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Wachovia caught money laundering

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  • Wachovia caught money laundering

    Surprised -I think not

    http://www.informationliberation.com/?id=29445

  • #2
    Re: Wachovia caught money laundering

    Gee, just offer to pay a fine and get out of prosecution. :rolleyes: This is the problem in America. Different punishment based on what type of clothes you wear. Wear a suit, get a fine.

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    • #3
      Re: Wachovia caught money laundering

      Originally posted by flintlock View Post
      Gee, just offer to pay a fine and get out of prosecution. :rolleyes: This is the problem in America. Different punishment based on what type of clothes you wear. Wear a suit, get a fine.
      The fines don't compare to the potential gains so offer limited deterrent.

      And clearly the issue of "damage to reputation" [for the companies or the individuals running them] doesn't mean anything any more either.

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      • #4
        Re: Wachovia caught money laundering

        Yep, it's like robbing ten banks. Get caught on one and give that money back. You are still way ahead. And free to go on doing it again.

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        • #5
          Re: Wachovia caught money laundering

          http://www.justice.gov/usao/fls/Pres...100317-02.html

          details on the fine:

          As part of the Agreement filed today, Wachovia has agreed to forfeit $110 million to the United States, which represents proceeds of illegal narcotics sales that were laundered through Wachovia. FinCEN also assessed a $110 million Civil Money Penalty that is deemed satisfied by the forfeiture to the U.S. government, for serious and systemic BSA violations. Moreover, pursuant to the terms of the Agreement and the OCC’s separate Cease and Desist and Civil Money Penalty Orders, Wachovia has agreed to pay an additional $50 million fine to the U.S. Treasury. The total sum of $160 million is due within five days from the date of the Agreement.
          Wachovia executives are accused of:

          from May 1, 2004 through May 31, 2007, at least $373 billion in wire transfers were made from the CDCs to Wachovia accounts; more than $4 billion in bulk cash was transported from the CDCs in Mexico to accounts at Wachovia; and approximately $47 billion was deposited at Wachovia accounts through the RDC service. These monies included millions of dollars that were subsequently used to purchase airplanes for narcotics trafficking operations. Ultimately, more than 20,000 kilograms of cocaine were seized from these airplanes.
          edit: 20,000 kg is approx. 4% of what is produced in Colombia each year.

          In light of Wachovia's willingness to acknowledge responsibility for its actions and omissions, its cooperation and remedial actions to date, and its promised continued cooperation and remedial actions in the future, the government has agreed to defer prosecution of the criminal charge in the information for 12 months. If Wachovia fully complies with its obligations under the agreement, the U.S. agrees to dismiss the criminal information at the end of the 12 months. Earlier today, the agreement was accepted in federal court in Miami by U.S. District Judge Joan A. Lenard.
          As they say in criminal court, this is a continuance without a finding.



          I wasn't born yesterday and this wasn't a criminal prosecution. It was a warning not to get caught again.

          http://www.guardian.co.uk/global/200...n-cfief-claims

          Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.

          Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
          Last edited by Slimprofits; March 21, 2010, 12:19 PM.

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          • #6
            Re: Wachovia caught money laundering

            CIA at their finest work. Try watching "American Drug War" http://www.youtube.com/watch?v=6CyuBuT_7I4

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            • #7
              Re: Wachovia caught money laundering

              Originally posted by cmalbatros View Post
              CIA at their finest work. Try watching "American Drug War" http://www.youtube.com/watch?v=6CyuBuT_7I4
              CMAlbatross -great video -thank you very much

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              • #8
                Re: Wachovia caught money laundering

                Originally posted by babbittd View Post
                http://www.guardian.co.uk/global/200...n-cfief-claims

                Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.

                Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
                Once again, we see a UN agency pop-up in the media as the impartial overseer. Watch for this, as it's happening more and more.

                Domestic institutions are being usurped, and no one seems to notice.
                The greatest obstacle to discovery is not ignorance - it is the illusion of knowledge ~D Boorstin

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                • #9
                  Re: Wachovia caught money laundering

                  I don't remember any 'domestic' institutions EVER bringing this up! In fact I am surprised that Wachovia was in the news. But not really -given how much wrongdoing is going on in every level and every domain in the US -there is ONLY so much you can cover up effectively.

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                  • #10
                    Re: Wachovia caught money laundering

                    The more I think about this, the more it seems to me that this is merely publicly visible evidence of factional fighting amongst financial oligarchs.
                    The greatest obstacle to discovery is not ignorance - it is the illusion of knowledge ~D Boorstin

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