How Wachovia helped to launder drug money

Discussion in 'Wall St. News' started by Pekelo, Apr 6, 2011.

  1. Pekelo


    So if you transfer more than 10K, the government is tracking you, but if it happens to be 378 bn, no problemo....

    "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.

    "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," said Jeffrey Sloman, the federal prosecutor. Yet the total fine was less than 2% of the bank's $12.3bn profit for 2009. On 24 March 2010, Wells Fargo stock traded at $30.86 – up 1% on the week of the court settlement."
  2. Eddiefl


    IT wasnt done all in one transactions. Like a 10k transaction at your local branch.

    But yes this is a staggering amount of money.
  3. the1


    You can buy a car with 10,000+ w/o the IRS knowing about it if the dealership will work with you. They deposit 8k this month, 2k the next 9k after than, and so on until the price is met.

    Another thing people generally aren't aware of...dollar bills have micro chips in them so if you carry more than 10k into the country your' goona find yourself in an 8x10 room explaining where the money came from. Be careful boarding a plane with 10k+. In fact, just don't do it because you're likely to get busted even if the cash was legitamately earned.