by Shorty Dawkins
Tale Number One
On June 10, 2011, AlterNet.org had a lengthy article titled: American Banks ‘High’ On Drug Money: How a Whistleblower Blew the Lid Off Wachovia-Drug Cartel Money Laundering Scheme. In this article the author, Clarence Walker tells the story of Wachovia Bank, how it laundered upwards of $378.4 billion dollars in Mexican drug money from 2004-2007. $378.4 billion dollars!
It is a tale vast in scope, detailing how Wachovia Bank not only laundered illegal drug money, but assisted the cartels in the purchase of airplanes for their drug dealing operations.
From the Alternet article:
“Following these findings a slew of federal charges filed in 2009 by Federal prosecutors in Florida hit Wachovia with the largest violation of the Bank Secrecy Act in U.S. history.
“Douglas Edwards, senior vice president of Wachovia Bank confessed they didn’t do enough to spot illicit funds in handling the $378.4 billions for the Mexico’s Casa Cambios. But Edwards declined to answer specific questions including how much they earned for handling the billions of dollars for the currency operation.
“Overall, the amount of drug proceeds ($378 billion dollars) that the CDC deposited into Wachovia Bank actually equaled one third of Mexico’s entire $1.4 trillion dollar annual GDP.”
Further from the same article, we have this: “As part of the agreement Wachovia agreed to pay the government a fine of $110 million dollars with an additional fine of $50 million dollars to be paid to the U.S. Treasury Department. The total fine of $160 million dollars was less than 2% of the bank’s $12.3 billion dollars in profit made in 2009. By the time Wachovia agreed to pay the hefty fine, Wells Fargo purchased Wachovia during the banking crisis for $12.7 billion. Then Well Fargo reaped a windfall from the government, a gift of $25 billion dollars of taxpayers money as part of President Obama stimulus package in 2009.
“Today, we announce the deferred prosecution of Wachovia, one of the largest banks in the United States, said U.S. Jeffrey Sloman on March 12, 2010. “Wachovia’s blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations by laundering drug proceeds.”
Sloman further stated, “as this case demonstrates, financial institutions—no matter how large will be held accountable when they allow ‘dirty’ money to pollute the U.S. banking system.”
Wachovia Bank, over the course of just three years, laundered $378.4 billion dollars, yet the prosecution was deferred and Wachovia Bank was fined a mere $160 million dollars, a small fraction of its annual profits, and Wells Fargo Bank, on purchasing Wachovia, was given a bailout of $25 billion dollars! That is quite the sweetheart deal! And no one was prosecuted! No one went to jail, though many crimes were committed. Not only are the big banks too big to fail, they are to big to jail.
Compare this tail of billion dollar drug laundering with the following tale.
Tale Number Two
We will begin this tale with a video.
What was the Dekho family’s crime? Nothing. Mac Slavo, from SHTF.com, in an article titled: Gov Targets Private Bank Accounts: Seizes Funds Of Innocent Americans Without Charge or Trial, explains why the Dekho family had their bank account cleaned out:
“When surveillance state flagging algorithms spotted them depositing suspicious amounts of money just below the $10,000 required federal reporting limit into their bank account, a necessity for the Dehkos because their insurance only covered up to $10,000 in losses, they were red flagged by automated monitoring systems as possible money launderers.
“Their $35,000 was subsequently seized after the IRS filed a secret warrant (a lot of that going around these days) accusing them of “structuring.” Because of the nature of civil forfeiture laws they now have to fight for their own money and prove their activities were legal. The IRS required no proof whatsoever.
“An accusation was enough.”
Slavo also states: “Make a suspicious transaction or can’t account for your money as a private citizen, however, and they will seize everything you own and treat you like a financial terrorist.
“There are no warrants, no charges, no court proceedings. They just take it. And if you don’t comply, they’ll send an IRS Swat team through your front door and imprison you.
“What’s frightening about the experience of Terry and Sandy Dehko is that just months prior to their seizure of their assets the Internal Revenue Service completed an audit indicating that all of their records were legitimate, and their small business was operating within the guidelines of Federal tax law.”
Further, Slavo states: “When surveillance state flagging algorithms spotted them depositing suspicious amounts of money just below the $10,000 required federal reporting limit into their bank account, a necessity for the Dehkos because their insurance only covered up to $10,000 in losses, they were red flagged by automated monitoring systems as possible money launderers.
“Their $35,000 was subsequently seized after the IRS filed a secret warrant (a lot of that going around these days) accusing them of “structuring.” Because of the nature of civil forfeiture laws they now have to fight for their own money and prove their activities were legal. The IRS required no proof whatsoever.”
The Dekhos did nothing illegal, yet now they must prove to the IRS that they are innocent of wrongdoing. Isn’t that backwards? What happened to the American belief in innocence until proven guilty? Meanwhile, the Dekhos’ money sits in the IRS bank account and they must incur legal expenses to regain their money, if, indeed, the IRS can be satisfied. That they must go through the hassle and expense involved, in order to retrieve their own money, money that is rightfully theirs, is an outrage.
Compare the two tales
Wachovia Bank launders $384 billion dollars in drug money and receives a token fine. No one goes to jail.
The Dekho family, while doing nothing illegal, has their bank account emptied by the IRS.
What is wrong with this picture?
America is in deep trouble. That men guilty of immense crimes are allowed to go free, without even an attempt to prosecute them, while a family that runs a simple grocery store has their lives torn apart, with the prospect of never seeing their money again, shows that the crooks run the system.
It is time to prosecute the bankers, and all the other fat cats, who daily commit crimes against the American people, and to let honest people do their work in peace. It is time to return the rule of law and throw out the cronyism of the politicians and fat cats.
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