Posted on 04/29/2008 1:33:37 PM PDT by RKBA Democrat
Wachovia Corp. is involved in a federal investigation launched by the Department of Justice that targets money-laundering by drug organizations, according to The Wall Street Journal.
The Charlotte, N.C., company is under scrutiny for its involvement with Colombian and Mexican money-changing establishments known as “casas de cambio,” located along the Mexican/U.S. border.
These organizations may be used by drug cartels to launder their money.
One such exchange, Casa de Cambio Puebla, a Mexican chain, was recently the subject of a court case in Miami in which $23 million in assets were seized.
The money was spread out over 23 Wachovia accounts.
Representatives for Puebla maintains that the money belonged to legitimate clients.
For its part, Wachovia is suing a Mexican exchange known as Majapara Casa de Cambio of Mexico City for $38 million.
According to court documents, Wachovia maintains that Majapara has been engaged in illicit lending.
Wachovia may accept a deferred-prosecution offer involving increased federal oversight of its banking business, According to the report.
The bank is cooperating with the investigation, a Wachovia official was quoted as stating.
I'm shocked...shocked!
They earn the title of “Bank of Amigo”....
Tip o the iceberg...how about a criminal investigation of Wachovia and BOA.
Walk-Ova-Ya
Aren’t these the same SOBs that got dinged for selling info on their geezer depositors that resulted in the same geezer depositors being bilked by having their accounts ripped off by telemarketers sicced on them by, you guessed it, Walk-Ova-Ya?
Yep, same ones. I believe they entered into some sort of sorry-@$$ed settlement whereby they agreed to pay out huuuge amounts of money. All of course without ever admitting that they ever did a thing. As if some scum-sucking banker would _ever_ pay out money out of the goodness of his/her heart.
Tip o the iceberg...how about a criminal investigation of Wachovia and BOA.
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And who will do the investigation? A bunch of criminals too? Kinda like putting the fox in charge of watching the hen house....
You got a point about our intrepid investigators...just look at the investigations that our Congress does on itself.
You got a point about our intrepid investigators...just look at the investigations that our Congress does on itself.
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How about the 9/11 Commission? With a protected Gorelick??
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