric bill.

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Response to Spitfire of ATJ (Reply #8)

Thu Feb 14, 2013, 03:48 PM

12. The funds to build

all those big fancy places were not supplied by the winners.

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Response to austinlw (Reply #12)

Thu Feb 14, 2013, 04:19 PM

15. Not always, but the casinos take advantage of people thinking they can beat the house.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:30 PM

9. She must have made some awfully big bets

to have won AND lost over a billion dollars. How do you do that?

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:40 PM

11. The Wall Street banksters are laughing their asses off.

 

They lose that in a few hours and and get paid to do it.

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Response to Arctic Dave (Reply #11)

Thu Feb 14, 2013, 05:17 PM

16. ^^^^^^truth

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Response to Arctic Dave (Reply #11)

Thu Feb 14, 2013, 07:51 PM

20. And get HUGE bonuses to do it! n/t

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Response to Arctic Dave (Reply #11)

Fri Feb 15, 2013, 09:53 PM

28. You're so depressingly on point. nt.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 03:54 PM

13. Gambling addiction is just as bad as drugs or alchohol

An aside, she has the map of Ireland on her face.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 04:02 PM

14. I have a problem just gamblling twenty dollars away...one billion...???

May she do hard time...like a year for every million she stole....

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 05:22 PM

18. Perfect photo!

"OK, lady...you wanna' hit or stand?"

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 07:47 PM

19. Yet another lying and thieving repuke abusing power once again?

How surprising!!!

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Response to rachel1 (Reply #19)

Thu Feb 14, 2013, 08:35 PM

21. She was not a repuke.

Unfortunately she's a democrat.

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Response to Judi Lynn (Original post)

Thu Feb 14, 2013, 08:39 PM

22. That's alot of Jumbo Jacks.

 

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Response to Judi Lynn (Original post)

Fri Feb 15, 2013, 12:00 AM

23. That's what I call....

Sttiiiiiiuuuuppiiiiiiiddd!!!

I lost a quarter in a slot machine once.

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Response to Judi Lynn (Original post)

Fri Feb 15, 2013, 01:27 AM

24. A billion dollars over a ten year period

averages out to around $275,000 a day. When did she find time to sleep?

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Response to mokawanis (Reply #24)

Fri Feb 15, 2013, 11:34 PM

31. Baccarat anyone

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Response to exboyfil (Reply #31)

Sat Feb 16, 2013, 01:59 AM

32. Got a billion dollars you could loan me?

I tend to do pretty well in Vegas.

Well, the one time I went there and played blackjack.

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Response to Judi Lynn (Original post)

Fri Feb 15, 2013, 09:37 PM

27. Let's take the House and Senate

for example....

I would say at least 85% of them take lots of $$$$'s under the table..... Money Grabbers that RECEIVE A FAT CHECK - isn't it for life?
Fully paid for Health Insurance -- by the citizens of the USA

Jessie Jr. is the TIP of the DEEDS PILE.

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Response to Judi Lynn (Original post)

Fri Feb 15, 2013, 11:09 PM

29. There definitely is such a thing as a gambling addiction. And this woman has one.

That's as far as I'm willing to judge her.

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Response to Judi Lynn (Original post)

Fri Feb 15, 2013, 11:29 PM

30. Not a bad track record in betting

Must have been playing some pretty good odds games (or was very lucky). 0.2% losses in her betting (or even less).

I do think it is crap that they are delaying prosecution so she can return the money. You pull $100 out of the till at work, and want to try to cover it the next day after getting caught - you still are on your way to jail.

I visited Vegas one time when I was an adult. I played the $0.10 Poker machines at the Stratosphere. I was not running 0.2% losses on my bet, but I was having some pretty cheap entertainment (alot less than at Chucky Cheese's for example). If you have to be in Vegas, it was a cheap thing to do (I don't think they have those machines anymore).

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