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Wachovia, NCLR And The Drug Cartels
By Greg L | 13 June 2008 | National Politics, Crime | 33 Comments
Wachovia Bank is one of those banks that accepts the Matricula Consular card as identification when opening up a bank account, a document that is so prone to fraud and abuse that Mexican banks themselves refuse to accept it. This bank is now being investigated by the Federal Bureau of Investigation for laundering the proceeds of Mexican drug cartels. To top things off, Wachovia bank recently announced a $16.25 million dollar contribution to the National Council of La Raza, an ethnic (some say racist) organization whose name is derived from the motto of the El Plan del Aztlan of “for the race everything, for those outside the race, nothing.” These contemporaneous events make some of us, such as myself, wonder whether this is all indicative of an intent by the financially-struggling Wachovia Bank to obtain profits by actively supporting those who would wish to undermine the United States.
Michelle Malkin picked up on a Wall Street Journal article that talks about this money laundering probe that started in April. Working with exchange houses called “casas de cambio”, Wachovia set up a means of getting in on the international remittance market that also seems to be convenient way for drug cartels to move large amounts of cash in a system that is pretty much devoid of any regulation or law enforcement oversight. Federal authorities cannot possibly distinguish between a remittance sent by an illegal alien to their family in Mexico, and the proceeds of a drug transaction being paid to a collector for a Mexican drug cartel. With huge money flows in the billions of dollars moving annually and little if any supervision, it is a perfect way for a financial institution to profit from not only legal financial transactions, but illegal ones as well.
Wachovia built up its ties to casas de cambio as a way to tap the Hispanic market, which doesn’t always bank through traditional Main Street outlets. Wachovia served as a larger partner, holding the foreign-exchange houses’ deposits and providing back-office services. In 2005, it introduced the Dinero Directo card to facilitate cross-border remittances.
The bank pushed into the business despite well-publicized concerns from U.S. law enforcement that such firms were sometimes used to launder drug money. Wachovia declined to discuss why it pursued this business despite the warnings.
Internal emails and documents filed in federal courts in Miami, Chicago and New York describe former ties between Wachovia and money-changing firms. In a case in U.S. court in Miami, federal agents seized more than $11 million in 23 Wachovia accounts belonging to Casa de Cambio Puebla…Mexican police raided Puebla offices last fall, alleging relationships with a major drug cartel.
Next we have Wachovia providing the National Council of La Raza Development Fund with $16.25 million gift.
Wachovia Corp. and its charitable foundation have announced a five-year, $16.25 million partnership focused on economic development for the U.S. Latino community.
The grants and loans are for the National Council of La Raza and its lending arm; the group calls itself the country’s largest national Latino civil rights and advocacy group. The Latin American Coalition in Charlotte is an NCLR affiliate.
Among other initiatives, the money will help provide financial counseling for new homeowners through NCLR’s Homeownership Network and will fund growth in the Raza Development Fund’s lending activities, which includes building charter schools, community facilities and affordable housing.
Never mind that it is against federal law to discriminate on the basis of ethnicity or national origin in the housing market, what Wachovia is doing is providing La Raza with funds that they will use to enter into the mortgage market, quite predictably providing financial products to persons with inadequate documentation, or posessing only the fraud-prone Matricula Consular. Given Wachovia’s current entanglements with potentially laundering cartel drug proceeds, this seems like a ripe opportunity to develop another means of laundering drug profits into real estate investment, or at least to facilitate the unlawful presence of illegal aliens in the country, which is another federal crime.
La Raza also obtains millions of taxpayer dollars in the form of congressional earmarks, as well as state and local taxpayer dollars in states such as Maryland. Should these public funds end up being used to support unlawful activities, you’d hope the result would be a few legislators getting charged under federal RICO statutes, but I wouldn’t hold my breath on that one. In the case of Wachovia, citizens can at least stop doing business with them, although they cannot simply stop doing business with their government.
This situation is a fine example of how major institutions (and maybe our very own government by it’s use of tax dollars) are undermining our sovereignty, security and financial stability in their quest to profit from the illegal market, while at the same time they participate in fostering the goals of the drug cartels. This has got to stop.
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33 Comments
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That does it. Is there a reputable bank that I can switch my account to?
Navy Federal
Paycheck Loans.
