Neteller's updated position

[m bozeman]

Looks like bad news on the horizon for us.

Neteller's statement

[breaktwister]

Total idiots. Its laughable. Another business willing to give up its no1 spot (a la Partypoker) for no good reason other than to "protect our shareholders, business partners, employees and reputation".

What a joke. I'd love to know how destroying the business will protect shareholders?

Another company will surely step into Netellers vacated shoes.

[Reef]

unbelievable

[m bozeman]

I guess we need to start looking for a new funding source.

[Obfuscation]

Well, that's the big one we've all been fearing. Seemed inevitable, really.

Back into the shadows we may go.

[j2zooted]

any chance this is lip service to keep the fed regulations of their back?

[m bozeman]

Anyone else getting tired of this $hit?? More bad news every other day.

[grandgnu]

This should be stickied or added to the FAQ

[Wakko]

can still withdraw. i haven't put money into neteller in 4 years.

[StellarWind]

[ QUOTE ]
Total idiots. Its laughable. Another business willing to give up its no1 spot (a la Partypoker) for no good reason other than to "protect our shareholders, business partners, employees and reputation".

[/ QUOTE ]
In the long run it isn't possible for Neteller to keep both its U.S. and non-U.S. business.

Whoever runs money for U.S. online gamblers is going to get their hands very dirty. We'll trust our money to that type of business because we will have absolutely no choice.

The rest of the world does have a choice. They are not going to patronize a shadowy financial institution that constantly bends the law and shoots every angle it can find.

This was inevitable. Neteller's position in non-U.S. business is too valuable to risk going to war with the U.S. government. But never fear, someone will rise up to take their place. For every "Party Poker" business that has grown soft and respectable there is an Absolute Poker that understands that the online gambling business is not for the faint-of-heart. Moving corporate offices away from safe havens to places like London was extremely foolish business strategy. At best it was a "greater fool" scheme to sacrifice the long-term good of the business in hopes of unloading the company onto a naive public via IPO.

Everything needs to be out of reach of the U.S. government--operations, corporate offices, employees, banks, system providers, and support services. This takes planning and long-term vision. It's not something you just pull together after the crisis hits.

Right now we're seeing who is ready for some football and who isn't.

Neteller was never ready. "Barclays Bank" is all you need to know about their thought process.