[109195] in Cypherpunks
FDIC Bags Know-your-Sheep
daemon@ATHENA.MIT.EDU (Max Inux)
Sat Mar 13 15:41:46 1999
Date: Sat, 13 Mar 1999 15:28:11 -0500
From: Max Inux <maxinux@openpgp.net>
To: Multiple recipients of list <cypherpunks@openpgp.net>
Reply-To: Max Inux <maxinux@openpgp.net>
First the good news:
> This From: The Bergen Record (Hackensack, NJ), March 9, 1999
> http://www.bergen.com
>
> FDIC to drop new banking rules
> http://www.bergen.com/biz/fdic09199903093.htm
>
> By
> MARCY GORDON
> The Associated Press
>
> WASHINGTON -- The head of the FDIC said Monday her agency is ready to
> withdraw proposed anti-money laundering rules to track bank customers'
> transactions, which had provoked a public outcry over privacy.
snip
Now the obligatory wise-guy comments:
> The rules are designed to combat money laundering techniques used by drug
> traffickers and other criminals to hide illegal profits. Money laundering is
> a major concern of law enforcement officials; it reached an estimated $30
> billion in this country last year.
snip
Let's have some arithmetic. 30 billion is a lot of dough. Why, in fact
it's about a whopping $100 for every man, woman and child in the USA.
Or maybe $400/family.
So the feds were going to track your every move to stamp out this
unspeakable $400 chump change out of your fambly income of 30,000.
Gorsh and gorly! That's over ONE WHOLE PERCENT of personal income!!!!
Sure, let's find a way to stick our feddish snouts in the 99% of
family income that's not being laundered.
I'm sure the Cali cartel and Gates launder their money by moving it
in $5000 slugs through personal checking accounts at credit unions.
Bah, humbug.
