[FoRK] bank restrictions? wtf?

Dave Long < dave.long at bluewin.ch > on > Mon Jun 19 14:35:42 PDT 2006

So today I received a letter from a BofA subsidiary stating that, 
indirectly due to SEC regulations, as of 14 Aug 06, transactions for 
shareholders who hold accounts with a foreign (not within the US or its 
territories) address will be limited to redemptions only.  Even 
exchanges between existing funds within the same account will be 
prohibited.

What's next?  Direct capital controls?  Whatever happened to 
globalization -- don't these people read enough Friedman?  So who has 
been successful with autarky, anyway?  North Korea?  Mao-era China?  
(there's another well-known example, but it runs afoul of Godwin)

At least I can still sell.

-Dave


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