I think I have a possible solution to get around the Leach bill if passed.....

vanzack · Mar 16, 2006

Guys - I think I have come up with something. Please pick it apart and tell me where I have gone wrong.

The leach bill stops all payment processors from funding gambling institutions. It does not criminalize gambling.

So, what if the following took place:

1. Pinnacle open a "bank" in Curacao and is licensed and regulated by the country of Curacao (or the Netherlands whomever is in charge). This is a seperate legal entity from Pinnacle sportsbook.

2. As a member of Pinnacle sportsbook you are automatically given a bank account at Banco de Pinny.

3. All transfers are made from your USA bank account to your bank account at Banco de Pinny.

4. When you place a bet at pinnacle sportsbook, a behind the scenes transfer happens from you Banco de Pinny account to your sportsbook account. When you win it gets transfered back to Banco de Pinny. Its seamless to you - the customer.

Doesnt this totally bypass the Leach bill? It is totally legal for a US citizen to have an offshore bank account. You are simply funding your bank account and withdrawing from it.

I can only hope the offshore industry has something like this in their hip pocket - laughing at all of the BS going on in congress.

WHAT DO YOU THINK???

Fishhead · Mar 16, 2006

Understand, the LEACH Bill is only one of THREE rotten eggs we have to worry about...........and if this goes through, the others will possibly gain steam/acceptance too.

:cryingcry

vanzack · Mar 16, 2006

Fishhead said:
Understand, the LEACH Bill is only one of THREE rotten eggs we have to worry about...........and if this goes through, the others will possibly gain steam/acceptance too.

:cryingcry

I totally agree - but it will prob be the first one to go through.

I think something like this idea bypasses it though. I hope. Wishful thinking.

:toast:

Whoson1st · Mar 16, 2006

vanzack said:
Guys - I think I have come up with something. Please pick it apart and tell me where I have gone wrong.

The leach bill stops all payment processors from funding gambling institutions. It does not criminalize gambling.

So, what if the following took place:

1. Pinnacle open a "bank" in Curacao and is licensed and regulated by the country of Curacao (or the Netherlands whomever is in charge). This is a seperate legal entity from Pinnacle sportsbook.

2. As a member of Pinnacle sportsbook you are automatically given a bank account at Banco de Pinny.

3. All transfers are made from your USA bank account to your bank account at Banco de Pinny.

4. When you place a bet at pinnacle sportsbook, a behind the scenes transfer happens from you Banco de Pinny account to your sportsbook account. When you win it gets transfered back to Banco de Pinny. Its seamless to you - the customer.

Doesnt this totally bypass the Leach bill? It is totally legal for a US citizen to have an offshore bank account. You are simply funding your bank account and withdrawing from it.

I can only hope the offshore industry has something like this in their hip pocket - laughing at all of the BS going on in congress.

WHAT DO YOU THINK???

The Leach bill makes it a crime for the player to fund..... Read the bold print in Dante's comments' from the actual language. Matters not if the bank account is legal---then you could be charge also with washing or "laundrying" funds.
I just hope it doesn't pass--It's one of my few pleasures in life.

Fishhead · Mar 16, 2006

......and to think, Leach hails from IOWA of all places.

:sad3:

teazeman · Mar 16, 2006

Lots of people fail to understand the language in which the bill is written, it cuts to the heart of the banking industry. This bill, like lots of others, will not be enforced by a governmental agency but by bank regulation, it is possible without any of our knowledge for uncle sam to have this already in the bag. How many of us are aware of the billable services banks provide today compared to 10 years ago? The huge profits reaped by the big banks in the last few years didn't go without the potential of a favor being called in. Has anyone ever had their check card expire? Notice when you tried to use it you got nowhere, It's not as difficult as most think for a bank to "control" your ability to spend your own damn money! I for one hope this country chooses not to go down this path but you are naive to think that the continued unabated loss of personal freedoms by free citizens in this country is going to end on it's own. The most unnerving aspect of what is happening in our country is we are electing and paying the dumbasses to stick it to us as often as possible. I am done with this post, sorry for it's length but i think this is an important issue that is going to effect lot's of people in ways they have yet to realize.

