Wachovia Admits It Laundered Millions in Mexican Drug Cash

Miami New Times ^ | Mar. 17 2010 | Tim Elfrink

[TruthConquers]

So, first it is liar loans, now it is drug cartel money.

How many OTHER TBTF banks have been doing this????

Have the Mexican Drug Lords BOUGHT our politicians????

WOW.

[Ghost of Philip Marlowe]

If the banksters responsible for this do not do hard jail-time, that does not bode well for the peace of our nation. Millions are enraged at what they are doing to our financial stability and our standard of living.

[BunnySlippers]

Which means it violated money laundering laws. I am a money laundering compliance officer. Someone was not doing their job.

[Hoodat]

Wachovia First Union Admits It Laundered Millions in Mexican Drug Cash

There. Fixed it.

[mlocher]

The bank has promised to pay $160 million in fines and penalties and to set up new safeguards within a year

Why isn't some corporate officer going to jail for this one?

[Walkingfeather]

Okay all of those that believe that they could launder millions through our business and just pay a fine and not go to jail raise there hands....( crickets chirping)

[Clintonfatigued]

ping

[TruthConquers]

RICO would have to be used on banks, Congress and Wall Street. All of them are in on it. Thieves, filthy thieves the lot of them. This nation needs a scourging.

[Michael Barnes]

I guess the mountain came to them finally...

/obscure?

[Recovering Ex-hippie]

This is exactly why the War on Drugs does not work.
Legalization has its own very serious problems. However, the drug business is big business “legally’ in this country.
Good luck.

Meanwhile we are incarcerating people for years on cocaine possession, etc when we are releasing pedophiles and dangerous criminals...Our prison and legal system is upside down.

Release or short circuit the drug sentences and keep the dangerous violent in prison!
And, those involved in money laundering or other illegal money drug scams should be prosecuted to the fullest extent of the law...including the coprorations that have been involved.

[Paige]

That is my question also!

[elpadre]

I thought Wachovia merged with Wells Fargo??

[AFreeBird]

And they still went for a bailout?!

Sheesh!

[Hoodat]

A few years back, First Union bought Wachovia - a decent, but much smaller bank - in order to cleanse its image. They changed their name to Wachovia to get rid of the First Union label, but it was always the same shady First Union crowd that was running the show.

I knew someone high up on the inside who told me that they gave out home loans to people they were actually hoping would go into foreclosure. Their reasoning was that they could get someone in the house who would pay notes for a year or so, and when they defaulted, the bank would take over ownership and sell the property at a profit, taking advantage of the ever-rising housing market.

[Michael Barnes]

Depending who you ask, Wachovia acquired First Union, or other way around. Bottom line was First Union’s “label” was screwed, Wachovia was looking clean as the un-driven snow. You probably get the idea..

As of recent, yes, they are now Wells Fargo.

[PGalt]

RICO would have to be used on banks, Congress and Wall Street. All of them are in on it. Thieves, filthy thieves the lot of them. This nation needs a scourging.

BUMP!

[arthurus]

Fines and penalties??? Why are not the CEO, CFO, and other officers and board members on their way to prison?