Tuesday, March 23, 2010

Wells Fargo's Wachovia Unit Confirms Laundering Settlement

Voltron says: Back in December I posted an entry about how drug cartel money saved the banks. I'm not making this $h!t up.

Wachovia Bank NA, a unit of Wells Fargo & Co. (WFC), confirmed it will pay $160 million to settle a federal investigation into whether the bank's lax controls enabled Mexican exchange houses to launder drug money.

Voltron says: It seems like the government will only prosecute companies after they fail.


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