This begins to explain why NYT felt so compelled to print the story.
http://www.iht.com/articles/2006/06/27/news/secure.phpRights unit challenges U.S. over bank data
By Dan Bilefsky International Herald Tribune
Published: June 27, 2006
BRUSSELS A human rights group in London said Tuesday that it had lodged complaints in 32 countries against a banking consortium in Brussels, contending that it violated European and Asian data protection rules by providing the United States with confidential information about international money transfers.
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"Swift appears to have violated data protection rules in Europe," Davies said, "by making these transfers without the consent of the individuals involved and without the approval of European judicial or administrative authorities. The scale of the operation, involving millions of records, places this disclosure in the realm of a fishing exercise rather than a legally authorized investigation."
snip
On Tuesday, the European Parliament's center-right European People's Party, its largest and most influential grouping, called for the EU to open an inquiry into the legality of Swift's actions. Thomas Bickl, a spokesman for the party, said it was concerned that the transfers had been made as part of a covert and untransparent operation.
snip
"These transfers could be made on the grounds of national security, but Swift did not seek approval from European authorities to do this," he said. "It was willing to overlook European civil liberties rules in order to satisfy U.S. objectives, and this is the most recent in a long list of attempts by the U.S. to invade the privacy of Europeans."
much much more