Community | April 09, 2011 | 54 comments

Wells Fargo & Wachovia Laundered 400Billion in Cocaine Cartel Cash

source: http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

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jubal
Unbelievable...these banks get away with so much.
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    Community,   Business News & Analysis,   Jubal on Current
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    Mexico,  Mafia,  Wachovia,  Wells Fargo,  2 more
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54 comments // Wells Fargo & Wachovia Laundered 400Billion in Cocaine Cartel Cash

  • COMMONSENSEFORCOMMONGOOD_COM
  • _doja_
    • +1
      _doja_  

    • huh thats only in cocaine........ what about herion, marijuana, meth, and exsctacy? they probably made about a trillion dollars of illegal drugs last year........ no wonder why they are all still legal....

    • 1 year ago
  • Kitten_of_D00M
    • +2
      Kitten_of_D00M  

    • Is it just me...every time I look at that picture, I want to throw a featherbed on top of the money, add a nice down pillow, silk sheets, and a down comforter, and snooze for a week or two. Bliss.

    • 1 year ago
  • cclark_productions
  • Kitten_of_D00M
    • +4
      Kitten_of_D00M  
    • Image

    • In 1992 I worked for LB Credit, which was a subsidiary of an Austrian bank, Osterreichesche Lenderbank, which had been called in to take over the San Francisco offices and lease accounts of Wells Fargo Leasing. The contracts were kept in an enormous walk-in fire-proof vault, which was not at all a standard procedure for the industry. The conference room consisted of thick floor-to-ceiling plexiglass, including the doors, a thick beige acoustic ceiling with track lighting, and a conference table made of a single giant slab of granite, on a solid pedestal. The room was completely sealed and soundproofed. I asked my boss why the overkill for the low value of the contracts. He said the vault was not originally installed for the documents. The top execs of Wells Fargo Leasing had been conducting massive cocaine transactions in the airtight conference room, and needed the vault for the drugs and money. When they were busted, they paid everyone off to keep it out of the press and sold the division to a foreign bank to dodge auditing of the leases, many of which were probably written for money laundering.

      The execs of the new leasing company had a lot of sketchy closed-door meetings, and the top brass of the Austrian bank kept flying out to check on things, so many of us started to think there was still something fishy going on, and we quit. The division was dissolved just a few months later, with the human resources manager embezzling thousands of dollars by blackmailing people who accepted severance packages when they already had a new job lined up. Maybe the building was cursed, because just a few months after that, a wacko shot a bunch of people (101 California St) and had gone up and down a few floors looking for other people to shoot. My cubicle was the first off the elevators, so I would have been toast. Funny how things work out. Good times.

    • 1 year ago
  • gump
    • +3
      gump  
    • Kitten_of_D00M:

      So true . We should talk sometime. I could write a dozen volumes. Meantime read DEFRAUDING AMERICA BY RODNEY STICH . And THE BIG WHITE LIE ,And DOUBLE CROSS BY SAM AND CHUCK GIANCANNA. And TRIPLE CROSS by the former chief of police of Willow Creek. I dought I will live long enough to publish. So read these guys.Be aware of your surroundings. You did good Congratulations on your survival.

    • 1 year ago
  • Kitten_of_D00M
  • artemis6
  • sammykatz
    • +5
      sammykatz  

    • Wells Fargo is "commin' round the bend" trumpeting more than the arrival of trombones in neighborhoods: and our tax dollars helped bail them out because they were "too large to fail"--for whom? The cartels? Your local pusher?

      There is absolutely no way that Wells Fargo did not know with whom they were dealing, and yet they continue. Any one having any dealings with the bank and its affiliates should pull their money out and go elsewhere...

    • 1 year ago
  • gump
    • +3
      gump  
    • sammykatz:

      After the giveaway/ bailout I was watching CSPAN on a weekend and saw an old video of Wells Fargo Executives. One in particular was at a podium expuonding on the value of his great work of ten years . He had been achieving deregulation. The same that caused the trouble. He was really glorying in light of his accomplishments that brought darkness to most of humanity. Kind of like Reagan at his State Of The Union speaches way back when. The maddness was obvious in light of latter times. But the problem didnot originate from those people at those times. Reagan was a fool playing the rolle of an actor who got the best gig of his life playing the president for the people he got his best jobs from. The bush family run CIA and the same people whoran the last part of WWII .The people Eisenhourer warned about. Reagan was an old propaganda film actor .He saw where the butter was on his bread and sold the soap he was hired to sell. The Wells Fargo executive was just another fool acting to destroy America ( the people ) by helping move things along for the same people. Read about it plainly told by RODNEY STICH in his book DEFRAUDING AMERICA . Then read THE FAMILY by KITTY KELLY. It goes way back . Rodney describes thier activity in the 19hundreds running drugs and massive bank fraud all around the world. Kitty shows the money power base to be at least back into the 18HUNDREDS. And another book OUR FIRST GLORIOUS REVOLUTION shows the basis back to the mid 16hundreds with the western elements pushing heroin into china and the all important establishment of the BALLANCE OF POWER DOCTRINE by which pupet masters control much of human events to this day. They will control tommorrow aswell. Uness WE control it as we must try.to do.

