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IPFS News Link • Corruption

U.S. Banks Spent The Past Four Years Helping Mexican Drug Cartels

Wachovia struck a deal with Federal prosecutors under which the bank admitted it didn't do enough to prevent money-laundering between criminal organizations, in which illicit funds transferred flew past the $300 billion mark. Now Wachovia faces charges from the Department of Justice over violating the Bank Secrecy Act - a first for the bulge bracket of large U.S. banks. Similarly, traffickers used accounts at Bank of America to purchase three planes that ended up smuggling 10 tons of cocaine. "Federal agents caught people who work for Mexican cartels depositing illicit funds in Bank of America accounts in Atlanta, Chicago and Brownsville, Texas, from 2002 to 2009," says the article.

2 Comments in Response to

Comment by Lola Flores
Entered on:

 You mean to tell me that the US banks have been making money off illegal deals?  Oh, the horror!

Comment by TL Winslow
Entered on:

They shouldn't have just said Mexican drug cartels, the Mexican govt. should have been included. The totally corrupt Mexican govt. has long remained the Invisible Elephant by making sweetheart deals with the U.S. establishment, including banks, allowing it to ride the rich on top of the poor, driving them over the border seeking a fairer shake, only to be caught between the two incompatible elephantine govt. systems. Find out about the startling answer to the whole U.S.-Mexico problem at