Wachovia Investigated By Feds In Drug Money Laundering Probe

Wachovia Corp. is being investigated by Federal prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to a Wall Street Journal report Saturday morning.

A Wachovia (WB, Fortune 500) official said the bank is cooperating in the probe, which is also scrutinizing several other large U.S. banks, according to the newspaper. The bank severed its ties to these money transfer firms in December and January, when the investigation began.

Read the whole story here.

Comments

[ruleoflaw66]

Banks? Laundering drug money? Next you'll be telling us that the Bush family imports cocaine from south America through the Caribbean.

[WIpatriot]

Anybody else smell that?? Smells kinda fishy....

[ruleoflaw66]

Our friend, Oldpotsmuggler has the inside scoop on that whole fish market, heh heh!

[Jason357]

Uh, so illegal aliens sending money back home from jobs they are working using fakes IDs and someone else's SSN is not illegal? Who's looking into that?

If you excluded the corrupt "anchor baby" policy and illegals, I bet the money going back would be cut by about 95%. Why was Wachovia singled out if several other major banks are being looked at?

[TuffPosh]

Not to silence anyone's outrage, but the Dems are also tangentially involved in this through their strong support for illegal activity. Consider as an example the non-profit group described here:

http://lonewacko.com/blog/archives/005749.html

Their suit would have benefited one of those non-bank money sendng companies, a company that made a donation to the non-profit. And, the non-profit has links to various Dem politicians. They even have links to some bloggers: a PAC run by HuffPost contributor Howie Klein is collaborating with the non-profit.

[gakabani]

All is part of the money game. Including narcos.

[sparkey]

Could be that they're only cooperating because they got caught. They'll want immunity from prosecution for helping and pay a million dollar fine. It will then be forgotten.