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Operation Choke Point, a credit card fraud task force run by the Justice Department, was created to “choke out” businesses the Obama administration finds objectionable, according to a congressional committee report obtained by The Washington Times.
Following the launch of Operation Choke Point in spring 2013, a wide variety of fully lawful and legitimate businesses received notices that their bank accounts were being abruptly terminated. The terminations were often attributed to “regulatory trends” or “heightened scrutiny,” and expressly disclaimed any negative assessment of the account holder’s financial risk.
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Operation Choke Point is having its desired effect –legitimate merchants in legal industries are being choked-off from the financial system.
Sample letters from the report...
Bank of America: “[W]e reviewed the nature of your business in light of current regulatory trends affecting your industry. After careful consideration we’ve decided to close your existing Small Business checking account . . . .” (January 14, 2014)
Bank of Hawaii: “Bank of Hawaii has made a business decision to close your above-referenced business deposit accounts. The primary reason for this account closure is the Bank’s increasing business expenses involved with servicing this type of account for a customer that operates as a money service business and/or payday lender.” (December 6, 2013).
I think many of us figured something like this either is or has already been occurring.
It only going to worse unless the citizens start putting pressure on the government.
Obama and Holder think that Government Agencies are their own personal Vendetta Weapons.
The IRS against political opponents and the DOJ against both political opponents and Ideologue opponents.
This Administration makes the Nixon Administration look like total Amateurs. With one "crisis" after another for the last 5 years, people are just weary of the whole thing and tuning it out. It appears that the Veterans Debacle is the only "crisis" that the Media has any brief interest in.
According to The Hill, the DOJ encourages banks and third party payment processors to drop these high-risk clients by “flooding payments companies that provide processing service to those industries with subpoenas, civil investigative demands, and other burdensome and costly legal demands.”
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The FDIC’s list of 30 high-risk merchant categories that are currently being pursued by the DOJ.
Sounds like another version of the EPA and similar acronyms. Subject companies to a ton of regulations and shut them down. These are companies that provide real jobs to people. I don't agree with all of them, but they do have a right to work and support themselves as long as they are not breaking the law.
And I am not sure about them going to bitcoin. Many are just ceasing operation. Obama's goal is continuing to advance.
Obama has set the standard for future presidents to follow. Don't like the laws? Just ignore them and direct the executive branch to create or eliminate any regulation they want. Don't agree with that law? Don't enforce it. Think the EPA has too much power? Fine, just rewrite all the regulations to neuter them. Don't like the ACLU? Sick the IRS on them-audit them several times a year. NAACP? Just force them to meet a balanced hiring scale that represents all races equally. Or suppress them with NSA spying on every meeting and threaten the leadership. Want everyone to own a gun? We've established the precedent, just pass an executive order requiring everyone that is not a convicted felon to buy one. And use the IRS to "tax" anyone that objects.
When objective laws are ignored and a president is allowed to act as a tin-pot wannabe dictator, he sets quite the standard for his eventual successor.
Obama has set the standard for future presidents to follow. Don't like the laws? Just ignore them and direct the executive branch to create or eliminate any regulation they want. Don't agree with that law? Don't enforce it. Think the EPA has too much power? Fine, just rewrite all the regulations to neuter them. Don't like the ACLU? Sick the IRS on them-audit them several times a year. NAACP? Just force them to meet a balanced hiring scale that represents all races equally. Or suppress them with NSA spying on every meeting and threaten the leadership. Want everyone to own a gun? We've established the precedent, just pass an executive order requiring everyone that is not a convicted felon to buy one. And use the IRS to "tax" anyone that objects.
When objective laws are ignored and a president is allowed to act as a tin-pot wannabe dictator, he sets quite the standard for his eventual successor.
Even though this is wrong I hope the {R}s return the favor when they regain the WH. It will be so funny when the liberals of the forum cry like babies with out a pacifier.
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