"Another idiot-banker investor was Wells Fargo, which, on behalf of the Lac de Flambeau of Lake Superior Chippewa Indians, owners of a large casino in Wisconsin, sold bonds on their behalf to the tune of $46.6 million dollars and now are trying to recover for failure to make interest payments on this amount.

And there's lots more. Bloomberg News recently reported that the Pequot Indians of Connecticut, who operate one of the world's largest casinos, The Foxwoods, have a debt default of $1.45 billion.

Just recently in New Mexico, The Wall Street Journal reported that the Pueblo of Pojoaque reached an agreement with a committee representing some bondholders, including American International Group Inc. and other investment companies, to rework $245 million in bond debt "after its lavish Buffalo Thunder Casino resort near Santa Fe stumbled." The Inn of the Mountain Gods, also in New Mexico, according to the article has a $200 million debt that it has had to restructure.

In essence, the sucker investors are, after restructuring, getting only peanuts on the dollar for their investments. Most of the ratings on Indian casinos in default have been reduced to junk status. But the real question is — who in their right mind would invest in Indian casinos? Who were the financial advisers who sold investors the idea that they could ever recoup a penny if the borrowers decided to hide and take refuge under the guise of sovereignty? Since when has investment in the "sin" industries been OK?

Lawyers out in "Indian Country" should be aware that of the top 10 cases in Indian law, Wells Fargo v. Lake of Torches EDC, according to "Turtle Talk," was one of the most downloaded documents of the year. The eventual legal question, which will probably make its way to the Supreme Court, will be whether tribes can hide behind claims of sovereignty in order to avoid paying their investors if they were to demand the just returns on their investments."

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Orlando Romero: Banks 'investing' in casinos? What a gamble (The Santa Fe New Mexican 1/9)