Feds looking at your finances

[Krackels]

I just saw this on Drudge.

USATODAY.com

WASHINGTON — Each year, federal agents peek at the financial transactions of millions of Americans — without their knowledge.
The same type of information that raised suspicions about New York Gov. Eliot Spitzer is reviewed every day by authorities to find traces of money laundering, check fraud, identity theft or any crime that may involve a financial institution.

As concerns about fraud and terrorist financing grow, an increasing number of suspicious deposits, withdrawals and money transfers are being reported by banks and others to the federal government. Banks and credit unions as well as currency dealers and stores that cash checks reported a record 17.6 million transactions to the Financial Crimes Enforcement Network in 2006, according to a report from the network, a bureau of the U.S. Treasury Department.

"I don't think Americans understand that their financial transactions are being reported and routinely examined," said Barry Steinhardt of the American Civil Liberties Union.

The Treasury Department's database now contains records of more than 100 million financial transactions going back to at least 1996, said network spokesman Steve Hudak. READ MORE>>

Doesn't this warrant-less searching violate the 4th Amendment? "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

I don't often agree with representatives of the ACLU, but on this topic I do.

I don't care how they label it. If they (the feds or any entity of the government) are going to rifle through financial records without consent then they need to obey the law and either have probably cause or a warrant.

[AZXD]

You do realize what's gonna happen, don't you?

[Ride the Lightning]

While I don't agree with the practice of checking our financial transactions, they probably are entitled through the FDIC to do so since they insure the money. The money is also technically the property of the US government and that implies the right to know where it's going. This is another case of the ammendment being written at a time when they never thought this would become an issue.

[wombat13]

Originally Posted by AZXD

You do realize what's gonna happen, don't you?

Nice try, but this can't be laid at Bush's door. These laws go back to the 1970s.

[Frenchy]

Originally Posted by wombat13

Nice try, but this can't be laid at Bush's door. These laws go back to the 1970s.

I agree, but it don't make it any better.

[AZXD]

Originally Posted by wombat13

Nice try, but this can't be laid at Bush's door. These laws go back to the 1970s.

But this post was made on Bush's watch

[Ride the Lightning]

Originally Posted by AZXD

But this post was made on Bush's watch

But it was on the internet that Al Gore invented in the 70's.

[AZXD]

Originally Posted by Ride the Lightning

But it was on the internet that Al Gore invented in the 70's.

And this kid met his match.

[wombat13]

Originally Posted by Frenchy

I agree, but it don't make it any better.

I don't see the problem. The laws simply require a business to report suspicious financial transactions. If you don't want banks reporting on your financial transactions you have the right to keep your money in your mattress.

[Frenchy]

You seem to trust the government implicitly. I'm leery and question every aspect.