To add to what Bob wrote, if you look back at Paypal's *original* 
business model you'll discover they were originally just looking to make 
money "off the float"...in fact, making this promise to early 
customers.....then *bam* transaction fees and all the other silliness 
started.

-marc

Bob Axtell wrote:

> Here's what I'd heard about Paypal from someone who probably has it
> right (a heavy EBay seller):
>
> Paypal was a cocky young company with a small group of owners
> that for a coupla years thought they owned the world. They were
> holding an entire $10000 account hostage for a $2 lost package.
> It was absurd, but they kept it up because they were making incredible
> extra money on interest by literally stealing account-holders' money.
>
> Suddenly the Feds began to see what was happening, and were very
> VERY close to indicting Paypal officials with FRAUD- and if they did,
> there is no question- it would stick.
>
> Out of the blue came EBay, awash with cash, sensing the impending
> catastrophe (a loss of Paypal would hurt them badly as well). Ebay
> made an immediate offer to buy Paypal and clean it up.
>
> And that's what happened. The bad guys lost power and a couple got fired,
> but no jail time, and no bad publicity.
>
> And the Feds are watching very closely...I doubt that the crazy heady 
> days
> of yore will happen again at Paypal.
>
> That's my take.
>
> --Bob
>
> Gerhard Fiedler wrote:
>
>> James Newton, Host wrote:
>>
>>  
>>
>>> The $2 are on their way to you via PayPal. Sorry about that.
>>>   
>>
>>
>> What experiences with or thoughts about PayPal do you guys have? 
>> There are
>> a couple of sites out there that tell kind of scary stories (just google
>> for "paypal" :).
>> OTOH, it seems to be one of the more convenient ways to work around the
>> deficiencies of the US banking system.
>> Gerhard
>>  
>>
>
>

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