American Banks Laundering Hundreds Of Billions Dollars For Mexican Drug Cartels

mexican drug cartelWho are the Mexican drug cartels’ biggest allies north of the border? Major banks such as Wells Fargo and Bank of America, who blatantly break U.S. anti-money-laundering laws by laundering hundreds of billions of dollars for the cartels, Bloomberg reports. That’s a pretty huge “stimulus package” our banks are getting from Mexican drug traffickers:

Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. That’s the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history — a sum equal to one-third of Mexico’s current gross domestic product.

“Wachovia’s blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations,” says Jeffrey Sloman, the federal prosecutor who handled the case.

“It’s the banks laundering money for the cartels that finances the tragedy,” says Martin Woods, director of Wachovia’s anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.

“If you don’t see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you’re missing the point,” Woods says.

, , , , , ,

  • Your Mom

    Disinfo confuses me:

    On the one hand, Disinfo consistently supports legalization of drugs.

    On the other hand, Disinfo thinks its bad when American banks profit from the _legal_ sales of drugs: Mexico decriminalized possession of most drugs.

    So which is it? Is drug legalization good or bad?

    • Mexidope

      Well, I'm not disinfo, BUT: This money laundering is for MEXICAN cartels, therefore, nobody here benefits. Even if pot were legal (which it should be), it would be EVEN MORE ILLEGAL to steal tax money from the feds. (think about this: you get caught with a trunk full of weed. 5 years maaybe youd get. BUT a trunk full of cigarettes? LIFE) As in, mexicans dont pay taxes. And fuck these banks anyways, they need not profit anymore, if anything we should get all the laundered money. and this article is about 2 weeks old also lol.

    • LeaveItToBeaver

      Perhaps disinfo is saying that everyone should have a choice.
      supporting legalizing cannabis is not the same as condoning the corporate mafia who support foreign gangs (by laundering cartel $) yet get bailed out by our taxpayer dollars?!
      If the government is by the people, for the people, why aren't they bailing the people out and not the corporate entity? why do corporations receive rights and privileges of people, rather than a company,
      in a court of law?

    • justagirl

      disinfo confuses me, too.
      like, how does an egg sit on a wall? or sit on anything for that matter? and how do we know he or she had a “great” fall? maybe the fall totally sucked! or maybe they were talking about the height of the wall was great… which brings us back to – how did that great, stupid egg get up there in the first place?? and how do we know he was an egg at all? from a picture book? maybe he was a lightbulb or a quilted blanket. furthermore, what does this have to do with legalizing drugs? or the oil spill? or some financial crisis? or your mom?????

      • Haystack

        Oh my God…and is this the same egg that may or may not have come before the chicken? What would the implications be?

        Look what you've done. I'm going to be awake all night thinking about it.

        • justagirl

          omg you are RIGHT!! by the way – i heard the chicken came WITH the egg under her wing… i, for one, believe she was cursing the whole way ;

    • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

      Disinfo is a user supported site…not unlike a 'youtube' clearinghouse for opinion and commentary, sharing articles to be examined for whatever cause people may or may not fancy. They rarely, if ever, advocate for anything…except the freedom of information and the right to dissent.

      Don't ascribe it to the site unless the poster is Disinfo. Apparently Jacob Sloan felt the irony of American banks getting away with massive money laundering scams (while the upper crust that runs such things make the usual tsk tsk noises about crime south of the border) was worth mentioning and sharing. I'm inclined to agree with him…funding and enabling the crime we bitch about is ironic…although some nice fat jail sentences for the people responsible would make a much better punchline.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Disinfo is a user supported site…not unlike a ‘youtube’ clearinghouse for opinion and commentary, sharing articles to be examined for whatever cause people may or may not fancy. They rarely, if ever, advocate for anything…except the freedom of information and the right to dissent.

    Don’t ascribe it to the site unless the poster is Disinfo. Apparently Jacob Sloan felt the irony of American banks getting away with massive money laundering scams (while the upper crust that runs such things make the usual tsk tsk noises about crime south of the border) was worth mentioning and sharing. I’m inclined to agree with him…funding and enabling the crime we bitch about is ironic…although some nice fat jail sentences for the people responsible would make a much better punchline.

21
More in Banks, Banksters, Drugs, Finance, Mexico, Money
Binaural Beats with SbaGen Developer Jim Peters

An interview with Jim Peters, developer of SbaGen, who's source code was used without permission for the notorious I-Doser. Via Technoccult: Technoccult: Do you believe that I-Doser can actually deliver...

Close