Wachovia Laundered Hundreds of Billions of Drug Money

http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html

Bloomberg reports that Wells Fargo is acknowledging that Wachovia (which WF acquired) laundered huge sums of drug money:

"Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. That’s the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history -- a sum equal to one-third of Mexico’s current gross domestic product."

Unbelievable! It is simply unbelievable that Wachovia officials were not aware of the source of $378.4 in funds. How much did Wachovia representatives get paid off is the question that needs to be asked.

I wonder if drug lords were bailed out by the FDIC when Wachovia imploded.

WTF!