New York Times Op/Ed: NYT Finally Takes Stand Regarding WikiLeaks Vs. Banks

[Hissyspit]

http://www.nytimes.com/2010/12/26/opinion/26sun3.html?_r=1

Banks and WikiLeaks
Published: December 25, 2010

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.

- snip -

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.

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[mdmc]

1. r

[madinmaryland]

2. RECOMMENDED and kicked.

Thanks!

[Poll_Blind]

3. That is the $64,000 question! Great, short piece worth reading!

:thumbsup:

PB

[Fool Count]

4. That's why every country needs a publicly controlled payment and loan system.

A publicly owned not-for-profit state bank will go a long way in keeping profit-driven private
banks honest.

[cui bono]

5. k n r

[WillyT]

6. Big K & R !!!

:kick:

[Hissyspit]

7. .

[rhett o rick]

8. Time to break up the banks. Who am I kidding. We cant even get a public option. nm

[NobleCynic]

9. K&R n/t