Peter Schiff :...in a routine audit of my firm a couple of years ago I had a conversation with one of the regulators and he asked me point - blank don't I think it's suspicious that someone in Australia would open up a brokerage account with my firm rather than open one up in Australia and I said no I don't I just think it means I've got a good product that I am winning this global battle as we compete for costumers I think it's a victory , but the regulator told me , No it is very suspicious this could be indicative of potential money laundering and as a result although these overseas accounts have to have special scrutiny it costs a lot of money to open and maintain these accounts and quite frankly the foreign customers did not like to jump through all the hoops that the US regulators have been putting before them so they made me uncompetitive and I shut down my business as well and I moved it abroad , and I have actually set a separate brokerage firm in the Caribbean ...
- in Fox Business Interview
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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.
PETER SCHIFF
