When I first read this article, I thought, “Wow, and people thought the banks wouldn’t come up with another way to recover from the sub-prime mortgage fiasco”. Then I thought about it. Why would Wachovia do something like this? How long has this type of stuff been going on?
Wachovia Corp (WB.N) is being investigated by federal prosecutors as part of a probe into alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, The Wall Street Journal reported on Saturday.
An official of Charlotte, North Carolina-based Wachovia, the country’s fourth largest banking firm, said the company is cooperating with the investigation, the newspaper said.
The Journal did not identify the Wachovia official and it attributed its information about the investigation to “people familiar with the matter.”
It appears, however, that they are not the only ones…
Wachovia is one of several large banks being investigated for relationships with the money-transfer companies, the Journal said.
Several large banks? I want to know which ones.
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