Wachovia pays 160 million to stop drug probe. - DFWstangs Forums
 
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post #1 of 16 (permalink) Old 03-19-2010, 01:49 PM Thread Starter
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Wachovia pays 160 million to stop drug probe.

160 million dollar payoff to the government and no one goes to jail? You're allowed to sell drugs if you have enough money to pay off big bro! What a joke. http://rawstory.com/2010/03/wachovia...p-drugs-probe/

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #2 of 16 (permalink) Old 03-19-2010, 02:16 PM
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I have no idea what you are talking about.

They allowed money to be laundered through their bank, no one sold any drugs.
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post #3 of 16 (permalink) Old 03-19-2010, 02:33 PM
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I read the story and couldn't anything about Wachovia selling drugs either?

I did see that their Anti-Money Laundering rules were non-existant, but that was about it.

Also, if you have a traffic ticket, do you "payoff the city" to avoid going to jail or do you just "pay the fine".
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post #4 of 16 (permalink) Old 03-19-2010, 02:39 PM
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I read the story and couldn't anything about Wachovia selling drugs either?

I did see that their Anti-Money Laundering rules were non-existant, but that was about it.

Also, if you have a traffic ticket, do you "payoff the city" to avoid going to jail or do you just "pay the fine".
I haven't really read the story, but there is a good reason why all banks should be training their people on Anti-Money laundering. At BofA it is mandatory, at least at my position. Adam aren't you with BofA? Do you have to take that online class?
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post #5 of 16 (permalink) Old 03-19-2010, 02:44 PM
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I haven't really read the story, but there is a good reason why all banks should be training their people on Anti-Money laundering. At BofA it is mandatory, at least at my position. Adam aren't you with BofA? Do you have to take that online class?
Mandatory here at Chase too.
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post #6 of 16 (permalink) Old 03-19-2010, 03:33 PM Thread Starter
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I have no idea what you are talking about.

They allowed money to be laundered through their bank, no one sold any drugs.
Ok aiding in drug dealing. They should be closed, not fined, and the people involved should be going to court to face charges. It's the fact they just fork over x amount of dollars and it's no big deal anymore. That's fucked up IMO, even more so when we're talking about a financial institution which a lot of people have placed trust in with their money.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #7 of 16 (permalink) Old 03-19-2010, 03:38 PM
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I haven't really read the story, but there is a good reason why all banks should be training their people on Anti-Money laundering. At BofA it is mandatory, at least at my position. Adam aren't you with BofA? Do you have to take that online class?

Yeah, I had to go through that BS a while back as far as being able to catch some red flags, how to report it etc.

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Ok aiding in drug dealing. They should be closed, not fined, and the people involved should be going to court to face charges. It's the fact they just fork over x amount of dollars and it's no big deal anymore. That's fucked up IMO, even more so when we're talking about a financial institution which a lot of people have placed trust in with their money.
So if I do an equity loan and the person takes his cash and funds some sort of illegal operation which gets busted, who all should go to jail or be shut down?

Your evil secretive government bullshit is stretching really thin on this one. The bank was regulated for shit and wasn't monitering where the money was going. They weren't funding or aiding some drug cartel.
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post #8 of 16 (permalink) Old 03-19-2010, 03:56 PM Thread Starter
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Your evil secretive government bullshit is stretching really thin on this one. The bank was regulated for shit and wasn't monitering where the money was going. They weren't funding or aiding some drug cartel.
It has nothing to do with my evil secrective government shit. It has to do with this.

"The agreement means Wachovia and its executives will avoid criminal prosecution in return for the $160 million payment and significant improvements in its anti-money laundering program."

