Comments on: Wachovia Bank investigated for laundering drug money to Mexico and Colombia

By: BLACK VELVET BRUCE LI : Wachovia, NCLR And The Drug Cartels

BLACK VELVET BRUCE LI : Wachovia, NCLR And The Drug Cartels — Fri, 13 Jun 2008 16:48:15 +0000

[...] Michelle Malkin picked up on a Wall Street Journal article that talks about this money laundering probe that started in April. Working with exchange houses called “casas de cambio”, Wachovia set up a means of getting in on the international remittance market that also seems to be convenient way for drug cartels to move large amounts of cash in a system that is pretty much devoid of any regulation or law enforcement oversight. Federal authorities cannot possibly distinguish between a remittance sent by an illegal alien to their family in Mexico, and the proceeds of a drug transaction being paid to a collector for a Mexican drug cartel. With huge money flows in the billions of dollars moving annually and little if any supervision, it is a perfect way for a financial institution to profit from not only legal financial transactions, but illegal ones as well. Wachovia built up its ties to casas de cambio as a way to tap the Hispanic market, which doesn’t always bank through traditional Main Street outlets. Wachovia served as a larger partner, holding the foreign-exchange houses’ deposits and providing back-office services. In 2005, it introduced the Dinero Directo card to facilitate cross-border remittances. [...]

By: Straight_Talk_Luigi

Straight_Talk_Luigi — Thu, 01 May 2008 09:36:39 +0000

It’s the law of supply and demand. There’s a supply and a demand.

That’s what happens when you try and eliminate religion.

By: Hillary Donor Indicted For Money Laundering | Freedom Alert!

Hillary Donor Indicted For Money Laundering | Freedom Alert! — Tue, 29 Apr 2008 12:36:39 +0000

[...] For Money Laundering Posted in April 29th, 2008 by admin in Politics Since I was blogging about money laundering today, I looked up a case I’ve been following for a while now. […] Read the rest [...]

By: starlightwoman

starlightwoman — Mon, 28 Apr 2008 22:35:37 +0000

The one bank that I did not see on the list was Citibank – when I worked there – they had actually bought a Mexican bank to make money transfers and doing business there easier.

By: Southpaw

Southpaw — Mon, 28 Apr 2008 21:23:32 +0000

I never shop at WalMart, but I had to wire money to a relative recently. The cost to wire $200 (maximum allowed) in the U.S. is something like $15. To wire money out of the country, the fee is $11 and the maximum is $500. A U.S. citizen has to send three wires for a fee of $45. An illegal immigrant can send $500 out of the country in one transfer for 1/3 the cost. Wake up America.

By: Hexadecimal

Hexadecimal — Mon, 28 Apr 2008 19:11:07 +0000

On April 27th, 2008 at 4:11 pm, lgm said:
rightisright said (#18):

I’ve often wondered why the war on drugs can’t be won, think it might have anything to do with banks and money?
It’s the law of supply and demand. There’s a supply and a demand.

Even a broken clock is right twice a day.

The main problem with drug enforcement is that there’s a continuing demand for intoxicating substances. It’s like with Prohibition: the demand for liquor didn’t stop just because it was rendered illegal. In fact, scarcity increased demand, which brought about the growth of black market channels for its manufacture and distribution (e.g. speakeasies, bathtub mash liquor, etc).

Even when the traditional “hard” drug supply dries up, people will abuse presciption, or even over-the-counter meds like painkillers, tranquilizers, decongestants, etc.

There’s no easy solution to the problem.

By: keylime

keylime — Mon, 28 Apr 2008 16:02:32 +0000

My future wife and I recently closed our Wachovia accounts in Springfield, VA due to the blatant pandering towards the illegals. We’re quite happy now with the choice.

By: Roman Con

Roman Con — Mon, 28 Apr 2008 13:15:24 +0000

Wachovia = “walk all over ya”

RICO charges, anyone? The gummint can grab a ton of your stuff under RICO.

Lock up these treasonous jerks and sieze their assets. Use them both to build the dang fence. Sort of a prison work-(no)release program. If the Wachovia execs escape, just make sure that they are heading South.

By: fred5676

fred5676 — Sun, 27 Apr 2008 23:22:59 +0000

Top 12 banks that do NOT accept the Mexican Matricula (and number of states they serve)

Charles Schwab 50
Navy Federal Credit Union 23
Countrywide Bank (Treasury Bank) (Countrywide Financial) 14
Treasury Bank (see Countrywide Bank) 14
Pentagon Federal Credit Union 9
TD Bank North (TD Bank North Group, Inc)(Hudson United Bank) 8
Fort Sill National Bank 7
Commerce Online (Commerce Bancorp) 7
M&T Bank 5
North West Savings Bank (North West Bancorp MHC) 5
Susquehanna (Susquehanna Bancshares Inc) 5
Colonial Bank (Colonial Bancgroup) 5

(same source)

By: fred5676

fred5676 — Sun, 27 Apr 2008 23:19:01 +0000

Top 12 banks that accept the Mexican Matricula, with the number of states they serve

State Farm 49
Bank of America 37
Wachovia 30
US Bank (Mercantile Bank) 20
Bank of The West (BNP Paribas) 18
Northern Trust 18
JPMorgan Chase 18
Wells Fargo 15
Washington Mutual 15
SunTrust 14
Charter One (Citizens Financial Group) 13
Key Bank(Key Corp) 13

Source: http://www.bankofamericaboycott.com/banklist/index.shtml

By: fred5676

fred5676 — Sun, 27 Apr 2008 23:12:27 +0000

Here is how to choose a bank that does NOT cater to illegal aliens. Their main web page here. Over a year ago I moved a total of 5 business and personal accounts and credit cards from BofA and Wells Fargo to one of only two banks in my state that do NOT accept the Matricula Consular card.

By: johnnycab23513

johnnycab23513 — Sun, 27 Apr 2008 22:15:48 +0000

I opened an account at Naval Federal Credit Union last week to recieve my Social Security check. They spend three working days checking out things like validity of the Social Security Account Number. This should be law, not company policy.

By: bradley

bradley — Sun, 27 Apr 2008 21:19:20 +0000

One other thing: You don’t have to pay transfer fees if you are a B of A checking account customer. They’ll open your account and give you multiple ATM cards, then, once money is deposited here in the USA, relatives in Mexico can withdraw it instantly WITHOUT fees. All they have to do is locate the nearest Mexican B of A ATM machine. Or probably ANY BANK ATM in Mexico, even though they’d pay a small fee for not using a B of A machine, it would still be less than any transfer fee.

By: bradley

bradley — Sun, 27 Apr 2008 21:15:20 +0000

In Charlotte and here on the southern coast of Georgia, Bank of America openly advertises for business in Spanish-language posters, etc, (you ARE supposed to be able to read, write, and speak English to become a citizen). They will open checking accounts, et al, WITHOUT much (if any) identification (they WILL accept the matricula consular issued by the Mexican government). I saw a couple who could barely speak English get a brand new checking account, and the man had only worked at a day-labor job for three months.
I asked the bank manager here why B of A hadn’t been sued for “aiding and abetting”, which they are doing to illegals. She said they were supposed to push to open new accounts for everyone, even without much (if any) identification or valid residency documents. THEY DON’T CARE. It’s about the MONEY.

By: lgm

lgm — Sun, 27 Apr 2008 20:11:51 +0000

rightisright said (#18):

I’ve often wondered why the war on drugs can’t be won, think it might have anything to do with banks and money?

It’s the law of supply and demand. There’s a supply and a demand.