Man, this guy has it pegged perfectly!! I sent him off a quick email to let him know how much I enjoyed reading what he wrote. And the name is so appropriate....Prohibition II.
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BAD NEWS FROM NETELLER
Isle of Man financial company will obey US rulings on online gambling transactions, but for now US players can continue to use the facilities
In an abrupt change of policy today (Thursday) Neteller, the Isle of Man registered online money transfer firm, said it would comply with new US regulations that prohibit internet gambling sites taking money from US residents.
According to a Reuters news bulletin, the company said it would comply with the Act to ensure that it can continue to operate with the support of its commercial partners and to protect its shareholders, business partners, employees and reputation.
However, Neteller added that some areas of the Act remain unclear, particularly the obligations of financial transaction providers such as itself.
"This uncertainty should be largely resolved when the Secretary of the Treasury and the Board of Governors of the Federal Reserve System issue the regulations they are required to prescribe within 270 days," said a spokesman for the group.
Neteller added that while waiting for clarification, US-resident customers are able to use its service as normal. Non-US customers are not affected at all by the legislative changes and the non-US business will continue to operate as normal.
the way i read this Neteller is going to continue to operate as usual until the federal reserve sorts things out. won't that take months to happen?
That's the way I interpret this, too. But long term this is going to make things that much more difficult. It would have been nice to see at least one powerful company showing some real resistance.
This may not actually be as bad as it looks.
For the time being, Neteller operates as normal - pending the 270 days in which the Fed has to come up with guidelines on how to implement the necessary procedures to block payments from US residents.
But, as some of you may recall, it is commonly believed that the Fed will never be able to come up with these guidelines within the time limit - not to mention the fact that the banks are still railing against this legislation.
Many people believe that the financial institutions will not see the required guidance from the Fed any time soon. I sure hope that in the intervening time period, the NEW representatives in Congress wake up and smell the roses!
At best it's a looooooong shot that any of these bone heads even have the capacity to wake up and smell the roses.
Have a good one.