Community | June 30, 2010 | 12 comments

Banks Financing Mexico Gangs Admitted in Wells Fargo Deal

source: http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-w...

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im1mjrpain
Michael Smith
Bloomberg
June 30, 2010

Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.

They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.

The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.

This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers — including the cash used to buy four planes that shipped a total of 22 tons of cocaine.


Full Article Here:

http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-a...
  1. groups:
    Community,   News and Politics
  2. tags:
    Cocaine,  Bank of America,  Drug Trafficking,  Mexico City,  7 more
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12 comments // Banks Financing Mexico Gangs Admitted in Wells Fargo Deal

  • Mark701
  • masterzip
  • mr_tibbles
  • DefKid
  • ReverandG
    • 0
      ReverandG  

    • If you or I make a deposit or Wire Transfer at Wells Fargo in the amount of $10,000.00 or more for any reason the Bank calls the IRS.
      So where was the IRS during this time of Money Laundering to the tune of Millions of Dollars? Just my 2 cents.

    • 1 year ago
  • CalgarC
  • KSirys
  • maizein
    • +6
      maizein  

    • What's the big deal here? Come on, are you guys really surprised that American corporations also profit from drug traffic?

      There's a lot of US banks in Panama that take cash deposits of any amount - no questions asked - and will gladly wire the funds to the USA...

      Open your eyes, and stop believing that the USA is rich thanks to freedom, democracy, the hard work of its White Christian citizens, and God's blessing.

      People are starving, being murdered, and dieing of curable diseases everyday so you can get fat in front of your big screen tvs.

    • 1 year ago
  • KSirys
  • Omnomynous
    • 0
      Omnomynous  

    • This is true, it's also true that many financial experts admitted had it not been for the drug trade the financial collapse would've been much worse. (Google it)

      Sad but true, not new, but I don't think enough people really appreciate the fact.

    • 1 year ago
  • im1mjrpain
  • toyotabedzrock
    • +2
      toyotabedzrock  
    • Omnomynous:

      I can't find anything that says that?

      And do you really want to promote weed base on banks helping drug dealers push cocaine on kids and kill people, but it helped them do what? Perhaps it helped ensure they got there bonuses?

    • 1 year ago
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