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Wachovia: Banking on open borders

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By Michelle Malkin  •  June 13, 2008 11:11 AM

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Last year, I told you about Bank Of America’s special credit line for illegal aliens. The banking industry’s collusion in the illegal alien matricula consular trade has also been covered here at length, as has the illegal alien home loan racket. Most recently, I reported on the La Raza/mortgage boondoggle and how open borders has contributed to the subprime mess.

Now comes word that Wachovia is forking over more than $16 million to the rule of law-undermining, pro-illegal immigration-promoting National Council of La Raza/The Race:

The Wachovia Foundation will provide $16.25 million to help economic development in Latino communities in the United States.

The foundation has formed a partnership with the National Council of La Raza. The bank will provide $5 million in grants over five years for counseling in homeownership and community-development efforts.

Wachovia also will provide $1.25 million over five years to sponsor La Raza events and a $10 million loan to fund growth for Raza Development Fund’s lending activities.

“Wachovia’s investment in NCLR will allow us to expand the successful programs we have developed with our nearly 300 community-based affiliates who every day strengthen America by promoting the advancement of Latino communities,” says Janet Murguia, president and chief executive of NCLR.

The money will also help fund public La Raza-sponsored charter schools like the ethnic supremacist Mecha madrassas and Aztlan academies I’ve reported on previously.

Looks like Wachovia’s banking on open borders to halt its decline (stock’s down 38 percent, the company’s in disarray, and investors are suing).

Bad move.

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