    • 1 year ago
  • NiceN
  • wally60
  • Richard_Wyatt
  • jubal
    • +7
      jubal  

    • "What happened at Wachovia was symptomatic of the failure of the entire regulatory system to apply the kind of proper governance and adequate risk management which would have prevented not just the laundering of blood money, but the global crisis."

    • 1 year ago
  • jubal
    • +5
      jubal  

    • "These are the proceeds of murder and misery in Mexico, and of drugs sold around the world," he says. "All the law enforcement people wanted to see this come to trial. But no one goes to jail. "What does the settlement do to fight the cartels? Nothing – it doesn't make the job of law enforcement easier and it encourages the cartels and anyone who wants to make money by laundering their blood dollars.

    • 1 year ago
  • jubal
    • +5
      jubal  

    • Hardly surprising, then, that Wachovia does not appear to be the end of the line. In August 2010, it emerged in quarterly disclosures by HSBC that the US justice department was seeking to fine it for anti-money laundering compliance problems reported to include dealings with Mexico.

    • 1 year ago
  • artemis6
  • jubal
    • +5
      jubal  
    • artemis6:

      On 16 March 2010, Douglas Edwards, senior vice-president of Wachovia Bank, put his signature to page 10 of a 25-page settlement, in which the bank admitted its role as outlined by the prosecutors. On page 11, he signed again, as senior vice-president of Wells Fargo. The documents show Wachovia providing three services to 22 CDCs in Mexico: wire transfers, a "bulk cash service" and a "pouch deposit service", to accept "deposit items drawn on US banks, eg cheques and traveller's cheques", as spotted by Woods.

      "For the time period of 1 May 2004 through 31 May 2007, Wachovia processed at least $$373.6bn in CDCs, $4.7bn in bulk cash" – a total of more than $378.3bn, a sum that dwarfs the budgets debated by US state and UK local authorities to provide services to citizens.

    • 1 year ago
  • artemis6
  • jubal
    • +6
      jubal  

    • Under the feudal system there were three groups of those who were considered "privileged", they were called this because they paid absolutely no taxes. These were the Barons (corporations & local government), the Ecclesiastical (church), and the Knights (can't identify the modern day equivalent, perhaps the military, although today's military in the US do pay taxes) So lets call them instead Senators...the knights of the round table.

    • 1 year ago
  • Kitten_of_D00M
    • +4
      Kitten_of_D00M  
    • jubal:

      ^'d I believe the equivalent of the knights would be today's CIA, as they also are the enforcers. They may pay taxes, technically, but there could also be a lot of wire transfers going into numbered offshore accounts.

    • 1 year ago
  • artemis6
  • chew_chew
    • +5
      chew_chew  

    • This really pisses me off!

      There is another post on Current right now, about the possibility of life in prison for sharing a hit of medical marijuana. Yet these "Banker Wankers" (a term I just picked up from another Current posting, "We are not alone") get away with - LITERALLY - murder.

    • 1 year ago
  • jubal
    • +5
      jubal  
    • Image

    • People need to realize that we are once again moving towards a feudal system in America, where the CEO Billionaires corporately have become the King. They control all the wealth of the nation. They lease the land to the banks (they are the Baron's in the feudal system) who in turn lease the land to the property owners (really people who lease the land under what is called a mortgage and even if they pay cash for their land, they still have to pay a lease fee called property tax, either way its all tribute to the hierarchy above) Then the property owners lease their land even further down the chain to the renters who are the paupers in the feudal system.

      http://www.historyonthenet.com/Medieval_Life/feudalism.htm#The_King

      Check out the system and see if in principle what I am saying is true or not. Then comment about what you think.

    • 1 year ago
  • artemis6
    • +3
      artemis6  
    • jubal:

      Yeah , like i said somewhere else it is the dark , fuked up ages all over again ! remember first rights? The rich and powerful will be doing this again , if we let them . They want to breed . So no abortions for YOU !

