You Call This Justice?

This high-profile investigation ultimately revealed that from 2004-2007, a staggering amount of illegal drug proceeds totaling $378.4 billion dollars were transferred into Wachovia by the Mexico-based Casa Cambios that violated U.S. government anti-money laundering compliance.

Following these findings a slew of federal charges filed in 2009 by Federal prosecutors in Florida hit Wachovia with the largest violation of the Bank Secrecy Act in U.S. history.

Douglas Edwards, senior vice president of Wachovia Bank confessed they didn't do enough to spot illicit funds in handling the $378.4 billions for the Mexico's Casa Cambios. But Edwards declined to answer specific questions including how much they earned for handling the billions of dollars for the currency operation.

Overall, the amount of drug proceeds ($378 billion dollars) that the CDC deposited into Wachovia Bank actually equaled one third of Mexico's entire $1.4 trillion dollar annual GDP.

As part of the agreement Wachovia agreed to pay the government a fine of $110 million dollars with an additional fine of $50 million dollars to be paid to the U.S. Treasury Department. The total fine of $160 million dollars was less than 2% of the bank's $12.3 billion dollars in profit made in 2009. By the time Wachovia agreed to pay the hefty fine, Wells Fargo purchased Wachovia during the banking crisis for $12.7 billion. Then Wells Fargo reaped a windfall from the government, a gift of $25 billion dollars of taxpayers money as part of President Obama stimulus package in 2009. (emphasis added)
~ from American Banks 'High' On Drug Money: How a Whistleblower Blew the Lid Off Wachovia-Drug Cartel Money Laundering Scheme by Clarence Walker ~

If you get caught selling a dime bag on your neighborhood street corner, you might spend some time in jail and/or pay a stiff fine. But not so, if you're a too-big-to-fail bank!