But as the Observer reported yesterday, US bank Wachovia, now parts of Wells Fargo, money laundered hundreds of billions for Mexican drug gangs in the USA.
No, that\’s not what happened. And you can find out what did happen simply by reading that very Observer report.
\”For the time period of 1 May 2004 through 31 May 2007, Wachovia processed at least $$373.6bn in CDCs, $4.7bn in bulk cash\” – a total of more than $378.3bn, a sum that dwarfs the budgets debated by US state and UK local authorities to provide services to citizens.
The total amount of money handled was in the hundreds of billions.
The investigation has identified that at least $110m in drug proceeds were funnelled through the CDC accounts held at Wachovia.\”
The amount that has been identified as drug proceeds is a hundred million and change.
Now I\’m perfectly willing to believe that there was more drug money laundering than has so far been uncovered. But absolutely nobody, other than the Murphmeister, is quite so doolally as to think that the entire amount of hundreds of billions was the laundering of drug money.
Shouldn\’t a leading forensic accountant be able to tell the difference between these two propositions?
Between 100% of a flow of money being drug cash and 0.025% of it being so?