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Thread: Wachovia pays $160 mln to settle drug money probe

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    Wachovia pays $160 mln to settle drug money probe

    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.
    Last edited by danarhea; 03-19-10 at 02:43 AM.
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by danarhea View Post
    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.
    Ridiculus not at all

    If an individual was laundering money for the drug cartels they could have been charged with being an accessory to the crimes committed. The corporations who are now persons should suffer the same fate as a person doing the same crime.
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by Lord Tammerlain View Post
    Ridiculus not at all

    If an individual was laundering money for the drug cartels they could have been charged with being an accessory to the crimes committed. The corporations who are now persons should suffer the same fate as a person doing the same crime.

    So how many years in jail does Wachovia get? Can I still visit to use the ATM on occasion?
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by marduc View Post
    So how many years in jail does Wachovia get? Can I still visit to use the ATM on occasion?
    for murder 25 to life

    It would suck to be a Wachovia employee being in Jail for supporting a criminal that you may not have known about, but as they say ignorance of the law is no excuse and if corporations are persons, they should be punished as persons
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by Lord Tammerlain View Post
    for murder 25 to life

    It would suck to be a Wachovia employee being in Jail for supporting a criminal that you may not have known about, but as they say ignorance of the law is no excuse and if corporations are persons, they should be punished as persons
    Pardon me, but that position is whack. Only those who actually knowingly participated in the scheme should go to jail. You are talking about putting thousands of tellers in jail along with them? Like I said, your position is whack.
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by danarhea View Post
    Pardon me, but that position is whack. Only those who actually knowingly participated in the scheme should go to jail. You are talking about putting thousands of tellers in jail along with them? Like I said, your position is whack.
    Yes it is whack

    Just as it is whack to provide corporations the right to free speech, making them "persons" under the law

    Realistically they should punish the corporate executives and the individuals who assisted in the money laundering instead of just a fine
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by Lord Tammerlain View Post
    Yes it is whack

    Just as it is whack to provide corporations the right to free speech, making them "persons" under the law

    Realistically they should punish the corporate executives and the individuals who assisted in the money laundering instead of just a fine
    We are in agreement on that.
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    Re: Wachovia pays $160 mln to settle drug money probe

    Quote Originally Posted by danarhea View Post
    We are in agreement on that.
    I lean towards capital punishment, for these guys and the ones who caused the current recession. The remaining Enron guys too.
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Wachovia pays $160 mln to settle drug money probe

    Business as usual, the government is reaping the profit of their prohibition boondoggle while heaving accolade on themselves for fighting the monster they created and assiduously maintain.

    I bet our criminal justice system opted not to send anybody to jail in exchange for a larger fine.

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