Wachovia Admits It Laundered Millions in Mexican Drug Cash
Information Liberation
Wachovia bank executives have admitted that the banking giant laundered millions of dollars for Mexican drug lords between 2003 and 2008, prosecutors announced in Miami this afternoon.
The bank has promised to pay $160 million in fines and penalties and to set up new safeguards within a year to prevent drug money from coming through the bank.
If it fails in that effort, Wachovia could face criminal charges, says Jeffrey Sloman, U.S. Attorney for the Southern District.
"Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," Sloman said at a meeting in downtown Miami. "[They] laundered at least $110 million in drug proceeds."
The feds built a case against Wachovia around the bank's relationship with Mexican exchange banks called CDCs (or casas de cambio).
Wachovia execs knew as early as 1996 that the Mexican CDCs were hot spots for drug money but kept doing business with them anyway, Sloman says.
The American bank routed billions of dollars in the past ten years through the CDCs without any effective oversight into where the cash was coming from.
Prosecutors were able to trace some of that money to the purchase of several airplanes used in drug runs, which led to more than 20,000 kilos of cocaine being seized by investigators.
Under an agreement signed by federal Judge Joan Leonard this afternoon, Wachovia will forfeit $110 million in illegal proceeds from drug sales and pay an additional $50 million fine.
Showing posts with label phony federal reserve. Show all posts
Showing posts with label phony federal reserve. Show all posts
Saturday, March 27, 2010
Sunday, March 7, 2010
Corporate Crime Data
Gary Null
"Our data collection has found that over the past 30 years, over $430 billion has been paid to parties by Wall Street firms in over 1500 cases.
Gary Null
"Our data collection has found that over the past 30 years, over $430 billion has been paid to parties by Wall Street firms in over 1500 cases.
Some data highlights:
- Bank of America has spent $14.9 billion to settle 15 cases alleging various charges such as securities violations and mismanagement;
- Citigroup has spent over $13.9 billion to settle 12 cases alleging various charges including abusive lending practices and involvement in fraudulent activities;
- Merrill Lynch has spent $12.2 billion to settle cases involving various allegations including negligence and mismanagement of funds;
- Morgan Stanley has spent over $5 billion to settle 11 cases involving various allegation including failure to disclose material information to customers;
- Wachovia has spent over $9.5 billion to resolve allegations including misleading investors and conflicts of interest;
- UBS has spent $19.5 billion to settle 6 cases with various charges including misleading investors."
Wednesday, December 16, 2009
Friday, November 20, 2009
Saturday, October 31, 2009
URGENT!!
Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
Bloomberg
"Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been 'gutted' while moving toward a possible vote in the Democratic-controlled House.
The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.
'There’s nothing left, it’s been gutted,' he said in a telephone interview. 'This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.' ”
Bloomberg
"Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been 'gutted' while moving toward a possible vote in the Democratic-controlled House.
The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.
'There’s nothing left, it’s been gutted,' he said in a telephone interview. 'This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.' ”
Thursday, September 24, 2009
September 24, 2009
Dear Friend of Liberty,
This Friday, the House Financial Services Committee will meet at 9 am eastern to hold a hearing on Congressman Paul's Audit the Fed bill, HR 1207.
We have come a long way in this historic effort, but your action is needed now more than ever.
Click here to find the names of the representatives on the Financial Services Committee and to get their contact information. Even if they do not represent your district, be sure to call as many of them as you can anyway, as their work on the Committee greatly impacts every one of us.
Urge them to pass the Audit the Fed bill to the floor on its own merits and not as part of an overall package that would strengthen the Federal Reserve and further damage our economy. Transparency in our monetary system is too important to be smothered in yet another Washington regulatory bill.
If your representative is not on the Committee, please contact him as well and tell him you want to know what the Fed has done with your money. Demand a standalone vote on Audit the Fed and that he cosponsor HR 1207 if he has not yet done so.
The hearing will be streamed live on the Committee's website.
This hearing would not have taken place if not for all of your hard work in calling, writing, faxing, and petitioning Congress to support HR 1207 and S 604, its Senate companion.
It's incredible to see all the support we have amassed in this historic effort, but if we want to achieve a complete victory, we must now push harder than ever and turn the heat up!
Your call could have a critical impact on your representative's decision. Contact them immediately!
