Free Republic

Wachovia Bank has settled with the Office of the Comptroller of the Currency over allegations that it allowed telemarketers to take advantage of its elderly customers, agreeing to pay a total of $144 million to end the case. The bank will settle $125 million in claims, put nearly $9 million into consumer education programs and pay a fine of $10 million, yet maintains that it did no wrongdoing and the penalties will not affect its bottom line. Wachovia had a relationship with several telemarketers and payment processors who called customers, offering discounts on discounted medical plans and other services who...

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...

NEW YORK (Reuters) - J.P. Morgan Chase & Co. Inc. has agreed to buy Bank One Corp. for about $60 billion, the Wall Street Journal's online edition said on Wednesday. Citing a person familiar with the matter, the Journal reported that the purchase is expected to be announced later on Wednesday. J.P. Morgan spokeswoman Kristin Lemkau and Bank One spokesman Tom Kelly both declined to comment. A merger would preserve J.P. Morgan's position as the No. 2 U.S. bank by assets, behind Citigroup Inc.. No. 3 Bank of America Corp.'s pending purchase of FleetBoston Financial Corp. would vault that combination...