| JEMC said: It's good to know. This is obviously not a law as it is discriminatory and that goes well, against the law. As for the rest, it is prety clear that the bankers don't like this either (after all, they are losing clients with money) and given how smart they are when it comes to find ways to avoid the laws/regulations without crossing the line, they will find ways to make it happen. The other option is to move the industry to other places/counties. Maybe they could move to Toronto in the East and South California in the West? Hmm, I wonder how the economy of California would deal with that (if it's as bad as some say, ofc). |
The DoJ can tell a European bank to stop serving porn stars in Germany, and the bank would probably have to comply. Even if it didn't have branches in the US.
While the DoJ may be technically breaking the law, in reality that doesn't actually matter.
No bank tries to avoid regulation, and they all spend hundreds of millions of dollars a year in compliance. Regulatory breaches rarely come from the bank leadership, but corrupt middle-managers. And, trust me, the amount that these corruptions cost banks in terms of reputation, fines, increased regulatory scrutiny, etc... they in no-way encourage this sort of behaviour.
Of course, the banks do essentially draw up these regulations in the first place. But this isn't something that they will care about. Keeping in the good books of the DoJ trumps a few people's bank accounts any day of the week. It shouldn't be that way, but it is.