Long ago I canceled my Wachovia Mastercard. Unfortunately, I still have a BofA that I still need to get rid of because they (as I recall) have a similar deal with illegals. Wonder how many money market accounts are of similar standing? What the heck do you do? Bury my money in a mason jar in the back yard, I suppose.
Wachovia was bad a long time ago. A friend, who evidently didn’t think too much of it, used to call it “Walkovame”.
You got multi-billion dollar financial organizations making it easy for illegal invaders to export our collective wealth and the fat broads want to blame the current economic situation on our measly little Resolution.
When a bank can launder drug cartel money through their very own tax-exempt foundation in order to curry favor with a racist advocacy front organization like La Raza, it’s time for the Feds to apply some of their proven anti-mob techniques of the past.
Well, Bank of America isn’t an option, they’re considered worse than Wachovia when it comes to catering to illegal aliens. La Raza, racist??? Nooooooo. Why… it means “the race”. Oh, oops, nevermind.
I think Commerce Bank is good to bank with.
Krutis- I think this is the only time I have agreed with what you have said.
They launder illegal taco business money too!
If you move the picture towards the garage you can see all the untaxed profits piled up ready to go to the bank and be laundered into new single family home purchases!
http://www.zillow.com/aerial/DualMapPage.htm?zpid=37520815
I’m not sure I’d use the brush to paint this picture so wide.
If I owned a company there is not a 100% guarantee that I know where my customers money is coming from. And, even if a person came walking into my store sporting colors, tattoo’s and other symbols associated with gangs - assuming I knew what those symbols were - would I know that the currency being used for that transaction was obtained in ill-gotten ways?
I think we’re lumping way too much responsibility on the company. A company is in business to make money and scrutinizing it’s dealings with each person and attempting to divine where the money comes from is anti-business.
In a free market I as a business owner should be able to align my business or to offer services to whomever I wish to have as my clients. If that means creating an extremely high interest secured credit card for persons where documentation may be a challange then as a business owner I’m taking a calculated risk on the chance that I may be able to obtain profit from that venture. Isn’t that the purpose of being in business?
Maybe I’m a little pro-business but I don’t think that any business that chooses to make services and products available to illegals is wrong. They’re an untapped resource ripe for cultivation in an economic sense.
Am I off-base on this?
Taco Truck Ted,
Patriot, is that you? Are you in maryland now? If so, we have been wondering where you went.
Commerce Bank - they do not accept matricula consular id cards.
Here are the banks in Virginia that do not cater to illegal aliens:
Commerce Online (Commerce Bancorp) 888 751 9000 VA
Susquehanna (Susquehanna Bancshares Inc) 800 311 3182 VA
Navy Federal Credit Union 888 842 6328 VA
Charles Schwab 866 232 9890 VA
M&T Bank 814 946 6850 VA
Countrywide Bank (Treasury Bank) (Countrywide Financial) 877 292 2655 VA
First Citizens Bank 888 323 4732 VA
Sandy Spring Bank 800 399 5919 press 2 VA
Pentagon Federal Credit Union 800 247 5626, 510 376 7328 VA
Treasury Bank (see Countrywide Bank) 877 292 2655 VA
DeportM-
Gracias, Mi Amigo!
Commerce Bank is a Good Bank and they are very helpful .
Check out all the Banks background.
No Bank of America.
Fairfax County Credit Union if you work, live, or worship in Fairfax County.
EDS Credit Union if you work, live, or worship within 10 miles of 13600 EDS Drive.
Do not go to Navy Fed.
We are in the processing of suing them, and the groundwork is underway for a class action suit.
Navy Fed also had to pay $10,000 for abusing a client’s legal rights and a judgment was obtained against them in Maryland.
Navy Fed is evil.
If you are military, USAA is the way to go.
USMCWife said on 13 Jun 2008 at 7:11 pm:
Do not go to Navy Fed.
We are in the processing of suing them, and the groundwork is underway for a class action suit.
if you don’t mind me asking, on what basis are you bringing a class action suit against Navy Fed? we’ve banked with them for over 30 years, multiple car loans, credit card, and our children have accounts and loans with them, with no problems.
Krutis said on 13 Jun 2008 at 2:18 pm:
Wachovia was bad a long time ago. A friend, who evidently didn’t think too much of it, used to call it “Walkovame”.
