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