“a bank’s ability to block payments to a legal entity raises a troubling prospect. A handful of big banks could potentially bar any organization they disliked from the payments system, essentially cutting them off from the world economy….
The fact of the matter is that banks are not like any other business. They run the payments system. That is one of the main reasons that governments protect them from failure with explicit and implicit guarantees…
What would happen if a clutch of big banks decided that a particularly irksome blogger or other organization was “too risky”? What if they decided — one by one — to shut down financial access to a newspaper that was about to reveal irksome truths about their operations? This decision should not be left solely up to business-as-usual among the banks.”
“I can use Visa and Mastercard to pay for porn and support anti-abortion fanatics, Prop 8 homophobic bigots, and the Ku Klux Klan. But I can’t use (see bbc) them or PayPal to support Wikileaks, transparency, the First Amendment, and true government reform.