    • 1 year ago
  • Kitten_of_D00M
    • +2
      Kitten_of_D00M  
    • Image
    • jubal:

      ^'d I really like where you are going with this, especially since Bush's suspension of habeas corpus violated the most basic and important tenet of individual freedom going all the way back to the beginning:

      "NO Freeman shall be taken or imprisoned, or be disseised of his Freehold, or Liberties, or free Customs, or be outlawed, or exiled, or any other wise destroyed; nor will We not pass upon him, nor condemn him, but by lawful judgment of his Peers, or by the Law of the land. We will sell to no man, we will not deny or defer to any man either Justice or Right."

      - The Magna Carta, Clause 39, July 15th, 1215

    • 1 year ago
  • artemis6
  • crash_text_dummy
  • figure8
    • +4
      figure8  

    • How in our day to day lives are they squeezing pennies out of us???
      Where can we learn about the small things we can all do????
      My goal is to grow my own food!
      Where should we not spend?
      Im just hoping there is away we can "crack the code"

    • 1 year ago
  • twinite
    • +6
      twinite  

    • Rules and laws are only for people........banks and mega corps play their own game. It would be sort of like sitting down to play monopoly with a child who had to play according to the rules....while you were free to move at will, purchase whatever you want, and replenish your funds with everyone else money. I wish with all my heart that SOMETHING would come of this, but I seriously doubt it.

    • 1 year ago
  • artemis6
    • +5
      artemis6  

    • Citizens arrest ? Under common law can we not do this ? Do the people count for nothing ? These banks have robbed us , over and over , and we do what ? This nation has been too long cowed by propaganda and fear . We want everything to be alright , but , it is not . UNLESS , we make it better .

    • 1 year ago
  • bailey78
    • +6
      bailey78  

    • So if you make so much money that you can Buy Laws and those in Office then You can do what Ya want and get the Tax payers to pick up the tab. what a country we live in.

    • 1 year ago
  • SoCalFramer
  • maasanova
    • +6
      maasanova  

    • I have a feeling that this has been going on for years; it's just that the banks can no longer keep it a secret anymore.

    • 1 year ago
  • Suziqu
    • +6
      Suziqu  

    • This should be top headlines with a photos top execs being dragged off in hand cuffs surrounded by cops!
      How long do we put up with the multitude of laws for us but in contrast the truly corrupt abide by no laws and are protected by the government.
      There is something OUTRAGEOUSly wrong with this picture!!!

    • 1 year ago
  • bailey78
  • nanac
    • +6
      nanac  

    • How many of these crooks are going to jail for this crime? Our so-called justice system is just one big joke! How much of that drug money will the FEDS confiscate? They are suppose to seize all drug money.. This could help to reduce our deficit.

    • 1 year ago
  • bailey78
  • nanac
  • bailey78
  • Kitten_of_D00M
    • -1
      Kitten_of_D00M  
    • Image
    • nanac:

      There is no deficit. That is just the propaganda to keep us from bitching about how the "poorer" countries can provide so much for their citizens- free medical care, college education, 100% paid medical and maternity leave, minimum 4 weeks paid vacation, 10 days minimum paid sick leave, vast and efficient public transportation and affordable housing, though not with the huge suburban tracts of tacky, yardless McMansions that Americans require, along with their Lexus SUV's (excuse me, ATV's). Homeless in England? Zero. Sure, their gas costs $8 a gallon, but they commute half as far. Hell, I'd pay $25 a gallon and live in a tiny box to live in a country without Republicans. No, the deficit is a myth devised to pry our fully paid-for Social Security and Medicare funds out of our weak little trembling paws. And it's working.

      The biggest weakness of America is the stupidity of our people. At least half of our population is cognitively retarded. I'm bringing that word back, fuck political correctness. When half the population of our nation is debating on whether Sarah Palin, Newt Gingrich, Mitt Romney, or Donald Trump would make the best leader of the free world, RETARDED is simply the best descriptor of such people.

    • 1 year ago
  • Angeliron
  • letsliveinpeace
  • jubal
  • Schnookums
  • bailey78
  • jubal
    • +8
      jubal  

    • Wachovia was charged criminally as a corporation but the case languished for too long, and now Wells Fargo gets away with their crime.

    • 1 year ago
  • Varex_Sythe
  • The_Wanderer_KS
  • bailey78
  • jubal
    • +3
      jubal  
    • Varex_Sythe:

      Yes sadly it is true. The execs should be put in prison for what they did, but this is why this story isn't in the media, because it highlights the worst characteristics of our American Capitalist System AKA America Criminal Enterprise.

    • 1 year ago
  • artemis6
  • jubal
    • 0
      jubal  
    • artemis6:

      Thanks artemis....I have been studying feudalism this week and it really has connected with me. I am seeing patterns repeatting here and its disconcerting.

    • 1 year ago
  • artemis6
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