STUNNING! Wells Fargo launders Mexican drug cartel money, then invests in for-profit prisons
Saturday, June 22, 2013 21:00
STUNNING! Wells Fargo launders Mexican drug cartel money, then invests in for-profit prisons
Last year, Wells Fargo got hit with a slap on the wrist and a fine they
could easily afford for laundering $378.4 Billion dollars of drug money
for the Mexican drug cartels. If you’re keeping score at home that
means if you get busted smoking a joint you go to jail, but if you get
busted laundering billions of dollars in drug cartel money you get a
slap on the wrist. Now, here’s the catch, if you get caught smoking pot
and go to jail, Wells Fargo will make a profit off of that too thanks to
America’s growing for-profit prison system.
For more details on how Wells Fargo figured out how to flood America
with illegal drugs for their own profit and then make money on the back
end by of the deal when you get sent to jail, make sure to read this
article at Salon.com . . .
As Wells Fargo has grown over the years, using its bailout funds to
gobble up rival Wachovia and expand to the East Coast, so has the U.S.
prison population. By 2008, one in 100 American adults were either in
jail or in prison – and one in nine black men between the ages of 20 and
34, many simply for non-violent offenses, justice not so much blind as
bigoted. Overall, more than 2.3 million people are currently behind
bars, up 50 percent in the last 15 years, the land of the free now
accounting for a full quarter of the world’s prisoners.
These developments are not unrelated. A driving force behind the push for ever-tougher sentences is the for-profit prison industry, in which Wells Fargo is a major investor. Flush with billions in bailout money and an economic system designed to siphon wealth from the working class to the idle rich, Wells Fargo has been busy expanding its stake in the GEO Group, the second largest private jailer in America. At the end of 2011, Wells Fargo was the company’s second-largest investor, holding 4.3 million shares valued at more than $72 million. By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.
http://www.dailykos.com/story/2012/04/12/1082753/-STUNNING-Wells-Fargo-launders-Mexican-drug-cartel-money-then-invests-in-for-profit-prisonsThese developments are not unrelated. A driving force behind the push for ever-tougher sentences is the for-profit prison industry, in which Wells Fargo is a major investor. Flush with billions in bailout money and an economic system designed to siphon wealth from the working class to the idle rich, Wells Fargo has been busy expanding its stake in the GEO Group, the second largest private jailer in America. At the end of 2011, Wells Fargo was the company’s second-largest investor, holding 4.3 million shares valued at more than $72 million. By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.
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