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Wachovia Paid Trivial Fine for Nearly $400 Billion of Drug Related Money Laundering « naked capitalism

If this news story does not prove that banks are effectively above the law, I don’t know what does. The Guardian, in an account yet to be picked up anywhere in the US media (per Google News as of this posting, hat tip readers May S and Swedish Lex) reports that Wachovia was at the heart of one of the world’s biggest money laundering operations, moving $378.4 billion into dollar-based accounts from Mexican casas de cambio, which are currency exchange firms. While these transfers took place over a period of years, the article notes that it equals 1/3 of Mexican GDP. And the resolution?

via Wachovia Paid Trivial Fine for Nearly $400 Billion of Drug Related Money Laundering « naked capitalism.

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