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Friday, March 14, 2008
Spitzer investigation should raise concerns for all Bank Customers
The Atlanta Journal-Constitution
I am not particularly a fan of soon-to-be-ex New York Governor Eliot Spitzer; nor do I comment at this point on his guilt or innocence. However, the manner in which he was investigated, wiretapped, and then targeted for further investigation should concern every American who maintains one or more bank accounts. As the Spitzer story has unfolded, it appears that because he transferred his own monies in his own bank accounts for his own purposes, but in a manner that raised suspicions of bank employees and might have run afoul of the complex web of reporting requirements that now overlay and enwrap all banks and financial transactions, his personal money transfers were reported to the IRS, and his phone conversations then surreptitiously monitored by government agents.
One day you’re simply transferring some funds from one account to another, or wiring some money to someone overseas; the next day, you’re being investigated and your calls monitored.
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