How Wachovia And Major U.S. Banks Have Spent The Past Four Years Helping Mexican Drug Cartels

How Wachovia And Major U.S. Banks Have Spent The Past Four Years Helping Mexican Drug Cartels

www.businessins ider.com

A new must-read article in the August issue of Bloomberg Markets smashes open the world of shadow banking between large banks in the United States and their role in the funding of Mexican drug operations.
Back in March, Wachovia struck a deal with Federal prosecutors under which the bank admitted it didn't do enough to prevent money-laundering between criminal organizations, in which illicit funds transferred flew past the $300 billion mark.
Now Wachovia faces charges from the Dept of Justice.

(visit the link for the full news article)

These huge banks have had their hands in this bloody mess for a while now. They KNEW about the money laundering, and they let it slide by all for more money.


Read more: www.businessinsider.com...


www.businessins ider.com
(visit the link for the full news article)

Mod edit: removed quote of the remainder of the news article


[edit on Tue Jun 29 2010 by DontTreadOnMe]

This ties in nicely with what I said in the other thread about the killing of a Mexican Governor candidate.
The money is deposited in offshore banks in the Bahamas and Caribbean, then laundered back to onshore banks who, given the amounts involved, salivate at the money to be made.
The whole issue reaches the very highest echelons of government too. They all know about it but turn a blind eye as, I suspect, many have been the recipients of "campaign funds" that can be traced back to the cartels and drug proceeds.

Like everything in this world, it's all about the money!

Money laundering. Needs constant vigilance. No wonder corporate/financial shills push for less govt, hands off the "free market". Sometimes govt hands can go around corporate/financial throats.

I can remember this case from the 1980s.

reply to post by desert


Increasing government regulations hardly ever work.. Greed and power corrupt people/politicians, and will likely bleed into their regulating. All we need is honest/hard working people in the government to regulate the current laws that we have.

Funny how true the saying "Follow the money trail" quote really is.



[edit on 29-6-2010 by monkeySEEmonkeyDO]

I was wondering why all the Wachovia (I never trusted them by the way, the name sounds too much like "walk over ya") banks have been changing their names. Also, I say they should end the prohibition of a certain plant here in the states. It would cut a good chunk of money completely out of the equation for the cartels. Hell repealing the prohibition of alcohol was the only way they got to the gangs in the thirties (they could no longer make money on bootlegging, which they starting doing BECAUSE OF PROHIBITION), not to mention how much a boost for the economy (new jobs, new money flow, news specialty stores and cafes) it would be. Especially for places like the Gulf states, which are being particularly hurt as a lot of them rely on fishing. Open some cafes on the beaches; that would get at least SOME tourist dollars.

Originally posted by monkeySEEmonkeyDO
reply to post by desert

 

All we need is honest/hard working people in the government to regulate the current laws that we have.

Yes. And govt shouldn't cut back on the number of these good people who inspect, investigate and prosecute these corporate/financial players.

As society becomes more complex, we need more of these people, not less. For too many years, these watchdogs numbers were intentionally dwindled, allegedly to save money and lower the size of govt.

But really, corporate money in Washington called the shots, and politicians called off the dogs. As the junk yard increased in size, the number of junkyard dogs was decreased.

The article doesn't give much info on the DC-9.
As I seem to remember, the St. Petersburg airport has a rather shady reputation and there have been links to some of it's occupants and the flight training of the alleged 9/11 hijackers.
Also not mentioned is that the DC-9 was sporting a quasi-US Government colour scheme with a large seal on the forward fuselage that, at a glance, looked almost like that of the DHS. I am sure that was no accident.

There is a lot of good material collected over the years at:

www.madcowprod.com...

It makes very interesting reading.

Originally posted by desert
Money laundering. Needs constant vigilance. No wonder corporate/financial shills push for less govt, hands off the "free market". Sometimes govt hands can go around corporate/financial throats.

I can remember this case from the 1980s.

Oh as if the other side doesnt do a brisk cash only bussiness. What they mean by gov regs are skim and protection money. Regs equal protection and inforcement money.

Now the real question is how much of the "stimulus" money was mixed-in with this?

Back in the 1990's, Wachovia actually used to be a very well-run, conservative bank with excellent customer service levels.

In September 2001, Wachovia was taken over by First Union, which had a terrible reputation in the marketplace --- so much so that First Union actually adopted Wachovia's trade name and logo and dropped the name First Union!

When this story first broke, here was an article from CNN:

money.cnn.com...

"The U.S. banking industry has pursued a foothold in the remittance industry, which transmits more than $50 billion from the U.S. to Latin America annually - primarily on behalf of immigrants sending money back to their families. The industry charges high fees to transfer these funds."

Problem is that these remittance services also allowed drug cartels to easily wire money back and forth between the U.S. and Latin America.

Why did Wachovia get involved in this line of business? Extremely profitable. They could care less about the national security implications.

Here's another great article on this topic:

www.philly.com...

Wells Fargo now owns Wachovia. Wells Fargo is one of the better banks that is out there, with a much better reputation than Wachovia. Hopefully, Wells Fargo has cleaned house and gotten rid of all of the bad First Union apples.


[edit on 29-6-2010 by CookieMonster09]

S&F


Wachovia: I like to call it 'watch ova ya'.

WatchOvaYa money laundering operation.

[edit on 30-6-2010 by IgnoranceIsntBlisss]

reply to post by monkeySEEmonkeyDO


God you Americans are so very, very blind.

Cartels laundering money through banks.......

Well no duh.

You guys honestly cant see whats happening do you, you guys all act like Cartels having out posts at your border or laundering money through banks is something new, like it's not how things have been before the violence, before the drug war in Mexico.

You think this is a crack down on banks and Cartels? BWahahahahahaha

Blind I tell you.

The reason why there are making all this stuff public is so both Mexicans and americans can not use their dollars in Mexico. If Americans and Mexicans living in the USA can not use their dollars in Banks in Mexico they are unable to move to Mexico to live....

It's called "circling the wagons" just like the old traveling caravans used to do during the old cowboys and Indian days. You close off your people and make them think you are protecting them from an outside threat and they will be forced to stay with in the circled wagons.

The USA is systematically eliminate both Americans and Illegal Mexicans ability to escape from the crashing USA. Thats what this is all about.

Yes, some big banks have been laundering drug money for years, nothing new there. What IS new, is that TOO much of the "consumer" money is coming from the government now. I know this to be fact.
For instance, the "Prisons For Profit" rely on municipalities to pay for the prison beds. These companies trade on the New York Stock Exchange. The idea is to put "heads in beds", so we must flood the U.S. with drugs. Many of your present and past government officials have had stock in these companies. In other words, they make money when the prisons are profitable and the stock goes up (obviously, this a bit of a simplification). The municipalities are running out of money, the prisons lose money/sit empty, and the scam/bubble bursts.
This consumer is BROKE.
Too much money that is used to purchase drugs come from the government itself in the way of various entitlements, unemployment, whatever. That money is drying up because the government is broke, thus THESE consumers that rely on this money won't be able to keep purchasing.
This consumer is BROKE.
The violence escalates because the market is shrinking and competition is fierce.
This scam has extracted ALL it can extract, thus, it is time to "enforce" the law and figure out a new scam in a new country that has money.
HELLOOOOOO CHINA!!! You have a BIG border..., and Afghanistan is not far away.

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