🚀 go-pugleaf

Loser

iluvbob wrote:
> 
> Don't these people ever learn?  abuse@flash.net
> 
> Path:
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> From: "Count Floyd" <joe@flaherty.net>
> Newsgroups:
> cna.today,24hoursupport.helpdesk,3b.config,3b.misc,3b.tech,3b.tes
> t
> Subject: Big Bro
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> Message-ID: <KeQD2.276$BD5.410@news.flash.net>
> Date: Fri, 05 Mar 1999 12:38:02 GMT
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> 24hoursupport.helpdesk:34679 3b.config:17995 3b.misc:17910
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> 
> How would you like a Federal Agent knocking on your door and you
> having to
> explain that you got the extra $100 dollars from selling
> something personal?
> It's the big boys that is pushing dirty money to the laundry, not
> us small
> guys.
> Tell Washington to back out of our lives and out of our bank
> accounts.
> 
> U.S. GOVERNMENT PLAN TO SPY ON BANK CUSTOMERS REVEALED; MARCH 8
> IS DEADLINE
> TO STOP IT
> by Phyllis Schlafly
> 
> The Clinton Administration's stealth plan to monitor everyone's
> personal
> bank account has hit a bump in the road. With the public
> comment score now standing at 51,000 -to-18 against the
> controversial Know
> Your Customer (KYC) regulation, the once-friendly FDIC (Federal
> Deposit
> Insurance Corporation) is rethinking its plan to require every
> bank to
> computerize a financial profile on every customer (including the
> source of
> all funds) and report "inconsistent" deposits and withdrawals to
> the federal
> Gestapo.
> 
> Here is how Know Your Customer is projected to function. Each
> bank is
> required to determine the identity of all its customers,
> determine each
> customer's sources of funds; determine each customer's normal and
> expected
> bank transactions; monitor the activity of each account, looking
> for
> deposits and withdrawals that are inconsistent with the expected
> pattern of
> financial transactions.
> 
> The bank will then make up a profile of all your financial
> transactions on a
> database. The bank will maintain a computer record of the
> amounts you normally deposit each month and the sources of the
> money (e.g.,
> your weekly paycheck, your Social Security, your stock dividends)
> and the
> amounts you normally withdraw each month (e.g., rent or mortgage,
> automobile
> payment, food, utilities, credit card payment, cash for pocket
> money).
> 
> If you deviate significantly from this pattern (such as by
> earning some
> extra money or buying or selling a car), the KYC spies in your
> local bank
> will forward your "suspicious" transactions to a huge database in
> Detroit
> called the Suspicious Activity Reporting System, which is
> administered by
> FinCEN (Financial Crimes Enforcement Network) and shared with a
> dozen other
> agencies.
> 
> The KYC regulation was simultaneously announced by the Federal
> Reserve
> System, the Office of Thrift Supervision, and the Comptroller of
> the
> Currency as well as the FDIC, but those other agencies have not
> revealed how
> many negative comments they have received.
> 
> About 93 percent of the critical comments received by the FDIC
> came from
> individuals, not banks. Isn't that interesting. The large
> number from individuals proves the new power of the Internet to
> alert the
> grassroots to Clinton's privacy invading maneuvers.
> 
> The small number of complaints from bankers reflects the fact
> that the
> American Bankers Association originally endorsed KYC and may have
> helped to
> draft it. The big banks are only too happy to use a federal
> regulation as
> "cover" for computerizing nosy details about their customers that
> are so
> valuable for marketing purposes. Under current federal law, a
> bank may sell
> or transfer any information it acquires about its customers to a
> third
> party, such as a direct marketer or another financial
> institution, without
> notifying the customer. Your bank can disclose your account
> balances,
> certificate of deposit maturity dates and balances, and
> information about
> checks written or deposited into your account.
