Arizona Discount Travel Blog

Wachovia Bank – caught laundering drug money

By CNN News – April 26, 2008

When Wachovia Bank isn’t busy losing billions of your dollars in bad lending, they midnight as a drug-money laundromat …

Was that wrong? …

Should they not have done that? …

The bank is being investigated by prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to the Wall Street Journal.

Wachovia Corp. is being investigated by Federal prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to a Wall Street Journal report Saturday morning.

A Wachovia official said the bank is cooperating in the probe, which is also scrutinizing several other large U.S. banks, according to the newspaper.

The bank severed its ties to these money transfer firms in December and January, when the investigation began.
*** AHA! … in other words, you got caught red-handed back then and are trying to squirm out of the picture by offering such a dumbass statement! … ***

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.

The probe comes at a difficult time for the bank, which announced on Friday that it will pay $144 million to settle federal charges that it failed to stop telemarketers from taking advantage of thousands of elderly consumers.

If you bank with them now, run as fast as you can and close your accounts!

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April 28, 2008 - Posted by | Commentaries, In the news

4 Comments »

  1. […] unknown wrote an interesting post today onHere’s a quick excerptThe probe comes at a difficult time for the bank, which announced on Friday that it will pay $144 million to settle federal charges that it failed to stop telemarketers from taking advantage of thousands of elderly consumers. … […]

    Pingback by Wachovia Bank - caught laundering drug money | Bank | April 28, 2008

  2. […] agus wrote an interesting post today onHere’s a quick excerptBy CNN News – April 26, 2008 … When Wachovia Bank isn’t busy losing billions of your dollars in bad lending, they midnight as a drug-money laundromat … Was that wrong? … Should they not have done that? … The bank is being investigated … […]

    Pingback by CNN Breaking News » Blog Archive » Wachovia Bank - caught laundering drug money | May 2, 2008

  3. “Many people in this country want to expand the death penalty to include drug dealers. This is really stupid. Drug dealers aren’t afraid to die. They’re already killin’ each other by the hundreds every day. Drive-bys, turf wars, gang killings. They’re not afraid to die. The death penalty means very little unless you use it on people who are afraid to die. Like the bankers who launder the drug money. Forget dealers. If you want to slow down the drug traffic, you have to start executing some of these white, middle class Republican bankers. And I don’t mean soft American execution like lethal injection.” – George Carlin in Napalm and Silly Putty

    Comment by Susan Worth | May 20, 2008

  4. I never heard about http://www.wachoviabank.com like this before. Thank for this.

    Comment by www.wachoviabank.com | June 21, 2009


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