[hga]

So they're now "high-fraud" businesses, vs. "fraudulent businesses" (https://news.ycombinator.com/item?id=7671113)?

And this must be some new meaning of the word "constrain" I wasn't previously acquainted with. This "operation" appears to be intended to terminate these "undesirable" businesses with extreme prejudice, and without the pesky Rule of Law getting in the way.

[tptacek]

When I called payday loan companies "fraudulent", I was letting my biases show. The more accurate way to describe them is with the phrase I used in my latter comment: a high-fraud business, one that hosts quite a bit of fraud.

[hga]

So an acceptable solution is "Kill them all, God will know his own"? (https://en.wikipedia.org/wiki/Massacre_at_B%C3%A9ziers#.22Ki...)

[tptacek]

If you want to write an impassioned case on behalf of payday loan companies, be my guest. You asked a question: what did the OP mean when it pointed out that this issue was being driven by op-eds from banking lobbyists? I provided a possible answer.

[hga]

My impassioned case is for the Rule of Law.

Do the ends justify the means?

[tptacek]

Investigations and prosecutions of fraud --- OCP includes criminal prosecutions --- are part of the rule of law. Meanwhile, banks profit directly from fraud by collecting transaction fees. The banking lobby wants to convince the government thank the banks will self-police, but the issue at hand is an externality to the banks.

What I'd like to know is, why are EFF and Reason casting this as suppression of pornography? It's the payday lenders and prepaid card scams that are driving the lobbying effort.

[hga]

You know very well if the DoJ was "containing" problems through legit fraud prosecutions nobody would be raising a huge fuss.

(ADDED: one wonder how many of these prosecutions are legit vs. "the process is the punishment" well nigh unlimited budget DoJ vs. likely small fry.)

It's the lawless abuse of regulatory powers---e.g. why the FDIC is part of the operation---to try to shut down entire sectors of the finance industry that has people figuratively up in arms.

[gnoway]

Maybe EFF and Reason jumped the gun/got duped?

[dkural]

Don't you find it offensive that you're purposefully misled by the two industries - who prefer to not defend themselves directly and instead use Porn as the innocent victim?

[hga]

Not at all. The general principle is the defense of the Rule of Law, and of course those fighting for it are going to use the most sympathetic victims as leading examples.