"Let's be clear here (1+ / 0-)
It was Wachovia that was fined for not setting up an adequate anti-money laundering system, not Wells Fargo. This from the Guardian story (you should read that story and not the Slate summary):
Wachovia's prosecutors were clear, however, that there was no suggestion Wells Fargo had behaved improperly; it had co-operated fully with the investigation.
And the laundering was not $374.8 billion but $110 million. The billions included many legitimate transactions. However, other banks had ceased to do business with the Mexican CDCs, which Wachovia (later bought out by Wells Fargo) still continued to deal with despite the warnings from inside Wachovia and investigators in London.
The money laundered, by the way, was from Colombian cartels and not Mexican cartels."
Not trying to defend any banks here... but 110 million is significantly different from 374 billion.
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