[FoRK] bank restrictions? wtf?

Adam L Beberg < beberg at mithral.com > on > Mon Jun 19 14:54:46 PDT 2006

Dave Long wrote on 6/19/2006 2:35 PM:
> 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.

Cover story: Terrorists, Oh NO!!!

Real story: American banks screw their customers more then anyone else 
in the world, so dealing with a bank elsewhere is cheaper, stop them 

Same with airline ticks and ID..

Cover: terrorists might board the plane.
Real: people reselling cheap month-ahead tickets to business travelers.

Basically, if they say it's about terrorists, it's about greed.

Adam L. Beberg

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