IKN

Trifles light as air

Yeah, good question; who ARE the real drug lords?

I’m jumping on the reco-bandwagon for this one. After getting highly recommended by at least two good minds, this author would also like as many eyeballs as possible to read this excellent report on the role of big banks in drugs, written by Michael Smith of Bloomberg. Wells Fargo, Wachovia, BofA, HSBC, Amex, Western Union…darnit Veronica, they’re all chowing down at this trough of slush money. Here’s an excerpt:

“It’s the banks laundering money for the cartels that finances the tragedy,” says Martin Woods, director of Wachovia’s anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.

“If you don’t see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you’re missing the point,” Woods says.

Cleansing Dirty Cash

Wachovia is just one of the U.S. and European banks that have been used for drug money laundering. For the past two decades, Latin American drug traffickers have gone to U.S. banks to cleanse their dirty cash, says Paul Campo, head of the U.S. Drug Enforcement Administration’s financial crimes unit.

Here’s the link again, just to make sure you use it. Now use it.

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