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Porn Proceeds too Hot to Handle for Banks - Risk & Compliance - WSJ

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Porn stars are apparently too hot for banks.

Several porn actors were up in arms this week after receiving letters from J.P. Morgan Chase & Co. saying their accounts were being closed, but the move appears to be a standard practice by a major bank aimed at limiting risk, rather than a sign of new prudishness.

Chase sent letters to several actors informing them their personal accounts were being closed, telling them to look for help elsewhere, according to various reports. One actress said she never told the bank about her employment and she’s trying to figure out how it found out. A J.P. Morgan Chase spokesman didn’t respond to a request for comment.

(Update: A person at J.P. Morgan Chase familiar with the matter said the recent closures being discussed amount to a small handful of accounts for people who happen to be affiliated with the adult entertainment industry. “There is absolutely no targeted effort to exit customers’ accounts because of their affiliation to this industry,” the person said. “The consumer bank has no policy that would prohibit a customer or consumer from having a checking account by virtue of being in this industry. We routinely exit customers for a variety of reasons.”)

The account closures highlight the risks banks see in serving the sex industry, as well as the risks those businesses face and how they go about limiting them, especially when it comes to non-payment by customers.

Michael Fattorosi, a California-based lawyer representing people and companies in the adult entertainment industry, said in an interview that the trade has always faced account closures, as well as difficulties finding billing services and payment processors willing to do business with it. “This is another symptom of the problem, which is to get the business to be seen as legitimate,” he said.

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rubenfeld

theatlantic:

Carmelo Anthony: Way Overrated

The New York Knicks’ new president Phil Jackson knows a few things about overcoming obstacles: He’s won 11 NBA championship titles as a coach with the Chicago Bulls and Los Angeles Lakers and two as a player. But Jackson’s biggest challenge this offseason is supposedly figuring out how to keep Carmelo Anthony, a player so talented that the redoubtable Oscar Robertson recently called him one of the best players in the league—perhaps better than LeBron James or Kevin Durant.

The primary presumption in New York is that the Knicks have to keep Anthony because he is a rare talent belonging to the Mount Rushmore of contemporary scorers. After all, Anthony has scored nearly 20,000 points in his career and appeared in the All-Star game seven times. The secondary presumption—made by both Robertson and Frank Isola of the New York Daily News(among others, I’m sure)—is that the only thing keeping Anthony from winning a championship is the lack of better help around him.

But the empirical evidence suggests that 1) Anthony is not quite the star so many people see, 2) the Knicks’ problems aren’t entirely a result of their lack of help, and finally, 3) losing him might not be so tragic.

Read more. [Image: Matt York/AP]


Source The Atlantic
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Carbon dioxide levels in atmosphere set new mark

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breakingnews:

San Francisco Chronicle: There’s striking new evidence that Earth’s atmosphere is increasingly saturated with carbon dioxide, the major gas from fossil fuel emissions that trigger climate change.

Measurements of the climate-changing gas by instruments high on a mountain in Hawaii and around the world show that global emissions from burning fossil fuels rose last month to levels higher than at any time in human history - and higher than it has been in hundreds of thousands of years.

The instruments that have been measuring carbon dioxide for more than 50 years showed that for the entire month of April, levels of the gas exceeded 400 parts per million for the first time, said Pieter Tans, a climate scientist at the National Oceanic and Atmospheric Agency who monitors the instrument record.


Source breakingnews
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rubenfeld

When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.


Source coketalk
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rubenfeld

breakingnews:

FDA to propose new regulations for electronic cigarettes

The Wall Street Journal: The Food and Drug Administration plans to impose new regulations on electronic cigarettes, eventually banning sales to minors and requiring makers gain FDA approval for products.

Makers will be required to disclose the chemicals used in the devices, and new health warnings will note that the nicotine they contain can be addictive.

Photo credit: Bloomberg News via wsj.com


Source breakingnews
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rubenfeld

nbaoffseason:

Kevin Durant, the greatest H-O-R-S-E player of all time, delivers a four-point play.

The refs pretended to review the play to see if KD stayed in bounds, but secretly they just wanted to watch that shot five more times.


Source nbaoffseason
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rubenfeld
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rubenfeld