J.P. Morgan Is Facing Heat Of Patriot Act

[Steve Schear]

At 11:49 AM 3/10/2004, Major Variola (ret) wrote:


>At 10:11 AM 3/10/04 -0500, Tyler Durden wrote:
> >Holy Crap this seems bizarre. This isn't even really a case of "know
>your
> >customers", but "know your customers' customers", isn't it?
> >
> >Is this some kind of "snipe hunt" or mere "Brazil"-like government
> >incompetence and mindless application of half-baked laws?
>
>Optimist.
>
>This is how the US intimidates such that the USG can monitor
>all transactions.  A serious practical problem for e$ when it
>needs to interface to atoms.

not really.  it means there is a need for a more P2P approach, like 
Kawalah, where trusted individuals act as entry and exit points using their 
own banking accounts in exchange for the lion's share of the service 
fees.  this is not uncommon now in e-gold where secondary players offer 
such transactions.

steve 
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