On Bloomberg now, Bank of America accused of helping Mexican Drug Cartel of laundering money, source FBI.
I guess you have to make money somehow to offset loans on bad mortgages!

Uhm... Nothing new here.

Wasn't it them that admitted it several years ago or was it another big bank?

[Edit: Well, it getting coverage is good, regardless.]

Wachovia,

Quote:

Criminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami.

from: http://www.guardian.co.uk/world/2011/apr....

We can thank Ben for destroying NIM and crushing the banks' traditional legal profit center and all the bought politicians for refusing to prosecute. Now banks don't even bother to hide fraud, theft, gambling and outright criminal acts. Thanks kiddies!

Why is anyone surprized about this? The USA .gov is the biggest dope dealer. They have to laundry that money somewhere and why not the banks? Not like they are not in cahoots with .gov anyway. Why do you think we can not let them fail? If we do, we would have no one big enough to laundry the huge amounts of dope money that .gov has.

So someone has spilt the beans about it. They must have thought their cut was too small. Or maybe one of the countries that have been destroyed by the dope operations in their country paid someone off or infiltrated the bank so they could get this info out. But it don't matter. Won't stop....

People still bank with them and will continue to do so. And now you know why Jammitin Diamon is still walking around free don'tcha?

http://www.bloomberg.com/news/2012-07-09....

Partial quote:

Quote:

The brother of the alleged leader of a Mexican cocaine-trafficking cartel used Bank of America Corp. accounts to invest the organization’s drug proceeds in U.S. racehorses, a FBI agent said.

Jose Trevino-Morales, one of 14 people indicted by a federal grand jury in Texas on June 12, used a personal account and a business account under the name of Tremor Enterprises LLC to buy and sell horses using money generated from cocaine trafficking, extortion and bribery, Jason Preece, a special agent with the Federal Bureau of Investigation, said in a June 11 sworn statement filed in federal court in Dallas.

This is so ****ing stupid, it is impossible for a bank or bankers to break the law, they only make the laws they are not subject to them.

They need to change their name to Bank of Mexico or Bank of South America. With giving credit cards to illegals without Social Security and money laundering it seems more appropriate.

Hey at least in my area we have Columbia Bank. I never thought much about the name until now.

In other news, water is wet!

I bet BOA was relieved when they heard the FBI was going to charge them with money laundering for the drug cartels, they were worried for a second that the FBI was going to charge them with a serious crime.

But it's OK when a Bank does it...

If the feebies caught a commoner selling mere pounds of coke, meth or weed - his home, boat, car(s) and bank account(s) would be history - and he would have to prove to the gov that those assets were gained through legitimate means to get them back (at great legal expense). No presumption of innocence. The asset goes on trial and is presumed guilty.

So when I read this **** about the banks it's so over the top and absurd I can't help but laugh. It's almost like watching an old Mel Brooks movie. I've become so desensitized that it's hard to get angry anymore. And that's not good.

Yup Noodleman, I'm really only half joking with my comments on this situation. The banks do what ever the **** they want, nothing meaningful will come of this.

We live in an Empire of criminals.