I remember as an investment broker not so long ago, my clients and peers talking about ethical investments. Exercising your ethical choice in investments was becoming mainstream and even clients were talking about it.

Contrast this with the Elliot Spitzer case recently. He didn’t seem to care that prostitution and the crimes always linked with it, where being funded by him. He possibly said - I’m O.k. I’m not hurting anyone.

The IRS’s Criminal Investigation Division then started a probe, initially fearing that Spitzer was the victim of either extortion or identity theft.

Screenshot of the website of Emperors Club VIP showing list of prices for escort services

Image from wiki

North Fork’s report in July 2007 went largely unnoticed until HSBC in the fall filed a report that the transactions were going to QAT International and QAT Consulting Group, which were offshore shell companies operating as a front for the Emperors Club.

Later the IRS contacted the FBI to investigate possible political corruption. The investigation led Federal authorities to link the money transfers to the Emperors Club.

On November 19, 2007, Republican operative Roger Stone sent a letter to the FBI saying that Spitzer “used the service of high-priced call girls” while in Florida.

Spitzer announced on March 12 that he would resign his post as Governor effective March 17, amid threats of his impeachment by state lawmakers.

So what’s happened to the ethics questions we used to ask, like: Was the company involved in mining practices that affected the environment? Did that company operate sweatshops in cheap-labour countries. Was the company involved in money laundering, pornography, tobacco, alcohol etc?

Whilst some of this talk and campaigning has been replaced by the fair trade movement, which when it works, I do applaud, what has happened to our own ethics?

Do we care how that money we got out of an investment was made?

Did it involve a pyramid scheme or scams where someone was robbed of their hard earned money, or was the money got from trading in guns, drugs or people trafficking? These are the questions banks have to ask in the bigger picture, and perhaps we should be asking them too in the smaller picture of our choices.

What do you think? Who does your research about where to put your money or what to invest in?

Does it matter to you what the e company/gold company/ web money/ company you use invests in or derives its profits from? Give us your view under comments

Moneypenny

A warm wish to all those on b5media, and of course our readers, remembering the fallen on this Memorial Day 2008. May all those who served and are serving, be remembered. Here’s the link to participate http://www.nationalmemorialdayparade.com   Last week I wrote on web money http://www.bizzia.com/webmoney-online-payments/  and  it seems that every month, there’s a new way to pay on-line. Are these virtual companies using our money held-on-line to trade with? Are they using customers online funds to raise capital to trade with. Ask some finance wizzes or a group of investment bankers, and they will tell you that for the small benefit of giving customers an alternative to using credit cards on line, these payments companies get to hold real money on behalf of the customer, and trade with it? The gold-related payment setups must be doing this. The sites tell you that the gold value is not linked to the current price of gold, but you can bet your bottom dollar, that they care about the fluctuations in the price of the commodity.  A clever scheme, e bullion, and others, convince the public you can create a monetary system outside of the mainstream, and apart from the normal US dollar currency, and they will come. Those who  use them swear by the safety, legality. etc. But the facts behind the incorporation, the location in Delaware, the gold vault stores, all open up many a can of worms. What’s the point of basing the investment on gold, if the investment its not linked to the commodities value? These are the questions I, and others very trained in financial instruments, are asking? Maybe we can because we are not invested and can still see the woods for the trees, or maybe we have just missed something. But I smell a rat, a big rat. Mark Herpel wrote on these gold payment companies like e bullion, a lot, and now writes DGC mag http://www.dgcmagazine.com  So perhaps he would agree to answer some pertinent questions. Are you up for the challenge Mark? Moneypenny

I keep seeing headlines such as this one: IMF Chief Warns Dollar May Suffer “Abrupt Fall” telling us all that, “The dollar may still have further to fall, and the effects would not be good for the global economy”.

Then there is the daily list of stories in my newsreader from precious metal gurus like James Turk of GoldMoney.com, forecasting that, “…we can expect US$800 gold by the end of the year, and a four-digit number next year.” What does it all mean?

The true meaning of this supersized USD/Gold combo is….Time to buy more gold.

Read more

Good news for UK based Webmoney users. Ukash, has increased the maximum value of a single voucher purchased at all PayPoint terminals in the UK from £100 to £499. Ukash can be used to conveniently load funds into any Webmoney purse. The new vouchers can be purchased at any of the more than 16,000 PayPoint locations across the UK. Millions of online shoppers are now embracing the use of cash to pay for their online purchases. Like any Ukash voucher, the new higher limit vouchers do not have to be used all at once.

Ukash CEO Mark Chirnside said,

“The launch of the new £499 voucher is another important milestone for Ukash, extending choice whilst remaining free of charge to the consumer”.

Ukash voucher can also be exchanged online for Entropia’s PED currency. Right now they even have a Ukash special - Deposit £10 or more of Ukash and receive a FREE IW36 limited edition pistol with ammunition.

