Article: America’s Illegal Drug Complex
source: http://www.wiserearth.org/article/96e6fe5a949262800b9c0b779c334ec0/new/1/group/GrandPlan
"In March 2010, Wachovia (which had been absorbed by Wells Fargo in December 2008) copped a plea for laundering some $378.4 billion from Mexican-currency-exchange houses from 2004 to 2007. “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 of the case. (Sloman did not provide an estimate of the bank’s fees generated from its illegal practices.)
In keeping with the federal government policy of coddling the nation’s biggest banks, the Wachovia/BofA fine was for $160 million, less than 2 percent of the bank’s 2009 profits of $12.3 billion; also in 2009, Well Fargo secured a federal bail out of $25 billion. Crime pays.
Other U.S. banks that have been implicated in questionable money laundering schemes include Israel Discount Bank of New York, Harris Bank in Chicago and J.P. Morgan Chase."
In keeping with the federal government policy of coddling the nation’s biggest banks, the Wachovia/BofA fine was for $160 million, less than 2 percent of the bank’s 2009 profits of $12.3 billion; also in 2009, Well Fargo secured a federal bail out of $25 billion. Crime pays.
Other U.S. banks that have been implicated in questionable money laundering schemes include Israel Discount Bank of New York, Harris Bank in Chicago and J.P. Morgan Chase."
