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Posted by bc_nv on January 14, 2008, 1:53 am
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the money in a regular bank and hid the balance in
* small caches around the house.
*
* When the sky did not fall, when Ross Perot's predictions did not come
* true, Alvarez began slowly moving the cash in his house back into a
* bank. Partly because of his fear of a possible robbery, he chose to
* redeposit his money in relatively small amounts, $5000 or so at a time.
*
* While Alvarez had come to know Perot's gloomy predictions were off the
* mark, he did not know that the federal international government, in its
* hysteria about drugs, had persuaded Congress to greatly expand the
* government's civil and criminal powers to seize assets of individuals
* it felt might be up to some illicit business. The government's concern
* was so overwhelming that in 1986 Congress was prevailed upon to add a
* provision to the seizure law forbidding any "structuring" of financial
* transactions in a way so as to evade and existing requirement that cash
* transfers of more than $10,000 had to be reported to the government.
[
The New York Times, April 13, 1997
U.S. Under Secretary Raymond W. Kelly signed an order on Aug 7th requiring
New York businesses transmitting cash to report all transactions over
$750. The order was not publicly announced. It is part of emergency
powers. [President Clinton subsequently makes it permanent nationwide.]
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