The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets reports in its August 2010 issue.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine.
The admission came in an agreement that Charlotte, North Carolina-based Wachovia struck with federal prosecutors in March, and it sheds light on the largely undocumented role of U.S. banks in contributing to the violent drug trade that has convulsed Mexico for the past four years.
Buffett also said in his statement that he wants all of his remaining Berkshire Hathaway stock...
Israeli National Security Minister Itamar Ben-Gvir is planning to skip a UN police chiefs conference in...
An ICE officer has fatally shot a man in Maine during what authorities described as a...
Donald Trump came to office in 2017 after decades of bankruptcies and business failures. Yes, he...
