Imperialism: Bankers, Drug Wars, and Genocide

By James Petras

Drug profits, in the most basic sense, are secured through the ability of the cartels to launder and transfer billions of dollars through the US banking system. The scale and scope of the US banking-drug cartel alliance surpasses any other economic activity of the US private banking system. According to US Justice Department records, one bank alone, Wachovia Bank (now owned by Wells Fargo), laundered $378.3 billion dollars between May 1, 2004 and May 31, 2007 (The Guardian, May 11, 2011). Every major bank in the US has served as an active financial partner of the murderous drug cartels – including Bank of America, Citibank, and JP Morgan, as well as overseas banks operating out of New York, Miami and Los Angeles, as well as London.

While the White House pays the Mexican state and army to kill Mexicans suspected of drug trafficking, the US Justice Department belatedly slaps a relatively small fine on the major US financial accomplice to the murderous drug trade, Wachovia Bank, spares its bank officials from any jail time and allows major cases to lapse into dismissal.

The major agency of the US Treasury involved in investigating money laundering, the Undersecretary for Terrorism and Financial Intelligence, deliberately ignored the blatant collaboration of US banks with drug terrorists, concentrating almost their entire staff and resources on enforcing sanctions against Iran. For seven years, Treasury Undersecretary Stuart Levey used his power as head of the Department for Terrorism and Financial Intelligence to pursue Israel’s phony “war on terrorism” against Iran, rather than shut down Wachovia’s money-laundering operations with the Mexican drug terrorists. In this period of time an estimated 40,000 Mexican civilian have been killed by the cartels and the army.

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If the major US banks are the financial engines which allow the billion dollar drug empires to operate, the White House, the US Congress and the law enforcement agencies are the basic protectors of these banks. Despite the deep and pervasive involvement of the major banks in laundering hundreds of billions of dollars in illicit funds, the “court settlements” pursued by US prosecutors have led to no jail time for the bankers. One court’s settlement amounted to a fine of $50 million dollars, less than 0.5% of one of the banks (the Wachovia/Wells Fargo bank) $12.3 billion profits for 2009 (The Guardian, May 11, 2011). Despite the death of tens of thousands of Mexican civilians, US executive branch directed the DEA, the federal prosecutors and judges to impose such a laughable ‘punishment’ on Wachovia for its illegal services to the drug cartels. The most prominent economic officials of the Bush and Obama regimes, including Summers, Paulson, Geithner, Greenspan, Bernacke et al, are all long term associates, advisers and members of the leading financial houses and banks implicated in laundering the billions of drug profits.

http://dissidentvoice.org/2011/05/imperialism-bankers-drug-wars-and-genocide/

WellsFargo/Wachovio, Citi, Chase, BofA -- all evil.

And don't even get me started on free trade.