Wachovia Laundered $378 Billion in Drug Money - PeachParts Mercedes-Benz Forum

retmil46 · #1 06-04-2011, 12:26 PM

I've a friend that worked for Wachovia at one time, and left the bank before this really kicked into high gear, saying that at the time he had the feeling that something just wasn't right with the institution. A week or so ago, he called and told me about this story, which pretty much confirmed his suspicions.

He was also rather pissed that this story only appeared on the business wires - and was totally ignored by the MSM.

Wachovia alone processed $378 billion - and from what I've read so far of the article, they weren't the only financial institution doing this - laundering drug money to survive the recent financial meltdowns - and some of them taking TARP bailout money at the same time.

http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

And the real kicker? Because of the deferred prosecution settlement, everyone involved basically gets off scot free.

POS · #2 06-04-2011, 05:16 PM

First I've heard of it. The more I read about the banking industry the more repulsed I get of all of it. We've about pulled all our money from the stock market over the past two years with most of it being converted to real estate. Screw the market and screw those freaking banks.

LandYaghtLover · #3 06-04-2011, 05:33 PM

Banks are a business and like any other they do what they can to make money and take yours.

There is really NO reason for banks to exist. They may have been around in one form or another for a long time, but the current system is so full of BS. You get a home mortgage from bank A and by the time its paid off your note will have been sold and re-sold by 40 other banks!

Its all about short term/quick gains. Nothing about investing anymore.