Today the magic formula has many parts: openness to people and capital, the time zone, proximity to subsea data cables, and posh schools. But, above all, it relies on stable politics and regulation, close ties to America and seamless ones to Europe.
—The Economist, in ‘Can the City survive Brexit?’
I doubt you’ve come across a better analogy today:
This is like, a taxi driver flies on United Airlines from New York to Miami, and in Miami he picks up a guy who owns a boat and drives him to the marina, and then the guy with with boat transports bags of cash for a drug dealer, and you hold United responsible.
Fund Conflicts and Tax Napkins, April 27, 2017, at 03:37 PM
It’s a valid analogy, though. And on a very valid point of criticism:
J.P. Morgan Chase & Co. prohibits banks it transacts with from dealing with virtual-currency exchanges, according to an internal document seen by The Wall Street Journal.
The concern here is that JPMorgan might transfer money for another bank, and that other bank might transfer money for a bitcoin exchange, and that bitcoin exchange might transfer money for a drug dealer. Which, in the eyes of the law, means that JPMorgan might as well be dealing drugs itself.