Do you think nobody at the bank was involved in this? I see your point about you lending someone money and them commiting a crime, but this isn't the same scenario. You can't pull off something this large without insiders in on it, and they should go to trial.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #9 of 16 (permalink) Old 03-19-2010, 04:05 PM
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They didn't have anti-money laundering training in place and are paying a fine. Financial institutions pay fines all the time for not fully following rules. That's the way it works.
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post #10 of 16 (permalink) Old 03-19-2010, 04:15 PM Thread Starter
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They didn't have anti-money laundering training in place and are paying a fine. Financial institutions pay fines all the time for not fully following rules. That's the way it works.
So the people that work there that are letting it go on just get away with it without punishment? The company gets a fine and there's no charges for the people that most certainly were paid to let it happen? I find it hard to believe they didn't have anti laundering training.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #11 of 16 (permalink) Old 03-19-2010, 04:19 PM
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So the people that work there that are letting it go on just get away with it without punishment? The company gets a fine and there's no charges for the people that most certainly were paid to let it happen?
Do you have any idea how much money comes in and out of a place the size of Wachovia on a daily basis? I worked for years at a place that wasn't near the size of Wachovia and we had millions coming in and out every day. I used to have a jackass broker that would throw 60 wires out to process 10 minutes before the cutoff.
Every place I've worked at had training in place (it was mandatory) but there are still millions upon millions of dollars flowing in and out every day. I would flag certain transactions that looked fishy, but I'm under no false sense of security that I stopped every questionable transaction.
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post #12 of 16 (permalink) Old 03-19-2010, 04:20 PM Thread Starter
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Do you have any idea how much money comes in and out of a place the size of Wachovia on a daily basis? I worked for years at a place that wasn't near the size of Wachovia and we had millions coming in and out every day. I used to have a jackass broker that would throw 60 wires out to process 10 minutes before the cutoff.
Every place I've worked at had training in place (it was mandatory) but there are still millions upon millions of dollars flowing in and out every day. I would flag certain transactions that looked fishy, but I'm under no false sense of security that I stopped every questionable transaction.
I understand that, but you don't think someone was "in on it" that worked for the bank?

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #13 of 16 (permalink) Old 03-19-2010, 04:25 PM
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I understand that, but you don't think someone was "in on it" that worked at the bank?
You have to realize the size of what was laundered in relation to the flow of business. I can certainly say that it's possible, but I wouldn't say by any means that it's probable. There is no way to monitor 100% of transactions fully and to catch every questionable transaction. If this were a little corner bank somewhere and the flows were the majority of their business, then yeah it'd look a little fishy. It's Wachovia for God's sake. Why do you think the bad guys use places like that?
Not to mention that I was the manager who actually gave a shit, paid extreme attention, and tried to stop things like that. My average employee would have never caught some of the things I'd catch. Launderers/criminals don't make these things obvious.
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post #14 of 16 (permalink) Old 03-19-2010, 04:29 PM
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I understand that, but you don't think someone was "in on it" that worked for the bank?
Being a person who has had to do wires for large clients manually, I kind of see this first hand. The bank itself should be screening the clients they are working with for the type of business they are doing. We won't even do business with a company that doesn't pass some type of background check.

But to your sinicism, yes, you could have someone move money in a bank if a company got past the background check and acted as if it was doing normal day to day business, and that bank employee would have no idea because he is operating under the assumption that the client is legit. He may start to see red flags by where the wires are actually being sent though, and the amount of money and frequency. But that could take a while to realize it.

I have clients that move millions upon millions daily to international accounts, but I assume they are legit because of the screening. So it never crosses my mind they are funding something illegal.
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post #15 of 16 (permalink) Old 03-19-2010, 04:53 PM
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Thats the kinda job i need to get into!

98 Brokra
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post #16 of 16 (permalink) Old 03-19-2010, 04:58 PM Thread Starter
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Being a person who has had to do wires for large clients manually, I kind of see this first hand. The bank itself should be screening the clients they are working with for the type of business they are doing. We won't even do business with a company that doesn't pass some type of background check.

But to your sinicism, yes, you could have someone move money in a bank if a company got past the background check and acted as if it was doing normal day to day business, and that bank employee would have no idea because he is operating under the assumption that the client is legit. He may start to see red flags by where the wires are actually being sent though, and the amount of money and frequency. But that could take a while to realize it.

I have clients that move millions upon millions daily to international accounts, but I assume they are legit because of the screening. So it never crosses my mind they are funding something illegal.
Got it. Thanks for the detailed explanation.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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