Dear Friend of Liberty,
This Friday, the House Financial Services Committee will meet at 9 am eastern to hold a hearing on Congressman Paul's Audit the Fed bill, HR 1207.
We have come a long way in this historic effort, but your action is needed now more than ever.
Click here to find the names of the representatives on the Financial Services Committee and to get their contact information. Even if they do not represent your district, be sure to call as many of them as you can anyway, as their work on the Committee greatly impacts every one of us.
Urge them to pass the Audit the Fed bill to the floor on its own merits and not as part of an overall package that would strengthen the Federal Reserve and further damage our economy. Transparency in our monetary system is too important to be smothered in yet another Washington regulatory bill.
If your representative is not on the Committee, please contact him as well and tell him you want to know what the Fed has done with your money. Demand a standalone vote on Audit the Fed and that he cosponsor HR 1207 if he has not yet done so.
The hearing will be streamed live on the Committee's website.
This hearing would not have taken place if not for all of your hard work in calling, writing, faxing, and petitioning Congress to support HR 1207 and S 604, its Senate companion.
It's incredible to see all the support we have amassed in this historic effort, but if we want to achieve a complete victory, we must now push harder than ever and turn the heat up!
Your call could have a critical impact on your representative's decision. Contact them immediately!
Sunday, July 26, 2009
Friday, July 17, 2009
Monday, July 13, 2009
Trader on Bloomberg says markets are manipulated and volumes 'ficticious'.
"The volume that you see during the day right now ... is fictitious.
60-70 percent of this high frequency volume that you're seeing come across, it's volume, but it's done by what can be called high frequency traders.
These are machines.
The biggest machine out there wins the game."
-John Saluzzi
60-70 percent of this high frequency volume that you're seeing come across, it's volume, but it's done by what can be called high frequency traders.
These are machines.
The biggest machine out there wins the game."
-John Saluzzi
Thursday, July 9, 2009
Senator Jim DeMint discusses the Federal Reserve and the recent block by Senate Democrats of his attempt to bring S 604, the Senate version of Ron Paul's Audit the Fed bill, HR 1207, to the Senate floor as an amendment.
Call your Senators and tell them to support S.604!
Call your Senators and tell them to support S.604!
Tuesday, July 7, 2009
Breaking News on Audit the Fed!
Campaign for Liberty
Read this one folks and watch the video.
There is no other way to slice this than a deliberate
attempt by certain Democrats pimping for the fed banks to stop probably
the most important bill in our nation's history.
Campaign for Liberty
Read this one folks and watch the video.
There is no other way to slice this than a deliberate
attempt by certain Democrats pimping for the fed banks to stop probably
the most important bill in our nation's history.
Friday, June 26, 2009
Wednesday, June 17, 2009
Sunday, June 14, 2009
Thursday, June 11, 2009
Audit the Fed Reaches Crucial Benchmark
Ron Paul
"Washington, D.C. - Congressman Ron Paul's Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members."
Audit the Federal Reserve
Campaign for Liberty
Ron Paul
"Washington, D.C. - Congressman Ron Paul's Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members."
Audit the Federal Reserve
Campaign for Liberty
Sunday, May 24, 2009
Audit the Fed, Then End It!
Ron Paul
"I have been very pleased with the progress of my legislation, HR 1207, which calls for a complete audit of the Federal Reserve and removes many significant barriers towards transparency of our monetary system. This bill now has nearly 170 cosponsors, with support from both Republicans and Democrats. Senator Bernie Sanders has introduced a companion bill in the Senate S 604, which will hopefully begin to gain momentum as well. I am very encouraged to see so many of my colleagues in Congress stand with me for greater transparency in government."
Ron Paul
"I have been very pleased with the progress of my legislation, HR 1207, which calls for a complete audit of the Federal Reserve and removes many significant barriers towards transparency of our monetary system. This bill now has nearly 170 cosponsors, with support from both Republicans and Democrats. Senator Bernie Sanders has introduced a companion bill in the Senate S 604, which will hopefully begin to gain momentum as well. I am very encouraged to see so many of my colleagues in Congress stand with me for greater transparency in government."
Saturday, May 9, 2009
Thursday, April 30, 2009
Subscribe to:
Posts (Atom)