2 chapters across the catalog
Wachovia Bank reached a settlement regarding the laundering of nearly $400 billion in drug money from Mexican and Colombian cartels. Critics argue the resulting fines were insufficient and suggest that illicit drug capital has played a significant role in maintaining global banking liquidity during the financial crisis.
Bloomberg Markets Magazine reports that Wachovia and Bank of America laundered hundreds of millions of dollars for Mexican drug cartels. The discussion references the documentary "Cocaine Cowboys" to illustrate the long history of banks being funded by illicit narcotics trade. The hosts contrast the lack of criminal prosecution for big banks with the strict financial tracking imposed on ordinary citizens.
