How Wells Fargo, and the 1% Use the Drug War

Wells Fargo Center in Los Angeles, California

Image via Wikipedia

A new book, Amexica: War Along the Borderline, reveals details of how Wachovia bank (now owned by Wells Fargo) was caught red-handed laundering hundreds of billions of dollars from Mexico.  This is a major pillar of the banking system.  What were the penalties?  Look into a Department of Justice tactic called “Deferred Prosecution.”  It is white collar probation for one year.  The charges were dismissed “with prejudice.”

The March, 2010 Wachovia deferment can be read HERE.  They admitted over $110 million was laundered through them in Florida.  They agreed to also pay a fine of $50 million.  The admitted charge is not “money laundering,” but “failure to maintain an effective money laundering program.”  This would be akin to stealing a car and pleading to “failure to maintain a no-steal program.”  The agreement was signed by Douglas Edwards, Sr. V.P. of Wachovia… and if they deny the laundering they are guilty of breech of contract under section 16 of the plea bargain.

Consider that a billion dollars is the equivalent of nearly every American Drug War prisoner being caught with $2000.  While some big time dealers are caught with tens of thousands of dollars, the vast majority of prisoners are there for a mere few hundred dollars of drugs and cash.  So while these 99% people, often committing crimes under the duress of poverty, are serving hundreds of thousands of years in prison… Wachovia employees and shareholders are given no direct prosecution- only the corporation receives a deferred prosecution.

And isn’t it funny how the Whistleblower, fighting the drug war and corporate crime, gets brushed off as the bad guy?

See more HERE, on Democracy Now!

About Bruce Reilly

Bruce Reilly is the Deputy Director of Voice of the Ex-Offender in New Orleans, LA. He is a graduate of Tulane Law School and author of NewJack's Guide to the Big House. Much of his writing can be found on
This entry was posted in Commentary, Courts, prison economics and tagged , , , , . Bookmark the permalink.

1 Response to How Wells Fargo, and the 1% Use the Drug War

  1. Pingback: Unprison 2011-2013 Index | unprison

Comments are closed.