Was that before or after the Great Depression?
Taco Truck Ted said on 13 Jun 2008 at 3:28 pm:
They launder illegal taco business money too!
If you move the picture towards the garage you can see all the untaxed profits piled up ready to go to the bank and be laundered into new single family home purchases!
http://www.zillow.com/aerial/DualMapPage.htm?zpid=37520815
I think Mr. Taco Truck is mad because he got Montezuma’s Revenge from one of these hard working taco truck drivers. That is why he keeps posting this loco picture!! If you look in the lower right hand corner you can see Mr. Ted in the bushes with a pair of binoculars, and a bottle of Immodium AD!!
“If that means creating an extremely high interest secured credit card for persons where documentation may be a challange then as a business owner I’m taking a calculated risk on the chance that I may be able to obtain profit from that venture.”
That’s fine, but when they go whining to Congress for a bailout because their plan of extending credit to illegal aliens backfires and they loose money….the sad part is that Congress will give it to them.
Wachovia is not the only bank that receives money that proceeds from drugs. Banks around the world receive money from black markets without even knowing it. Besides, Americans demand for drugs increase the revenues for cartels. So the message here is to stop consuming drugs!!! Latino immigrants are not the root of your problems, instead they benefit greatly this country by providing us with the labor we do not want to do. Stop stereotyping Latinos and stop thinking the world is conspiring against Americans!!! You are far off from the true of bravery and love involve when a person comes to this country…
Michael,
What is your take on the ” Merida Initiative” aka plan Mexico?
http://www.state.gov/r/pa/scp/2008/103374.htm
Advocator said:
Woah there! Where do you derive the right to call the money these people earn with their sweat and blood a ‘collective wealth’.
This is right out of Karl Marx’s handbook Advocator. I thought you were a true blue American. Real Americans love freedom. We do not accept anyone telling us what to do with our property. You can make no legal claim to their property.
You need to step back here and take a good look at what you’re “advocating”. It’s essentially communism.
Che’ said on 13 Jun 2008 at 9:34 pm:
Taco Truck Ted said on 13 Jun 2008 at 3:28 pm:
They launder illegal taco business money too!
If you move the picture towards the garage you can see all the untaxed profits piled up ready to go to the bank and be laundered into new single family home purchases!
http://www.zillow.com/aerial/DualMapPage.htm?zpid=37520815
I think Mr. Taco Truck is mad because he got Montezuma’s Revenge from one of these hard working taco truck drivers. That is why he keeps posting this loco picture!! If you look in the lower right hand corner you can see Mr. Ted in the bushes with a pair of binoculars, and a bottle of Immodium AD!!
Man you’re tripping Mexican style. Bet you won a gold medal for the most cars parked on your yard in the Mexican Olympics!
I will close my accounts and tell them why. Maybe they will get the message that we are mad as hel* and not going to take it anymore!
I’d like to hear more about Navy Federal. I was planning on moving my accounts there soon.
Sounds like Wachovia is trying hard to compete with Bank of America in their kowtowing to Hispanics and illegal aliens.
OK, Michael. Enough with the amnesty talking points. Is your name really Miguel?
Michael said on 13 Jun 2008 at 10:08 pm”Stop stereotyping Latinos and stop thinking the world is conspiring against Americans”
Then you need to stop stereotyping Americans.
Michael said on 13 Jun 2008 at 10:08 pm
“Latino immigrants are not the root of your problems, instead they benefit greatly this country by providing us with the labor we do not want to do.”
There are plenty of Americans that are willing to do some of these jobs. With the change in the economy jobs are going to be harder to come by. What then?
aw great…got all my major accounts there…
Anchor Baby said on 13 Jun 2008 at 3:34 pm:
Maybe I’m a little pro-business but I don’t think that any business that chooses to make services and products available to illegals is wrong. They’re an untapped resource ripe for cultivation in an economic sense.
You don’t light a match around a gasoline can!
Anchor Baby said on 13 Jun 2008 at 3:34 pm:
“Maybe I’m a little pro-business but I don’t think that any business that chooses to make services and products available to illegals is wrong. They’re an untapped resource ripe for cultivation in an economic sense.”
Sure, and why don’t you start selling crack and crystal meth while you’re at it. There’s a large untapped market for those products as well. What part of aiding and abetting don’t you get????