The War on Gambling
You’ll recall that Neteller recently got out of the online money transfer business for gambling sites after its founders were arrested while changing planes. But that pesky market has already created an alternative.
But those pesky feds are now going after not only gambling sites and transfer services but investors who invest in and acted as underwrites for the IPOs of those sites:
The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad. The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort, these people said.
While online gaming sites like PartyGaming and 888 Holdings operate from Gibraltar and their initial public offerings were held on the London Stock Exchange, companies that do business with them and have large bases in United States have come under scrutiny by regulators in Washington.
January 24th, 2007 at 10:10 am
Wow, I had no idea that the Justice Dept. had so much free time on its hands. I guess we must have rounded up all the terrorists.
January 24th, 2007 at 12:35 pm
This is only going to increase the ongoing movement of capital and investment banks from the US to less anti-business areas like the UK or Hong Kong
January 25th, 2007 at 11:35 pm
I have used netteller for my bodog account for two years. I actually liked it better than paypal. Suck now I have to wait for my winnings to be mailed to me.(when I win, that is).