Quote:
Originally Posted by stampler
so what are you saying?
what is nonsense??
poker sites fined 3 billion;
wahovia fined 150 million
all they did was launder 370 BILLION in drug money.
I'm not saying that they were running an online gambling operation while falsifying transfers.
I'm saying that their crime was much worse, and the punishment was much less.
do you think running finances for 1000s of tons of illegal coke is no biggie??
you do'nt you think that has something to do w/ conflicts of interest and corruption on a higher level??
America needs to launder that drug $.
gotta feed the monkey.
my point is that money laundering is ok, if your in the 'club',
and the article proves it.
why did'nt they seize the entire 370 billion?
You didn't read the Article. It is a terribly written piece and very difficult to separate out fact from opinion from outright Demagoguery. But essentially what happened was Wachovia Processed Billions of Dollars from Currency Exchange Businesses. Only $110 Million of it was proven to be Drug Proceeds. That Sum was forfeited and an additional $50 Million was paid in Fines. The article tries to imply that all of the Billions was Drug Money, but it doesn’t appear that has been proven.
There was an internal “Whistleblower” who identified some of the fraudulent transactions. It is sort of difficult to construct a time line from the Article. Even that whistleblower concludes that it was a failure of process and controls or “governance”.
"What happened at Wachovia was symptomatic of the failure of the entire regulatory system to apply the kind of proper governance and adequate risk management which would have prevented not just the laundering of blood money, but the global crisis."
So basically the Bank failed to recognize Money Laundering transactions, but didn’t set up a criminal enterprise with the explicit intention to bypass money laundering laws and then they “cooperated fully” with investigators.