From: "William H. Geiger III" <whgiii@amaranth.com>
Date: Mon, 14 Oct 1996 20:45:00 -0700 (PDT)
To: cypherpunks@toad.com
Subject: Re: Blinded Identities [was Re: exporting signatures only/CAPI]
In-Reply-To: <Pine.SUN.3.94.961014035114.28315K-100000@polaris>
Message-ID: <199610150402.XAA31611@mailhub.amaranth.com>
MIME-Version: 1.0
Content-Type: text/plain


In <Pine.SUN.3.94.961014035114.28315K-100000@polaris>, on 10/14/96 at 04:01 AM,
   Black Unicorn <unicorn@schloss.li> said:

>On Sun, 13 Oct 1996, jim bell wrote:

>> At 04:28 PM 10/13/96 -0400, Michael Froomkin - U.Miami School of Law wrote:
>> >It is unpublished, but he kindly allowed to me describe it in a paper I
>> >wrote that discussed whether a bank would ever want to take the risk of
>> >allowing bank accounts where it did not know the identity of the customer.

>> And I don't think that a bank can ever be embarrassed (assuming bank 
>> accounts are anonymous) by it being revealed that some particular bad guy 
>> kept his money there, any more than other cash-based (anonymous) businesses 
>> are embarrassed if it is revealed that some bad guy used their services.

>I would refer you to Union Bank of Switzerland in the late 80's
>(kidnapping), BCCI (drug and intelligence money), BMI (drug
>money/offshore insurance fraud), PNC Bank (accounting fraud), and a host of others I
>won't bother to list.  Banks do suffer from these disclosures, in many cases quite
>severely.  (PNC bank was nearly ruined by their fraud harboring disclosures).  Why
>exactly is it that you think frauds,
>seizures, compelled customer referrals and the like go unreported to the authorities
>in something like 75% of the cases?  Why exactly is it that you think banks seek to
>open offshore branches with autonomy and distance from the home branches?  Answer:
>Banking is as much about confidence as any business can be.  Anonymous or not, the
>presence of funds which
>infringe on regulations in one area or another are frightening to normal banking
>customers.

BULL!!!!

There are only two things the banking customers care about:

1. Will my money be there in the morning?

2. What is my rate of return?

The rest of it is a bunch of Govenment & Media hype & bull shit!!

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