or in leauge with it?
Wall Street Is Laundering Drug Money and Getting Away with It
Wall Street has been caught laundering massive amounts of drug money. So why isn't anybody being punished?
July 16, 2010 |
This piece originally appeared at Campaign for America's Future. It has been expanded for this publication.
Too-big-to-fail is a much bigger problem than you thought. We've all read damning accounts of the government saving banks from their risky subprime bets, but it turns out that the Wall Street privilege problem is far more deeply ingrained in the U.S. legal system than the simple bailouts witnessed in 2008. America's largest banks can engage in flagrantly criminal activity on a massive scale and emerge almost completely unscathed. The latest sickening example comes from Wachovia Bank: Accused of laundering $380 billion in Mexican drug cartel money, the financial behemoth is expected to emerge with nothing more than a slap on the wrist thanks to an official government policy which protects megabanks from criminal charges.
Wall Street Is Laundering Drug Money and Getting Away with It | Economy | AlterNet
Wall Street Is Laundering Drug Money and Getting Away with It
Wall Street has been caught laundering massive amounts of drug money. So why isn't anybody being punished?
July 16, 2010 |
This piece originally appeared at Campaign for America's Future. It has been expanded for this publication.
Too-big-to-fail is a much bigger problem than you thought. We've all read damning accounts of the government saving banks from their risky subprime bets, but it turns out that the Wall Street privilege problem is far more deeply ingrained in the U.S. legal system than the simple bailouts witnessed in 2008. America's largest banks can engage in flagrantly criminal activity on a massive scale and emerge almost completely unscathed. The latest sickening example comes from Wachovia Bank: Accused of laundering $380 billion in Mexican drug cartel money, the financial behemoth is expected to emerge with nothing more than a slap on the wrist thanks to an official government policy which protects megabanks from criminal charges.
Wall Street Is Laundering Drug Money and Getting Away with It | Economy | AlterNet
