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IP: re Dan Gillmor on Technology Wed Apr 11 13:00:25 EDT 2001
From: David Farber <dave () farber net>
Date: Mon, 16 Apr 2001 17:04:49 -0400
X-Sender: galliver () galliver cx X-Mailer: QUALCOMM Windows Eudora Version 4.3.2 Date: Mon, 16 Apr 2001 10:53:20 -0500 To: farber () cis upenn edu From: Stephen Galliver <stephen () galliver cx> Subject: Re: IP: Dan Gillmor on Technology Wed Apr 11 13:00:25 EDT 2001 Hi Dave, I forwarded Dan Gillmor's column on banks and privacy to my brother, who used to work in the banking industry. This is (part of) the reply I received. I thought you might find it interesting. I did get his permission to forward this to the IP list, if you so desire.Thank's for sending this. It is interesting that the federal law changed, but really all it did was write into law what was already happening in the industry. While banks can not legally (or at least could not under the old system) sell mutual funds and other non FDIC insured products, it was perfectly acceptable for banks to create a subsidiary that worked out of the branch office and even employed bank employees to sell these financial products. The banks were not allowed to share information with this subsidiary, but really how could they help it when the bank's branch manager was also the subsidiary's sales person.-- sdg Stephen D. Galliver :: PGP-encrypted mail preferred :: http://pgp.mit.edu stephen () galliver cx :: AE6A BD62 B2C7 7220 76C5 99EA 8AD0 93F7 4FEB 1C97 ========================================================================= What you do today will cost you a day of your life. Better make it count.
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- IP: re Dan Gillmor on Technology Wed Apr 11 13:00:25 EDT 2001 David Farber (Apr 16)