JP Morgan is closing the
accounts of 3,500 "politically-exposed persons" because new US
regulations aimed at squelching money laundering are imposing too many costs
and liabilities. Included among those
whose accounts are being terminated are Jose Antonio Campos, former Colombian
finance minister and candidate for president of the World Bank, and Tony Blair,
a British politico on JP Morgan’s payroll. (FT, p13)
It appears that the federal
bureaucracy thinks all foreigners are bad.
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