Quote:
Originally Posted by tony404
Go to listen to the sin2.0 they have the seminar they had with guy from the ftc.they asked about visable prechecked cross sales the gov guy said thats aproblem.you could hear a pin drop.
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I heard it, really a stupid move to invite them. I think there was a lack of legal representation on behalf of the industry to properly question him.
FTC is a private organization controlled by the government partial funded by fines they issue. (correct me if I'm wrong please)
The FTC was not aware of any issues as the % of bad business is so absolutely tiny, now someone told them "it's a huge problem" because there is 5-6 people out of 1000s doing some shady business, obviously they did not name any names so this mean that it is likely that the investigations will just hit "the biggest players" that may be all legit, FTC doesn't see your volumes, they see only the complaints, someone with 0.1% complain ratio may appear worse than someone with a 5% complain ratio and shady business plan, simply because they do 100 or 1000 times more business.
I think recently we saw soulcash fight the FTC and win, but went out of business because of the costs etc involved with fighting a commission based regulator
I'm not against a regulated market at all, just against regulators trying to regulate based on results rather than common sense and the law, but if you want the same budgets for the next 4 years, you gotta show some results
