[e-gold-list] Re: Gold Age/MSB's

[Pete Chown]

Craig Haynie wrote:

> Interesting that with PayPal they filed a civil lawsuit. With Gold
> Age, a much smaller group, they just threw them in jail and took away
> their lives.

Do you think PayPal would get away with a civil suit these days?  It
seems to me that you're a "respectable" financial institution if you had
regulatory approval on September 10th 2001.  If you are outside that --
because you are new or because, like e-gold, there was no framework to
regulate you -- you are seen as a money laundering risk.

I had a business plan for a money transmission business, and I was
trying to interest banks in it.  I think they trusted me as an
individual, but it was hard to convince them that I wouldn't be tricked
and used for money laundering by a third party.  I spent a long time
trying to work out exactly what the problem was.  Obviously it is very
common for one bank to clear for another, and that was basically the
arrangement I wanted, so what made me different?  What I wanted was a
clear answer like "you must register as a deposit taker, not a money
transmitter" or "you need more staff with financial services
experience".  What I actually got was too vague to give me a way
forward.  I suspect it's just that my company was a start-up.

Of course the big problem for the economy is that it makes the financial
services sector uncompetitive, by closing the door to new entrants.  I'd
really like to try again with my money transmitter, but I have something
else profitable now -- it's easier but not so much fun...

Pete




---
You are currently subscribed to e-gold-list as: e-gold-list at kobly.com
To unsubscribe send a blank email to leave-e-gold-list-512001C at talk.e-gold.com

Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.