| Business always moves faster than
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| | releases issued by the investigating
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| government ... It's no surprise that a
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| | authorities have always been very
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| great deal of lawmakers' time is spent
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| | specific in their nature, because major
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| reacting to advances in commerce and
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| | banks have enough financial and political
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| science. It's also no surprise that one
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| | clout to strike back at anything less. An
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| of their favorite tactics is to call on
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| | example of a precisely identified
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| their enforcement agencies to bring
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| | transgression is the Citigroup private
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| scrutiny against any topic about which
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| | banking scandal in Tokyo in 2004. The
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| they're struggling to understand. We're
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| | Japanese authorities said the bank helped
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| now seeing this applied against at least
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| | clients manipulate accounting records
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| two e-currency operations. One of them,
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| | through improper real estate
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| INT Gold, saw their head offices in Texas
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| | transactions, failed to process tax
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| raided by the FBI in December. No arrests
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| | refunds for clients and mismanaged
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| were made and no disclosures were
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| | customers' confidential information. As a
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| presented to indicate the reason for
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| | result, they ordered Citigroup's Japanese
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| their actions. The only auspices
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| | private banking operations to close, but
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| mentioned were that they were pursuing an
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| | took measures to ensure all unaffected
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| ongoing fraud investigation. It's now
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| | investors would be minimally affected
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| been over a month and nothing further has
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| | while they moved their accounts. Rarely,
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| happened. At roughly the same time,
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| | total loss to depositors happens. The
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| e-Gold was also served with a search
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| | Silverado collapse in Colorado sent
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| warrant. It seems the justification was
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| | Charles Keating to prison for what should
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| petty --- they allegedly didn't have a
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| | be a thousand life terms, as more people
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| 'required' currency-exchange license ---
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| | than that lost their life savings. It's
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| and they were upset enough to place the
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| | notable that this occurred in what was a
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| following posting on their website:
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| | laissez-faire junk bond scenario. Raids
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| e-goldÂ(R) welcomes US Government review
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| | only receive mention when it serves the
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| of its status as a privately issued
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| | authorities' purposes to do so. One
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| currency January 20, 2006 "Starting in
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| | reason for this is because the searches
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| mid-December 2005, Gold & Silver Reserve,
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| | and/or seizures don't yield sufficient
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| Inc. (G&SR), contractual Operator and
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| | results to merit charges being filed.
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| primary dealer for e-gold, has been the
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| | There can exist a vast gray area in
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| subject of a warranted search of its
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| | modern financial activities, and when the
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| premises and records, had its domestic
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| | fine print of a certain situation is
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| bank accounts frozen, and been the target
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| | scrutinized, it often occurs that,
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| of a precisely timed, extraordinarily
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| | perhaps those activities have sailed
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| misleading attack by a major business
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| | close to the legal wind, but they did not
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| publication. "In an emergency hearing in
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| | take the airs of disrepute. It remains to
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| US District Court January 13, 2006, the
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| | be seen what they're investigating at INT
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| freeze order on G&SR's bank accounts was
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| | Gold. As opposed to their treatment of
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| lifted. Though numerous criminal claims
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| | major banks, the nature of the
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| had been made in obtaining the search and
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| | authorities' announcement of this raid
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| seizure warrants, the Government has not
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| | was quite vague, which I'm sure was by
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| sustained these allegations and the only
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| | design. So, the issue is one of whom they
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| remaining claim is a contention that G&SR
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| | were attempting to stir. However,
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| has operated as a currency exchange
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| | American law says the parties involved
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| without the proper license. G&SR had
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| | are innocent until proven guilty, so they
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| previously proposed to the Government
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| | should duly be accorded that right. Until
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| that e-gold be classified for regulatory
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| | the entire story comes to light, it's
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| purposes as a currency, enabling G&SR to
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| | improper to cast aspersions. After all,
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| register as a currency exchange. In a
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| | as with most raids at major banks that go
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| Treasury report released January 11,
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| | unpublicized, it may be that the
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| 2006, however, the Department of Treasury
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| | transgressor is not the company, but a
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| reaffirmed their interpretation of the
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| | client who has abused its privileges
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| USC and CFR definitions of currency as
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| | within that company's facilities. The
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| excluding e-gold. "G&SR, for nearly a
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| | e-currency investigations are surely a
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| year, has been engaged with an agency of
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| | result, in part, of one government's
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| Treasury in a BSA (Bank Secrecy Act)
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| | indecision as to how to regulate
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| compliance examination it had voluntarily
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| | e-currencies within their borders when
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| initiated. G&SR, though preferring that
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| | those currencies are neither fiat nor
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| the venue was not a courtroom, welcomes
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| | necessarily domiciled within those
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| the opportunity to extend its discussions
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| | borders. This reminds me of
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| with the Government on how best to
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| | broadcasting's early days, when the Feds
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| achieve appropriate statutory or
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| | were perplexed about how to best cope
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| regulatory cognizance of e-gold while
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| | with radio signals that only obeyed the
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| continuing to build e-gold's market share
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| | laws of physics and thus had the ability
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| as a medium of international commerce.
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| | to cross state lines without governmental
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| "Despite the unfounded charges and
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| | permission. As ridiculous as that sounds
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| adverse misleading publicity that have
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| | today, the thought of a particular
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| severely damaged both e-gold and G&SR,
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| | technology being more advanced than
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| G&SR has continued to meet all financial
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| | political and/or geographical
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| obligations and remain completely
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| | delineations was of deep concern to them.
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| operational. e-gold remains highly
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| | It ultimately took nearly 15 years for
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| committed to its goal of bringing, for
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| | the American government to create the
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| the first time in history, to people of
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| | Federal Communications Commission to cope
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| any financial means across the globe, a
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| | with such an 'advanced' business as
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| secure payment mechanism at a fraction of
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| | interstate broadcasting. Given the fact
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| the cost of any other system. e-gold
| |
| | that e-currencies are privately generated
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| fully expects to transcend the
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| | and administered, and given that no
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| unfortunate events of the past month and
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| | central monitoring system exists to aid
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| resume its exponential growth. "Further
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| | in their regulation, it is no surprise
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| information can be found at: The
| |
| | under the current environment of American
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| proactive approach by e-Gold should be
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| | laws to now see a bustle of authoritarian
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| applauded. INT Gold should have done the
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| | attention directed toward them. Until
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| same thing. If more of the public only
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| | they are able to determine a palatable
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| knew how many times search papers were
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| | policy, the best they can do is assume a
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| served on financial institutions for one
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| | self-righteous position in the interests
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| reason or another, they'd no doubt be as
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| | of 'consumer protection' and cast
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| skeptical as I am about the publicity the
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| | aspersions by means of rationalization.
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| authorities have given their actions
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| | It's not particularly fair, but as we've
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| against these two e-currency companies.
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| | seen in related online forums, it's quite
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| Let's consider how authorities move
| |
| | effective. Hopefully, the issue will be
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| against major banks when wrongdoing is
| |
| | settled in a much more expeditious manner
|
| suspected. One characteristic which
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| | than it was in broadcasting.
|
| becomes quickly evident is that any
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|
