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#21
10-01-2007, 01:55 PM
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Re: Regulations are out
Starting on page 31 and running for a few pages are the estimates of how much time it will take to comply with the UIGEA. Page 33 states 25 hours for compliance per institution.
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#22
10-01-2007, 02:01 PM
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Re: Regulations are out
Is the unbelievably low 25 hours per year estimate because the regulations really don't ask financial institutions to do anything, or is it because the government doesn't have a clue as to how long anything takes?
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#23
10-01-2007, 02:06 PM
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Re: Regulations are out
That is a good question. Lets hope that both apply.
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#24
10-01-2007, 02:25 PM
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O/U on the reg costs.
OK since I've been on the other side of the reg writing deak perhaps no one would take my bet on the estimated cost of the little 52 page missive from the Federal Government we are all reading.
Given my read on the reg I am willing to make book on the estimated cost to prepare the document prepreation costs todate. I'll tally the various bets and amounts and set odds. Any takers? D$D
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#25
10-01-2007, 02:27 PM
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Re: Regulations are out
From what I have read this seems pretty positive to me, 25 hours per year is barely enough time to make coffee to get started.
Bank Teller: "Before I cash this check, were all prizes and awards offered to winning participants established and made known to the participants in advance of the game or contest and their value is not determined by the number of participants or the amount of any fees paid by those participants?" D$D: I have no clue, but I will say $500,000 spent to date on getting this far.
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#26
10-01-2007, 02:28 PM
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Re: Regulations are out
[ QUOTE ]
Starting on page 31 and running for a few pages are the estimates of how much time it will take to comply with the UIGEA. Page 33 states 25 hours for compliance per institution. [/ QUOTE ] ok, please excuse my stupidity but 25 hours starting when ????????????????????????????
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#27
10-01-2007, 02:45 PM
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Re: Regulations are out
Pages 24-25, Part 6. "List of unlawful Internet gambling businesses" is interesting and probably troublesome to Jon Kyl. We should give him a call to see what he thinks of the regs.
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#28
10-01-2007, 03:05 PM
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Re: Regulations are out
Ok D$D, my guess is $10,000,000. Money not well spent. It should have gone for bullet proof vests, armor for Hunvees or ammo for our troops in Iraq.
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#29
10-01-2007, 03:36 PM
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Re: Regulations are out
[ QUOTE ]
So my question is what policy or procedure can identify a restricted transaction when the restricted transaction is not defined because it depends on the undefined term "unlawful internet gambling?" How can a foreign bank or sender know what is a restricted transaction? [/ QUOTE ] Nice catch. Precisely why this could drag on for another 5 years. [ QUOTE ] Is the unbelievably low 25 hours per year estimate because the regulations really don't ask financial institutions to do anything, or is it because the government doesn't have a clue as to how long anything takes? [/ QUOTE ] LOL. You know how the government feels about things like 'timetables.'
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#30
10-01-2007, 04:12 PM
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Re: Regulations are out
[ QUOTE ]
Ok D$D, my guess is $10,000,000. Money not well spent. It should have gone for bullet proof vests, armor for Hunvees or ammo for our troops in Iraq. [/ QUOTE ] I took me 1/2 an hour with GAO and another with OMB to figure out no one has a clue how much it actually costs to prouduce a proposed reg let alone the real costs to the government let alone the private sector. I'm confident that I can get an answer so don't bother with that, it's the fact that out of 13 people i spoke to no one really had an idea how to figure it out...... [img]/images/graemlins/grin.gif[/img] D$D<--still has a dime check from AT&T with the envelope with more than that as postage on it!
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