http://www.bloomberg.com/news/2010-06-2 ... -deal.html

Banks Financing Mexico Gangs Admitted in Wells Fargo Deal
By Michael Smith - Jun 29, 2010
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A U.S. Customs and Border Protection agent inspects a vehicle heading into the U.S. at the San Ysidro border crossing in San Diego. Photographer: Scott Dalton/Bloomberg Markets via Bloomberg


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June 29 (Bloomberg) -- Wells Fargo & Co., which bought Wachovia Corp. in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers. Bloomberg's Erik Schatzker reports. (Source: Bloomberg)


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June 29 (Bloomberg) -- Bloomberg Markets Magazine senior writer Michael Smith discusses the use of Wachovia Corp., Bank of America Corp. and others by Mexican drug cartels to launder funds. In the magazine's August 2010 issue, Smith reports that Wells Fargo & Co., which bought Wachovia in 2008, admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers. Smith speaks with Betty Liu on Bloomberg Television’s “In the Loop.â€