Independent Review Finds the Freeh Report on Allegations against Kazuo Okada "Deeply Flawed"

WSJ ^ | 4-22-13 | n/a

[FlJoePa]

LAS VEGAS--(BUSINESS WIRE)--April 22, 2013--

Universal Entertainment Corporation announced today that Judge Michael Chertoff, the former U.S. Department of Homeland Security Secretary, has issued an assessment castigating last year's report by Former FBI Director Louis J. Freeh concerning the affairs of Japanese gaming entrepreneur Kazuo Okada and his affiliated companies. According to Judge Chertoff, the Freeh report was "structurally deficient, one-sided, and seemingly advocacy-driven." Moreover, its conclusions, "simply are not credible." Instead, Judge Chertoff found Freeh's report to be "deeply flawed" and "lack[ing] basic indicia of a credible investigation."

Freeh's report was prepared on February 18, 2012 at the behest of Wynn Resorts, Limited (NASDAQ: WYNN). At the direction of Steve Wynn, Wynn Resorts turned around and used the report that same day to rationalize the forcible redemption of 24,549,222 shares of Wynn Resorts held by Aruze USA, Inc., a company whose ultimate majority owner is Mr. Okada. At the time, Aruze USA was the largest single shareholder in Wynn Resorts, owning close to 20% of Wynn Resorts' outstanding stock.

[FlJoePa]

I seem to see a pattern developing here.

[FlJoePa]

Go figure...

[Amberdawn]

Which is? Freeh also made the report into Penn State....Is that what you mean?

[FlJoePa]

I’ll let Chertoff explain it:

The Freeh report’s “factual findings and inferences lack objectivity and lack factual support,” Judge Chertoff explained. Freeh’s law firm “viewed itself as an advocate first and an impartial investigator second” in preparing the Freeh report. Freeh and his colleagues “cherry-picked evidence and stretched to reach conclusions that would be helpful to the Wynn Resorts Board.”

“[T]he end result is a lopsided report that lacks even the appearance of objectivity,” according to Judge Chertoff.

[Amberdawn]

Yes, I read that. You posted about seeing a pattern. I am wondering what that comment what in reference to.

[FlJoePa]

Same thing he did with FIFA and Penn State. Deliver the false narrative that your employers (in PSU’s case - the board of trustees) WANT you to deliver. Facts be damned. He’s always been a liar. Those spots don’t change.

[Amberdawn]

That’s what I thought. Another revolving door bureacrat and paid shill.

[Wuli]

Former FBI Director Freeh’s services for sale for corrupt purposes - nah, say it ain’t so. LOL

[FlJoePa]

You should find this interesting.

[Lancey Howard]

Thanks for the ping.
The Penn State administration and board need to be flushed out with an industrial-size enema, followed by a thorough power-washing and a tanker load of disinfectant. They winked at Freeh to let him know what they wanted and he gladly complied.