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|12.6.04 @ 12:44PM|#
The idea that this law or the predecessor law was designed to prevent money laundering by criminals is suspicious.
I know for a fact that people who purchase expensive automobiles are reported to the IRS and possibly other agencies even though the purchases were made by check or a loan was obtained for the purchase.
In other words, the purchase doesn't have to be made with stacks of hundred dollar bills to merit a report. It is fairly obvious on its face that people using credit and/or writing a check for a big ticket purchase are not laundering money when they buy that $100,000.00 Mercedes. By that I mean the transaction itself can't be laundry if it isn't transacted using currency.
These laws enjoy widespread support because the GP likes the idea of tagging mafia dons and terrorists while the government drones love being able to easily discover who might be driving a Ferrari with an Adjusted Gross Income of $58,000.00.
|12.6.04 @ 1:30PM|#
We had to fill out a Patriot Act form to get a real estate development loan.
Just for the record, I'd like to point out that by "We...", I did not mean me and TWC"
|12.6.04 @ 10:24PM|#
Many years ago I sold a health insurance policy to a faith healer. Having established a relationship, he wanted to invest some money in stocks/ bonds, whatever. Because of the $10,000 limit on cash transactions, I was forced to refer him to the wholesale jeweler and dealer in gold, etc., who had an office across the hall. Now I'm learning even those kinds of dealers are having the squeeze put upon them. Subsequently, I learned from a pawn shop owner client of the squeeze upon that industry from various regulations.
What's the drain on our economy from forcing capital into socks under matresses and into mayonaisse jars buried under chinaberry trees?
What percent is the US mandatory capital inefficiency tax?