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

[David Farber <dave@farber.net>]

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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
>=========================================================================
>What you do today will cost you a day of your life. Better make it count.
>



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