Wachovia bank executives have admitted that the banking giant laundered millions of dollars for Mexican drug lords between 2003 and 2008, prosecutors announced in Miami this afternoon.
The feds built a case against Wachovia around the bank's relationship with Mexican exchange banks called CDCs (or casas de cambio).
Wachovia execs knew as early as 1996 that the Mexican CDCs were hot spots for drug money but kept doing business with them anyway.
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