ChuckSims · Mar 16, 2006

All the USA has to say is the Panama bank is used to funnel funds to and from a sportsbook. Your funds will be seized. Its the Patriot Act in action. I love these religious right Republicans. They know whats best for you.

zee · Mar 16, 2006

I for one hope this country chooses not to go down this path but you are naive to think that the continued unabated loss of personal freedoms by free citizens in this country is going to end on it's own.

God bless you. I was getting desperate that the attitude of all americans has become "Oh, what the hell, one more restriction....what's for lunch tomorrow?".

quantumleap · Mar 16, 2006

All I have to do is send some money to my friend in Canada. He will open an account with whichever book and give me the username and password to the account. If I have to re-up I simply send him the money.

Fishhead · Mar 16, 2006

Where does the recent WTO ruling come into play in all this?

teazeman · Mar 16, 2006

quantumleap said:
All I have to do is send some money to my friend in Canada. He will open an account with whichever book and give me the username and password to the account. If I have to re-up I simply send him the money.

Nothing against Canada, i just don't have friends there, should you have to jump thru this many hoops to do with what you like with your hard earned tax paid dollars? I hope we don't accept this as normal, what about uncle sam leaving me and my cash the f*&k alone, is that ok?

teazeman · Mar 16, 2006

If i may add this what about the ability of the u.s. to control access to the website you need to play on? Don't think it's possible? Go to China. Go to a library in this country, my father was in the hospital two weeks ago, free wi-fi internet, just could'nt access this site or any gambling related site. For me that was a first, enlighting as it was,it also made the hair on the back of my neck stand up.

vanzack · Mar 16, 2006

Please be patient with me - but I dont understand.

If I send Banco de Pinny a check in the mail, or a money order, or a cashiers check for deposit in my account - how can my bank stop that?

Also, Banco de Pinny has drive up windows and real tellers for transactions in person.

How does any of this get stopped or is in violation of the Leach Bill?

WildBill · Mar 16, 2006

Amazing what you guys are scheming up. Even if something passes, and I have serious doubts about that happening, the sun will rise the next morning and shortly thereafter there will be betting lines up on your computer screens.

teazeman · Mar 16, 2006

WildBill said:
Amazing what you guys are scheming up. Even if something passes, and I have serious doubts about that happening, the sun will rise the next morning and shortly thereafter there will be betting lines up on your computer screens.

Bill, it's not as much about the ability to gamble offshore to me as it is the loss of personal liberty, i hope you are concerned about this as well. Each and every day that passes we as americans lose some of the freedoms this nation was founded upon, that's more bothersome to me than anything else.

WildBill · Mar 16, 2006

Of course I worry about freedoms, I speak about it all the time. However I don't think we are going to lose any rights here. After all the DOJ tells us we don't have the right to bet offshore already as it is.

Dante · Mar 16, 2006

WildBill said:
Amazing what you guys are scheming up. Even if something passes, and I have serious doubts about that happening, the sun will rise the next morning and shortly thereafter there will be betting lines up on your computer screens.

WB...great post put its the "comfort level" many will not have anymore by the symbolism of this bill if it becomes a law even though it can not be enforced if passed..

BarneyFife · Mar 16, 2006

vanzack said:
Please be patient with me - but I dont understand.

If I send Banco de Pinny a check in the mail, or a money order, or a cashiers check for deposit in my account - how can my bank stop that?

Also, Banco de Pinny has drive up windows and real tellers for transactions in person.

How does any of this get stopped or is in violation of the Leach Bill?

I'm sure they would make it illegal for US banks to transact business with the Banco de Pinny....I'm not sure about Swiss bank accounts though....

primetime21+ · Mar 16, 2006

Who else is ready for a good old fashioned revolution?
:machinegu:uzi:

Whoson1st · Mar 16, 2006

I hope nothing passes like the rest here. This Leach bill concerns itself with the FUNDING. Key word is funding and makes that a C R I M E. (It's not about the "wire act" and being in "the business of". It's the FUNDING which is criminalized. Doesn't matter who does the F U N D I N G!!!! From what I can see this is easily the worst of all the bills and the very fact that it was the first of these bills to come up for a voice vote to move it on, scares me.
It does not go after the internet service providers to block gaming sites (that's probably in somebody else bill like Goodlatte's).