Wachovia to pay $160 for money-laundering $420 billion in drug money

The fine is a minor slap on the wrist. And it avoids criminal prosecution against the bank. Of course no one there any clue how this happened and promises to take remedial action.

Asked if Wachovia knew it was drug money, [DEA Special Agent] Trouville said, “I don’t think I can comment on whether Wachovia knew it was drug money. There were no effective procedures in place to be able to tell them that.”

If this happened in in a third-world country, we’d say their banking system is just completely corrupt, right?

It is an obscenity that no one is being criminally prosecuted. Do we even have rule of law in this country any more?

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