IN Charlotte, North CArolina-based Wachovia admitted to federal prosecutors taht it had a large role in the undocumented contributing to the the violent drug trade in Mexico for the past 4 years.
In May on this year Wachovia settled with the Justice department for $160 million dollar settlement for a failure in bank controls enabled drug traffickers to launder drug money by transferring money from Mexican currency-exchange houses to the bank. Wachovia’s new owner paid $160 million in fines and penalties, less than 2 percent of its $12.3 billion profit in 2009. Wachovia failed to identify and report suspicious transactions in third-party payment processor accounts," according to the Justice Department. Wachovia’s new owner paid $160 million in fines and penalties, less than 2 percent of its $12.3 billion profit in 2009. Prosecutors said the bank processed $420 billion in transactions without using proper money-laundering detection. According to the Justice Department, Wachovia accounts took in at least $373 billion in wire transfers that were made from "casas de cambio" ( which is an currency exchange operation) in Mexico between May 2004 and May 2007. As if this is not bad enough, more than $4 billion in bulk cash was shipped from Mexican casas de cambio to 'Wachovia' accounts, prosecutors allege. 'Wachovia' also operated a "remote deposit capture" service that took in another $47 billion, according to prosecutors.
It really gets better, some of the money was used to buy planes to traffic cocaine, U.S. investigators seized more than 20,000 kilograms of cocaine from the planes. Miami U.S. Attorney Jeffrey H. Sloman, whose office led the three-year probe said, "Wachovia's blatant disregard for our banking laws gave international cocaine cartels to finance their operations by laundering at least $110 million in drug proceeds. Corporate citizens, no matter how big or powerful, must be held accountable for their actions. This was in March of this year.
"Bloomberg' reported on June 29, 2010 that 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. Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. This is the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history -- a sum equal to one-third of Mexico’s current gross domestic product. No bank has been more closely connected with Mexican money laundering than Wachovia
Since 2006, more than 22,000 people have been killed in drug-related battles that have raged mostly along the 2,000-mile (3,200-kilometer) border that Mexico shares with the U.S. In the Mexican city of Ciudad Juarez, just across the border from El Paso, Texas, 700 people had been murdered this year as of mid- June. Six Juarez police officers were slaughtered by automatic weapons fire in a midday ambush in April as reported by "Bloomberg".
With such a high drug use in the United States, we have one of our own a banks that were given a bail out while the people suffer had been the drug pusher for the communities with their network of 231 cities in the states, and to make a profit of $39 billion in sales annually as reported by the Justice Department. Mexico is an industry that supplies hundreds of tons of cocaine, heroin, marijuana and methamphetamines to Americans.
Former Director of Wachovia's anti-money-laundering unit in London form 2006 to 2009 says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.
Wachovia is just one of the U.S. and European banks that have been used for drug money laundering. For the past two decades, Latin American drug traffickers have gone to U.S. banks to cleanse their dirty cash, says Paul Campo, head of the U.S. Drug Enforcement Administration’s financial crimes unit. Miami-based American Express Bank International paid fines in both 1994 and 2007 after admitting it had failed to spot and report drug dealers laundering money through its accounts. Drug traffickers used accounts at Bank of America in Oklahoma City to buy three planes that carried 10 tons of cocaine, according to Mexican court filings. Mexican cartels were caught depositing illicit funds in Bank of America accounts in Atlanta, Chicago and Brownsville, Texas, from 2002 to 2009. Mexican drug dealers used shell companies to open accounts at London-based HSBC Holdings Plc, Europe’s biggest bank by assets, an investigation by the Mexican Finance Ministry found.
Here is the best part of all if Wells-Fargo owner of Wachovia, keeps its pledge, the U.S. government will, according to the agreement, drop all charges against the bank in March 2011. If this is the case that is they keep their pledge, then every prisoner that is in jail for drug possession, use or selling drugs should be released. Every person that has had their homes taken away or lost cars and other properties should have these things that were seized returened to them.
If the 'elite' is going to make provosions for the bankers in breaking the laws that was a major contributor in the acts of these people who are in prison or lost their homes then they should be compenssated. Should we not also compensate the drug user who has become addicted to these products? How about the people that have applied for jobs in the banking industry that could not gain employment there because they had a criminal background, which could of been to a drug problem or failure to get a job, because when the bailouts went out to the banks they failed to reach the people who really needed it? Everyone who has had their home by foreclosure by these banks.
What is really needed is tell people that their birth certificate is on the stock exchange on Wall st. and how they can go about to obtain the credit that is on there to live without government in their lives.
Also we need to pull all of our money out of the banks, bury it but we have to stop supporting and allowing those who are out of harm us to continue when we have the power in our hands to stop it.
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