They don't. Beyond even corruption, you need to remember that banks have always effectively operated as utilities. They don't refuse to allow pedophiles, terrorists, convicted felons, or even currently serving felons to not have bank accounts. Yes, they shouldn't support illegal transactions, but they don't do any real monitoring to prevent that.
Which is why this corporate continuance of Obama's Operation Chokepoint is so galling.
This isn't censorship. It's worse. It's a de-banking effort that is just a continuation of the norm that Operation Chokepoint set. There are industries that certain political groups want demonetized. They close Nigel Farage's multi-million dollar accounts because he's "politically controversial", but they don't close the accounts of convicted pedophiles who are in prison.
Let's not forget that Donald Trump had to pardon the founder of Silk Road because he didn't prevent illegal transactions on his site that he refused to monitor. MasterCard and Visa are always allowed to support illegal transactions that they refuse to monitor because MasterCard and Visa have friends in the government.
They don't. Beyond even corruption, you need to remember that banks have always effectively operated as utilities. They don't refuse to allow pedophiles, terrorists, convicted felons, or even currently serving felons to not have bank accounts. Yes, they shouldn't support illegal transactions, but they don't do any real monitoring to prevent that.
Which is why this corporate continuance of Obama's Operation Chokepoint is so galling.
This isn't censorship. It's worse. It's a de-banking effort that is just a continuation of the norm that Operation Chokepoint set. There are industries that certain political groups want demonetized. They close Nigel Farage's multi-million dollar accounts because he's "politically controversial", but they don't close the accounts of convicted pedophiles who are in prison.
Let's not forget that Donald Trump had to pardon the founder of Silk Road because he didn't prevent illegal transactions on his site that he refused to monitor. MasterCard and Visa are always allowed to support illegal transactions that they refuse to monitor because MasterCard and Visa have friends in the government.
Might be worth investing in Amex and Discover.