UIGEA finalized-RD and Aeq please help

[drewjax]

This was taken from a post on FCP. It was taken form chat box when HL was playing at FTP. Interesting at least.



ClockWyze: howard are you concerned about the new
UIEGA regs - they seem once again unenforceable

Howard Lederer: not at all clock

Howard Lederer: if you read them very closely, they
might help us

Howard Lederer: they make is explicity clear that
transactions going to a player

Howard Lederer: even for a clearly illegal bet, like sports
is not restricted

ClockWyze: thats good news - you are like the larry flint
of poker - take them to the supreme court - stick it to
the man

Howard Lederer: they also create a procedure where a
reasoned legal opinion provided to the Fed can clear the
way to make poker transaction legal
Howard Lederer: we could get a "poker" code out of this

ClockWyze: thats really good news - we all appreciate
all your hard work

ClockWyze: you should make russ hamilton a red
name pro

Howard Lederer: you might want to google Nelson
Rose's opinion on the regs

brilander: yw twizzle - If you have some documentation
it should help your case

Howard Lederer: it's very interesting

Howard Lederer: I'd also lay 10-1 they will get stopped
Howard Lederer: either by Obama, Congress or litigation

Howard Lederer: they simply didn't follow the rules when
drafting these regs

Howard Lederer: number one violation was Paperwork

Howard Lederer: how can the government expect every
financial institution to try to figure out what is and is not
a restricted transaction

Howard Lederer: when that should be the job of the
government
Howard Lederer: ?

ClockWyze: the financial institutions ARE the gov't
haven't you been watching CNBC
ClockWyze:

Howard Lederer: They calculate the the regs would take
1M man hours and 90M to implement in the first year
alone

Howard Lederer: just what the banking industry need

Howard Lederer: lol
ClockWyze: they can take it out of the 700B

Howard Lederer: bottom line, I doubt the regs will ever
get implemented
Howard Lederer: and if they are it could actually help

Howard Lederer: I should stop ranting now

brilander: please rant away - my financial institution has
had a field day making it difficult for me to deposit here

brilander: ok
Howard Lederer: that is another thing the regs make
clear

Howard Lederer: they should not look at individul
transactions

Howard Lederer: they should do the due dilligence to
make sure that unlicensed illegal gambling business
don't have merchant accounts

brilander: that would be sweet - I was actually quizzed
about whether I was depositing to a gambling web site

Howard Lederer: again, we feel like we'd be fine as long
as they follow the regs by the letter

Howard Lederer: bottom line is this

Howard Lederer: the UIGEA is based on teh Wire Act

Howard Lederer: Wire Act says you can't be "in the
business of betting and wagering"

Howard Lederer: last I checked, poker sites don't wager

brilander: Great point

Howard Lederer: the legal definition of a wager is risking
something based on the outcome of an event

Howard Lederer: and poker players aren't in the
business of anything
Howard Lederer: so no one is violating the wire act here

brilander: lol

brilander: badbeatme (Observer): lederer 5 prez 2012

brilander: passing on observer chat
Howard Lederer: I'm not cray enough to want to be
President

Howard Lederer: really, you have to be mentally ill
brilander: I should hope not!
brilander: very very true

ClockWyze: oops - tricky live players

Howard Lederer: but I give Obama credit, he might be
sane
Howard Lederer: which is really crazy

Howard Lederer: ty clock

brilander: true - scary thought

ClockWyze: nice talking to ya howard -
Howard Lederer: pleasure clock
Howard Lederer: gn

brilander: like his wife also

Howard Lederer: I heard someone who has known them
for 15 years say he always though SHE might be the
president in the family

Howard Lederer: he thought Obama might make a good
mayor
Howard Lederer: lol
brilander: ouch

brilander: lol
brilander: I believ it