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Wachovia bank, now part of Wells Fargo, laundered $378 BILLION for Mexican cocaine cartels

By Patrick following x   2019 Jan 3, 8:11pm 381 views   5 comments   watch   nsfw   quote     share    


https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs

Criminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Now that the year's "deferred prosecution" has expired, the bank is in effect in the clear. It paid federal authorities $110m in forfeiture, for allowing transactions later proved to be connected to drug smuggling, and incurred a $50m fine for failing to monitor cash used to ship 22 tons of cocaine.

More shocking, and more important, the bank was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn – a sum equivalent to one-third of Mexico's gross national product...

"Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," said Jeffrey Sloman, the federal prosecutor. Yet the total fine was less than 2% of the bank's $12.3bn profit for 2009. On 24 March 2010, Wells Fargo stock traded at $30.86 – up 1% on the week of the court settlement.
1   HonkpilledMaster   ignore (5)   2019 Jan 3, 8:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Rule of Law! Trump hurty the Rule of Law! We have laws in this country!ELVENTYONE!!11!!

I remember when I was so dumb I thought Obama was gonna at least do something, he didn't do jack shit, even the wrisp slaps were more like a kiss on the hand.
2   APOCALYPSEFUCKisShostikovitch   ignore (38)   2019 Jan 3, 10:52pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

WHY! DO! YOU! HATE! SUCCESS! ?
3   Ceffer   ignore (1)   2019 Jan 3, 10:59pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

That's what they get for not giving the CIA, NSA and Congress their cut with vig.
4   willywonka   ignore (3)   2019 Jan 4, 2:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

"One move and the black guy gets it!"

5   clambo   ignore (4)   2019 Jan 4, 6:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Wachovia Bank sucked. So does Wells Fargo I guess.

Boring anecdote: My ancestor started a bank somewhere, and it was merged/acquired and the shares my father inherited were Wachovia Bank shares worth about $600,000.

Later I advised him to sell the shares and buy a mutual fund with the proceeds. He was a high earner but also a spender and he was counting on this dough for some part of his retirement I am sure.

He talked to his financial whiz cousin who advised him to keep the shares if he "didn't need the money."

In 2008 he lost about the total value of his Wachovia shares; he would sort of brag in way that the "financial crisis had cost him $600,000"

I had another opinion of the loss; I told him he didn't listen to me and he squandered an inheritance. He worked until age 90 (no heavy lifting however) He liked his work so it wasn't a big burden anyway for him.

He ended up with some Wells Fargo shares which I inherited. I wanted to sell them all but didn't bother to pull the trigger and I still have some shares.

Banks are a necessary evil but they generally suck.

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