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| Economy | |
| Wells Fargo, Wachovia Involved in Numerous Mexican Drug Laundering Schemes | |
| 2010-07-05 | |
Wachovia bank, now part of Wells Fargo via a merger, has laundered countless sums of Mexican cartel drug money and will get off with a slap of the wrist. The reason ...Wells Fargo is too big to fail.
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| Posted by:Anguper Hupomosing9418 |
| #6 I noticed Bank of America in that article but no further details. Is Bank of America still to big to fail? |
| Posted by: 3dc 2010-07-05 11:39 |
| #5 My former co-workers at Wells say that Wachovia was one of the leaders in making risky real estate mortgages. As those deals went bad, Wachovia went into more and more risky ventures, figuring "Heads I win, tails the Feds will bail us out." This is what Wells Fargo aquired when they bought Wachovia. Fixing the Wachovia portfolio is Wells' biggest secret project, and believe me it is a mess! |
| Posted by: Frozen Al 2010-07-05 11:37 |
| #4 the question will be whether they put a stop to this and reprimand, or worse, those who carried it out. Surely you jest. Events since 2007 have shown the big banks can get away with anything as long as they are able to threaten the national & world economy. |
| Posted by: Anguper Hupomosing9418 2010-07-05 11:36 |
| #3 Wachovia was also laundering money for the Caribbean banks owned by the crook in Texas and IIRC paid a $100m fine to settle with Treasury. |
| Posted by: lex 2010-07-05 09:22 |
| #2 So then the question will be whether they put a stop to this and reprimand, or worse, those who carried it out. |
| Posted by: lotp 2010-07-05 07:09 |
| #1 Deceptive headline. This was a problem with Wachovia. Wells Fargo got the bad with the good when they bought Wachovia out. |
| Posted by: tipover 2010-07-05 01:48 |