Originally Posted by
flailing
Jay Cohen's partner still owes me money from 15 plus years ago when he was a bookie in San Francisco. It doesn't surprise me it turned out this way. The last time I visited the site it didn't seem to have been updated since its launch. The early publicity just put them in the cross hairs of the DOJ. I worked with both of the founders on the Pacific Stock Exchange so I knew them both to some extent. Jay struck me as the one with more brains and somewhat of a techie. If I remember what happened correctly, the partner was told to quit bookmaking or leave the exchange. This was after a clusterf*ck of a football season in which some people lost a lot of money that they couldn't afford to lose and his book was shot to hell. He told people who to go collect money from for their winnings. It was the background from the PSE and the use of digital options that got them write ups in WSJ and so forth.