Thursday, March 18, 2010

Banks Laundering Mexican Drug Money

Wow. This is the biggest story I have seen in a while. This is a case of reading between the lines, and noting that the tip of the iceberg is only 2% of the actual berg itself.

"Wachovia has agreed to pay US prosecutors 160 million dollars for its failure to stop drug money being laundered to Mexican affiliates, the DEA said Wednesday."

'Although Wachovia admitted that 110 million dollars could have been laundered, the DEA said "Wachovia failed to effectively monitor for potential money laundering activity more than 420 billion dollars in financial transactions with the CDCs." '

First of all, sure, let the bank execs get off the hook for laundering drug money that has probably led to hundreds of thousands of deaths, and much more law breaking. (Meanwhile, a 50 year old man in Texas has been sentenced to 35 years in prison for 4 ounces of pot.)

Next - $420 BILLION DOLLARS?! That is the amount of money they didn't 'check' for money laundering. A good portion of that could also be drug money.

Do you have any idea how much money the bank execs have probably already made, for decades, by laundering mexican drug money?

$160 million is a slap on the wrist. First of all, most of that is money the government KNOWS they made from the money laundering. $50 million of that is a fine. However, that $50 million is also probably drug money!

They should launch a huge fucking probe of this mess and bring them all down.

But they won't. Heck, if OJ can get away with murder, bank executives can get away with 1000 times worse, with 1000 times the money. God Bless Capitalism.

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