> 
> Sen. Paul Sarbanes (D-MD) has introduced S.187, the Financial
> Information
> Privacy Act, to require banks to tell their customers what data
> it sells or
> shares, to whom and for what purposes, and to give its customers
> the right
> to "opt out." That's good as far as it goes, but we also need
> legislation to
> stop the banks from giving such information to the government.
> 
> Rep. Bob Barr (R-GA) has introduced the American Financial
> Institutions
> Privacy Act to block implementation of the Know Your
> Customer regulations. Rep. Ron Paul (R-TX) has introduced the
> Financial
> Privacy Protection Package to do likewise, and also to
> sunset the Bank Secrecy Act that has encouraged such overreaching
> regulations, and also to allow Americans to see their
> own FinCEN files (similar to laws that allow us to see our own
> FBI and
> credit bureau files).
> 
> The stakes for Americans are clearly defined in a timely new book
> called The
> End of Money and the Struggle for Financial Privacy by Richard W.
> Rahn,
> Ph.D., nationally known economist and now a senior fellow with
> the
> Seattle-based Discovery Institute. Describing how the new
> technologies are
> making rapid and dramatic changes in our lifestyle, he poses the
> question of
> whether this will bring us more freedom or less. The answer
> depends on
> whether or not we permit Big Government to conspire with Big
> Business to
> monitor not only all our financial transactions, but also our
> ordinary daily
> activities. The Big Government advocates are trying to claim that
> individual
> control over technological innovation is suspect and a threat to
> law
> enforcement.
> 
> The major excuse for the Clinton Administration's assault on our
> financial
> privacy is "money laundering," most of which comes from
> the illegal drug trade. But attempts to stop drug use by chasing
> money
> launderers have been a costly and spectacular failure, they
> catch only a few small dealers rather than drug kingpins, and
> they are a
> gross invasion of the privacy of law-abiding Americans.
> 
> The threat of terrorism is another Clinton excuse for
> anti-privacy
> regulations, but there is no evidence that any significant
> terrorist was
> ever deterred by the money laundering cops. The billions of
> dollars wasted
> in pursuing money laundering has merely increased the power of
> the
> politicians to monitor our lives and increased the number of
> busybody
> bureaucrats with a vested interest in retaining useless jobs.
> 
> Hitler and Stalin gave us the model of how tyranny maintains
> itself. Pass so
> many laws that everyone is a potential criminal, and then law
> enforcement
> can be arbitrary, selective, and very political. That's why the
> Clinton
> Administration has pushed the creation of hundreds of new federal
> crimes by
> 
> legislation and thousands more by federal regulations. Any act of
> dishonesty
> in which a mailed item, a telephone call, or a bank deposit plays
> a role has
> now become a federal crime.
> 
> We simply don't trust the Clinton Administration to have the kind
> of
> information about our personal lives that the KYC regulation
> would provide.
> You have until March 8 to email your complaint to
> comments@fdic.gov , or fax
> it to (202) 898-3838.
> 
> http://www.wired.com/news/news/politics/story/18019.html
> 
> PLEASE CLICK ON THIS LINK AND VOTE, Please!!!
> http://www.defendyourprivacy.com
> 
> _________________________________________________
> Links to the FDIC's Know Your Customer proposed regulation:
> 
> Federal Deposit Insurance Corporation (includes link to Know Your
> Customer
> Statistics - a summary of the comments received on the Know Your
> Customer
> proposal.)
> http://www.fdic.gov/banknews/know.html
> 
> Federal Deposit Insurance Corporation - Notice of proposed
> rulemaking.
> http://www.fdic.gov/lawsregs/fedr/98knocus.txt
> 
> Department of the Treasury - Office of the Comptroller of the
> Currency
> http://www.occ.treas.gov/ftp/release/98%2D120a.txt
> 
> Department of the Treasury - Office of Thrift Supervision
> http://www.ots.treas.gov/docs/73062.html
> 
> Federal Reserve System
> http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=1998_re
> gister&doci
> d=98-32332
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