MIAMI, March 17 (Reuters) - The Wachovia Bank unit of Wells Fargo & Co has agreed to pay $160 million to settle U.S. allegations that it laundered Mexican drug money.
Under the agreement, Wachovia will forfeit $110 million, representing the proceeds of illegal narcotics sales that were laundered through the bank, the U.S. Attorney's Office in the Southern District of Florida said.
The bank will pay an additional $50 million fine to the U.S. Treasury.
You know, there are many ways that banksters can be corrupt. One of them is running the company into the ground, and then asking the government to let them go on welfare. Another is to launder money for Mexican drug cartels. There are arguments on both sides on whether the bank bailout was proper, but there can be no argument here that any kind of mercy is justified for drug money launderers.
Which leads us to the problem, as I see it. Sure, corporations are artificial persons, and you cannot throw an artificial person in jail, so you fine it. But hidden behind the artificial person is the puppeteer that controls it's actions. When the puppeteer himself cannot be held liable for his actions, that is, prosecuted, then something is seriously wrong with our justice system.
With that in mind, I truly regret that I did not choose to go into banking. Damn, I could have gotten away with murder, like this group of banksters did. Murder, you say? Of course, is my reply. Their actions gave comfort to some of the most notorious murderers on the planet. In laundering the murderers' money, IMHO, they became accessories to everything the cartels engaged in, including murder. They deserve serious prison time, but they won't get it, since they committed their crimes hiding behind the artificial person they represented. According to the law, they were not accessories to murder. The artificial person was. Arrest him, they say. Can't find him? OK, too bad. Take some money from him instead, and don't worry about it. There's plenty more where that came from. LOL.
Talk about a loophole? You bet.
NOTE: On second thought, I would not choose to go into banking. I am not a murderer.
NOTE2: Some will say that I am being ridiculous in this thread, and I agree, but not half as ridiculous as a law that does not hold real people accountable for the actions of the artificial person they control.
Article is here.