IP: re Dan Gillmor on Technology Wed Apr 11 13:00:25 EDT 2001

[David Farber <dave () farber net>]

> X-Sender: galliver () galliver cx
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> 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
> =========================================================================
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