In a July 25th press release cashU, one of the largest Internet payment systems in the Middle East and Africa, announced they have now partnered with Webmoney Transfer.

From this partnership, it is now possible for anyone with a cashU card and fund their Webmoney account simply by visiting the Webmoney online interface. Webmoney is a giant in the digital currency world and popular with many local customers in Russia and the CIS countries. I often write about Webmoney (1,2,3,4,5) They recently started offering a Gold purse (WMG).

This new cashU partnership is evolving in two stages. Their recent press release explains the deal,

“In the first stage of this partnership, cashU prepaid cards, which are available in over 20 countries in the Middle East can now be used to top up WebMoney accounts. In the coming months, cashU will allow WebMoney’s user base to top up their cashU accounts, which they can then use to access cashU’s international merchant base.”

Webmoney is considered a powerful consumer tool that facilitates online global commerce. CashU is known as one of the largest Internet payment solutions in the Middle East. Their payment cards allow users to shop and transfer money online without the risk of theft or fraud. CashU transactions do not reveal any personal information about the card user.

With the addition of cashU, Webmoney users who previously lacked access to online credit and banking now have a greater selection of funding options. This is especially true for users in Egypt, Jordan, Kuwait, Nigeria, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, UAE, even Iran and Iraq.

This new partnership between cashU and WebMoney is just one link in a long series of mutual commerce partnerships for both companies. Privately issued ‘e-currency’ is extremely flexible and now popular on a very wide global scale. Consumers wishing to shop and transfer funds online have more options today than ever before.

Yesterday, I was chatting online with Peter Darakhvelidze Director of corporate affairs from WebMoney Transfer and he shared this insight,

“From my point of view, all payment systems with irreversible transactions can be linked by gateways pretty easily, because complicated reconciliation procedures are not necessary. Gateways can be both direct or indirect (through exchangers).”

Both Webmoney and cashU offer non reversible transactions as do all digital gold currencies. Two other established Webmoney funding partnerships, paysafecard and UKash, also offer this same important feature. Commenting on the partnership, Martin Waldenström, General Manager, cashU said,

“E-currencies have a great potential in emerging markets, and it’s exciting to share with vision with other online payment systems, who believe in facilitating cross functionality and flexible exchange of funds. In time, we would like to partner with other leading e-currencies in markets that are outside of our geographical expertise.”

Some very exciting news from the Webmoney team…. Their new digital GOLD currency, WMGold, is now live. (WMG purse) .

All funds located in a WMG purse are 100% backed by gold bullion. The main agent I’m directed to is Metdeal.com and the price per gram (bid-ask) is posted on their web site. Or if your Russian is good, visit WebMoney exchanger wm.exchanger.ru. It will also soon be possible to buy gold using other authorized e-currency exchange services and the usual variety of payment methods.

Currency rates inside the Webmoney system will remain on the same exchange mode as they have always been. However, since the price of gold moves each day, the price of a WMGold unit will fluctuate. Transacting an exchange between existing Webmoney currency- WMZ, WME, WMR and others will also be on a floating rate, as the value national currency remains constant in their system and gold fluctuates.

To open a WMG purse, you will have to download the awesome new version of the Webmoney Keeper software which includes WMG. I’m setting it up now and should have some grams later today so we will definitely have more news and information later this week.

Webmoney registration is free and you can use the account immediately - so get started today. For existing WM-users: Download Keeper Classic Current version: 3.5.0.1 Sign in to Keeper Light

Exchange agents desiring to buy WMG need to become a MetDeal Partner, which requires some of the usual WM Passport verification paperwork and a new style contract. All Webmoney agents and business affiliates must complete some paperwork in order to transact business in WMG. Its always good to see a financial company clearly identifying who is offering their products.

Luckily for WMG agents Metdeal.com has only a $1,000 USD minimum purchase so a lot of both large and smaller agents will be participating.

For all of you readers wondering if delivery of your WMG can be arranged, Yes…from their web:

To get Gold , you need to to send a request to WM Metals FZE with a subject “Requesting Gold Delivery” and stipulate the following:

1. Gold net weight you wish to obtain.
2. WMID and G-Purse number.
3. Preferable date of getting gold bullions.

Delivery Instructions together with the Invoice will be sent to you. Gold is issued in the United Arab Emirates in a form of gold bullions available to WM Metals FZE.

Metdeal FZE is a registered United Arab Emirates Company and licensed accordingly for the purchase and sale of precious metals (primarily gold). Metdeal FZE undertakes a required annual financial audit. Gold storage and transportation is carried out by licensed depositories as per international rules and standards. All operations are performed with gold bullion as per worldwide quality standards and purity of not less than 995.0 ( nine hundred ninety-five point zero).

Just in case you are wondering, the web site is available in English and Russian.

This is a remarkable product the Webmoney team has created. Using cash from hundreds of thousands of walk in locations worldwide you will be able to purchase digital gold.