At 04:52 PM -0700 09/28/2005, Gene Osburn wrote:
Very clever thieves as well. They've managed to avoid regulation by
any agency that oversees banking services, and they abuse the
resultant freedom this affords them quite skillfully.
That is simply not true.
First, PayPal is NOT a bank or banking service. They are a Payment
Transfer Service (like Western Union etc).
Paypal is a registered and licensed as a Payment Transfer Service in
each of the 50 US states. And in each country they do business
they're likewise licensed also. IOW, they have always been
"governed" by the FTC all along and are now covered by the state
equivalents also.
- Dan.
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