Great Newsweek Article - Prohibition II

Pinababy69

RIP Lisa
Joined
Oct 15, 2004
Location
Toronto, Ontario - Canada
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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Pinababy69

RIP Lisa
Joined
Oct 15, 2004
Location
Toronto, Ontario - Canada
Have you read this guy's bio Jetset? Perhaps you're already familiar with him, but I wasn't. Pretty impressive I'd say. He even taught here at the University of Toronto. More awards than you can shake a stick at, including a Pulitzer. I think I'll keep my eyes open for anything else he may pen on the subject.
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
Yes - very impressive, and it's a pleasant change to read a piece that doesn't slavishly follow the anti-gambling line taken by so many of these journos who burst into print without actually looking at both sides of the coin and better understanding the subject.
 

Zoozie

Ueber Meister
PABnonaccred
CAG
Joined
Dec 1, 2005
Location
Denmark
Good article!

Thinking about the prohibition just make me realize how fitting the new MG slot 'Dogfather' comming this month is.
Wonder if it is coincidence or brilliant planning and idea by MG. :thumbsup:

Zoozie
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
This one is not so good....

:mad:

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.
 

cipher

Banned member - being a jerk
Joined
May 15, 2002
Location
Visalia, California
:mad:

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.

Hi Jet:

I seen this one coming with the first press release from NETELLER. It reminded me way too much of the little boy whistling in the dark as he was about to pee his pants from being scared to death. NETELLER is TOAST!

Have a good one.
 

Mister

Full Member
Joined
Oct 10, 2006
Location
U.S.
huh ????

A chunk of my hopes just went away...I wish'd Neteller could have waited until after the elections in November...So now what does
US-resident customers are able to use its service as normal. mean ?
They can use Neteller for now so long as its not going to online gaming sites ?

I'm going to go lie down and take some exedrin tension headache pills...I need to regroup. Maybe if I fall asleep for an hour, some good news will pile back up...
 

tennis_balls

Dormant account
Joined
Mar 18, 2006
Location
Albuquerque, NM
:what:

i'm confused.

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?
 

lots0

Banned User - troll posts - flaming
Joined
Jun 3, 2006
Location
Hell on Earth
I can't log into neteller this morning...


OK - They are back up now... what a heart rush...
 
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jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
:what:

i'm confused.

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.
 

spearmaster

RIP Ted
Joined
Jan 12, 2001
Location
Heaven
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!
 

spearmaster

RIP Ted
Joined
Jan 12, 2001
Location
Heaven
I used to belong to the "glass is half-empty" camp. Also known as "greener on the other side" camp.

Every now and then I stray back over, but for the most part I think I've learned how to see the better side of things.
 

Mister

Full Member
Joined
Oct 10, 2006
Location
U.S.
Hope Springs Eternal

Thank you JetSet and Spearmaster for shedding some thought on that...For now, I'm going to force my optimism meter back up...Seems like its becoming more of a Jedi mind trick and I'm not very good at it..haha.
 

Pinababy69

RIP Lisa
Joined
Oct 15, 2004
Location
Toronto, Ontario - Canada
Seems like its becoming more of a Jedi mind trick and I'm not very good at it..haha.

Perhaps Darth Vader can help you.... :)
 

Darem1

Registered
Joined
Mar 23, 2006
Location
Florida
Speaking of wishful thinking

Speaking of wishful thinking, I changed my avatar. And no, not even close!:D
Sorry to hear about Neteller. I had taken out my $$ but was intending to use them again in the no so distant future if I could find a decent casino to accept this sinner from the USA!
 

cipher

Banned member - being a jerk
Joined
May 15, 2002
Location
Visalia, California
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!

Hi Spear:

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.
 

spearmaster

RIP Ted
Joined
Jan 12, 2001
Location
Heaven
Hi Spear:

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.

Well, hopefully we're talking about NEW boneheads after the elections... and secondly, I can just see the Fed dropping its efforts to defend the dollar just so they can get this new Prohibition banking legislation ready.... um, not :D
 
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