By Dan Steinhart
On April 10, 2006, Mexican authorities searched through a DC-9 jet at the airport in Ciudad del Carmen. They found more than five tons of cocaine… valued at more than $100 million.
If you’re like many Americans, you’re not surprised by a story like this. Not a year goes by without a few big media stories about Mexican drug cartels.
However, you probably will be very surprised to learn who aided and abetted the drug operation: it was US banking giant Wachovia.
After an investigation that took years, Wells Fargo, which now owns Wachovia, paid a $160 million fine to settle the case. “Wachovia’s blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations,” said federal prosecutor Jeffrey Sloman.
You might also be surprised to hear that Wachovia’s fine wasn’t an isolated case.
Citibank was caught laundering money for a Mexican drug kingpin in 2001.
American Express Bank admitted to laundering $55 million in drug money in 2007.
And the FBI accused Bank of America of helping a Mexican drug cartel hide money in 2012.
You’ve probably never heard these stories before. The big banks pay a lot of money to keep it that way.
Continue reading “There’s a Good Chance Your Bank Is Committing a Major Crime Right Now”