American banks helped the drug gangs launder billions

Discussion in 'Economy' started by Chris, Apr 7, 2011.

  1. Chris
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    Chris Gold Member

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    During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.

    The authorities uncovered billions of dollars in wire transfers, traveller's cheques and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.

    Criminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Now that the year's "deferred prosecution" has expired, the bank is in effect in the clear. It paid federal authorities $110m in forfeiture, for allowing transactions later proved to be connected to drug smuggling, and incurred a $50m fine for failing to monitor cash used to ship 22 tons of cocaine.

    More shocking, and more important, the bank was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn – a sum equivalent to one-third of Mexico's gross national product – into dollar accounts from so-called casas de cambio (CDCs) in Mexico, currency exchange houses with which the bank did business.

    How a big US bank laundered billions from Mexico's murderous drug gangs | World news | The Observer
     
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    Last edited: Apr 7, 2011
  2. Political Junky
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    Political Junky Gold Member

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    Caught red-handed, good.
    I think Wachovia just merged with Wells Fargo.
     
  3. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    :clap2:

    I say bravo!

    If they are guilty, I hope they get the book thrown at them.

    These gangs have got to be stopped, and anyone or any organization that assists them needs to be nailed to the wall.

    Good post Chris.
    I dont do business with them, but Im sure other do, and maybe they will have 2nd thoughts now.

    Thanks
     
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  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    So the banks laundered 378 billion and only had to pay 110 million in fines?

    That's like a 0.03% tax. Anyone go to jail?
     
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  5. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Amazing ain't it?

    [ame=http://www.youtube.com/watch?v=JgAjxiu2O2M]YouTube - Scarface Trailer[/ame]
     
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  6. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    That's exactly what it is.
     
  7. editec
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    editec Mr. Forgot-it-All

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    It's NOT amazing, really.

    This samew kind of thing, where a corporation does crime, and then ends up paying some small FRACTION of the ill got gains they made to the government is the NORM.

    Oh they'll usually throw some small fish to the FEDS and blame that person for the crime, but really those tools were following orders or worse, the UNSPOKEN ORDERS they got to increase weath for the corporation by any means.

    Now if a corporation was truly being held responsible, then the board of directors and every officer of that corp[oration would go to prison, the corporation would be broken up and the assets would go back to the VICTIMSm instead of to the FEDS.

    This isn't obvious to you all?

    You right wingers...you're law and order types.

    How can you keep missing this?
     
  8. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Banks can help launder drug money. Our Military is in Afghanistan helping farmers so grow opium. That's apparently ok.

    But if you or I put any of that shit in our veins or try to sell it here we're going to jail for a long time!
     
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    Last edited: Apr 7, 2011
  9. Chris
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    Chris Gold Member

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    It's called supply side economics.

    They protect the suppliers.
     

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