http://www.nytimes.com/2010/12/26/opinion/26sun3.html?_r=2

 

The whistle-blowing Web site WikiLeaks has not been convicted of a crime. The Justice Department has not even pressed charges over its disclosure of confidential State Department communications. Nonetheless,
the financial industry is trying to shut it down.

 

Visa, MasterCard and PayPal announced in the past few weeks that they would not process any transaction intended for WikiLeaks. Earlier this
month, Bank of America decided to join the group, arguing that WikiLeaks
may be doing things that are “inconsistent with our internal policies
for processing payments.”

The Federal Reserve, the banking regulator, allows this. Like other companies, banks can choose whom they do business with. Refusing to open
an account for some undesirable entity is seen as reasonable risk
management. The government even requires banks to keep an eye out for
some shady businesses — like drug dealing and money laundering — and
refuse to do business with those who engage in them.

But a bank’s ability to block payments to a legal entity raises a troubling prospect. A handful of big banks could potentially bar any
organization they disliked from the payments system, essentially cutting
them off from the world economy.

The fact of the matter is that banks are not like any other business. They run the payments system. That is one of the main reasons that
governments protect them from failure with explicit and implicit
guarantees. This makes them look not too unlike other public utilities. A
telecommunications company, for example, may not refuse phone or
broadband service to an organization it dislikes, arguing that it
amounts to risky business.

Our concern is not specifically about payments to WikiLeaks. This isn’t the first time a bank shunned a business on similar risk-management
grounds. Banks in Colorado, for instance, have refused to open bank
accounts for legal dispensaries of medical marijuana.

Still, there are troubling questions. The decisions to bar the organization came after its founder, Julian Assange, said that next year
it will release data revealing corruption in the financial industry. In
2009, Mr. Assange said that WikiLeaks had the hard drive of a Bank of
America executive.

What would happen if a clutch of big banks decided that a particularly irksome blogger or other organization was “too risky”? What if they
decided — one by one — to shut down financial access to a newspaper that
was about to reveal irksome truths about their operations? This
decision should not be left solely up to business-as-usual among the
banks.

Views: 47

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted a video

Aron Siri's opening statement, Senate Hearing on Covid Vaccines, May 25

Opening statement Aaron Siri, Managing Partner, Siri & Glimstad, L.L.P.Senate Homeland Security and Governmental Affairs, Permanent Subcommittee on Investiga...
2 hours ago
cheeki kea replied to cheeki kea's discussion Tartaria
"A smidgeon of facts have come to light. In English a misspelling suddenly occurred where an extra R…"
5 hours ago
Doc Vega posted a blog post

The Cancel Culture Vulture

  Better to shut them down than hear their point of viewCancel culture coming after youHelping to…See More
Saturday
Doc Vega posted a photo
Friday
Doc Vega posted a blog post

The Fingerprint

The Fingerprint On a dance with the unpredictability of the signals you sendA solemn pact with my…See More
Friday
Sandy posted a video
Friday
tjdavis posted a video
Thursday
Burbia replied to Burbia's discussion Trump Receives Marching Orders
Wednesday
Less Prone favorited Burbia's video
Wednesday
Less Prone replied to Burbia's discussion Trump Receives Marching Orders
"Bullets can be effective in reinforcing ownership."
Wednesday
Burbia posted a discussion

Trump Receives Marching Orders

Netanyahu has made 3 visits to the White house since Trump's second term as President of the United…See More
Wednesday
Burbia commented on Burbia's video
Thumbnail

Ben Shapiro Just LOST HIS MIND — There's No Coming Back From This

"Omg. The Ben Shapiro voice that Luke is imitating here couldn't be any more comedic to…"
Tuesday
Burbia posted a video

Ben Shapiro Just LOST HIS MIND — There's No Coming Back From This

Get the magnesium your body needs - https://wearechange.shop/product/magnesium-glycinate/Ben Shapiro Just LOST HIS MIND — There's No Coming Back From ThisHig...
Tuesday
cheeki kea posted photos
Jul 8
Doc Vega posted blog posts
Jul 7
Burbia posted a video

A few reasons I don’t like jews. It’s not complicated.

These are the reasons I became antisemitic. It’s not complicated. Sure, I could go on for days, weeks, months outlining everything, but I don’t need to. This...
Jul 6
Doc Vega commented on Doc Vega's blog post Unusual Discoveries and Headlines
"Less Prone, Thanks Buddy! I'd like to volunteer as a historical reconstructionist! "
Jul 6
Less Prone left a comment for t.me/TheIntelligenceLibrary
"Welcome to a revolutionary concept in public communication, the truth."
Jul 6
pohonemas33 team is now a member of 12160 Social Network
Jul 6
Less Prone favorited cheeki kea's discussion Tartaria
Jul 6

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted