Which Banks Can The American People Trust?
Saturday, August 28th, 2010Major Banks Who Helped Enemies of America
American regulators levied fines in the stated amounts:
Barclays (United Kingdom) $298 million
ABN AMRO (Netherlands) $500 million
Credit Suisse Group (Switzerland) $536 million
Loyds Banking Group (United Kingdom) $350 million
Wachovia (United States) $160 million
Barclays hid hundreds of millions of dollars in payments flowing into the U.S. from Cuba, Libya, Iran and other sanctioned countries.
ABN AMRO helped Iran, Libya, Sudan and Cuba evade U.S. sanctions by “stripping” the identities of transactions to conceal the countries from which they originated. ABM AMRO was founded in the Netherlands in 1720. The Royal Bank of Scotland took ownership in 2008.
Credit Suisse involved transactions with Iran. July 5, 1856 was the date on which the Credit Suisse was born.
Lloyds masked the origin of payments from Iran and Sudan. Lloyds Bank was founded in Birmingham, England in June 1765.
http://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748703908704575433781894978828.html
Wachovia, now a subdivision of Wells Fargo, had a relationship with a Mexican “casa de cambio,” or currency exchange house, which it structured so badly that $420 billion flowed out of Mexico unmonitored. Drug cartels used the bank to launder money through Mexican exchange houses. Wachovia was founded in 1879.
The fine of $160 million against Wachovia is 0.004 of the $420 billion that was “unmonitored”. The cost of being dishonest seems to add a small part to the overhead of doing business.
http://www.dailyfinance.com/story/legal-briefing-drug-cartels-used-wachovia-to-launder-money/19404808/