America’s NarcoBank: Wachovia Bank was BCCI with a drawl

Daniel Hopsicker

Daniel Hopsicker is an investigative journalist and the author of two books on transnational crime, Welcome to Terrorland and Barry & the Boys.

7 Responses

  1. Anonymous says:

    It's been said that Newnan has more millionaires than any town in Georgia.  Stan Thomas had connections there and also had them in Venice.  He leased Anita Madden's (Kentucky, Bluegrass Conspiracy) shopping center. 
    Fulton County's juvenile Judge Sanford Jones went to Newnan from Fulton County picked up a plane and flew it, carrying some college age kids to Destin, and crashed in Alabama on return.  Coweta County is a hot little spot– interesting it's connected to North Carolina.
    Can you elaborate on what portion of NC?  During the BGC, the link below shows what was going on in NC.  Anywhere near this area that Nadel had his hangar?  Also in which state was this Tradewinds business registered?  It seems the criminal organizations and operations are ongoing but seem to change management.  Near this Colcor area, there's a little banking town called Whiteville, NC.  Interesting how the banks are so involved, but they have to be to make it work for the drug lords, don't they? 
    So who do you think quashes all the investigations keeping some of the operations ongoing and covert?

  2. Arturo says:

    Amigo Dan,
    Thanks for your investigative work, a must read to any one paying attention to current events.
    I notice the site been updated but there is a "i" missing from the site's name.
    Bravo, amigo Dan

  3. Antifascist says:

    Excellent piece, Daniel. Here's the thing that no one and I mean no one, other than yourself, Bill Conroy and Peter Dale Scott report on: the central role of drug money in our so-called "legit" economy. Here we have an institution, Wachovia, subsisting on blood money gleaned from the drug trade. Were their top officials "juiced"? You bet they were!

    Take Kennedy "Ken" Thompson as a prime example. When the board asked him to "retire," he walked away with a severance package worth $1.45 million and accelerated "vesting" of some $7.25 million in restricted stock according to the SEC. Talk about "money for nothing and the chicks for free'!

    Would it surprise you that Thompson was a Bush "ranger" who raised more than $200,000 for W's 2004 campaign? Didn't think so!

    Here's the kicker. When I wrote a piece a couple of years about Wachovia (see: "All in the Family: Global Drug Trade Fueled by Capitalist Elites," Antifascist Calling, July 20, 2010) imagine my "surprise" when I learned not only that Wachovia had laundered $378.4 billion for dodgy Mexican "currency exchanges" (quickie marts for dopesters), "a sum" Bloomberg Markets Magazine informed us that was "equal to one-third of Mexico's current gross domestic product," but used the loot to buy-out other banks that contributed directly to the 2007-2008 economic meltdown!

    I learned: "Before the Wells takeover, Wachovia had been on a veritable shopping spree. After the firm's 2001 merger with First Union Bank, Wachovia merged with the Prudential Securities division of Prudential Financial, Inc., with Wachovia controlling the lion's share of the firm's $532.1 billion in assets. This was followed by the bank's purchase of Metropolitan West Securities, adding a $50 billion portfolio of securities and loans to the bank's Lending division. In 2004, Wachovia followed-up with the $14.3 billion acquisition of SouthTrust Corporation.

    "Apparently flush with cash and new market clout, Wachovia set it sights on acquiring California-based Golden West Financial. Golden West operated branches under the name World Savings Bank and was the nation's second largest savings and loan. At the time of the buy-out, Golden West had over $125 billion in assets. For Wachovia however, it was a deal too far.

    "Bleeding cash faster than you can say 'mortgage backed securities,' Wachovia was on the hook for their 2006 $26 billion buy-out of Golden West Financial at the peak of the housing bubble, a move that BusinessWeek reported generated 'resistance from his own management team but ignored by Thompson.'

    "Why? 'Because no one outside of Thompson and Golden West CEO Herb Sandler seemed to like the deal from the moment it was announced,' a company insider told BusinessWeek.

    "While the buy-out may have given Thompson 'the beachhead in California he had long desired … the ink was barely dry on the Golden West deal in late 2006 when the housing bubble in markets including California and Florida began to deflate.'

    "Hammered by the housing bust, Wachovia's share price, which had risen to $70.51 per share when the Golden West deal was announced had slid to $5.71 per share by October 2008. In other words, Wachovia, along with the world's economy, began circling the proverbial drain."

    Did I mention that Golden West's former CEO, Herb Sandler, is a major "angel" for the "alternative" investigative news web site ProPublica? Don't believe me? Well then, check out the series by Michael Barker over at Spin Watch!

    There you have it: Dope, money laundering, "juiced" bank officers with solid Bush connections, a dodgy real estate market, assorted Ponzi schemes and dare I say, the CIA. Somewhere Paul Helliwell is raising a glass of single malt, lighting a Habano and having a laugh.

  4. dhopsicker says:

    Really dude. What you said. I have a funny feeling that Wachovia Bank and the 43 lbs of heroin found on Wally Hilliard’s plane may not be totally unrelated topics, if you catch my drift.

    And I think Wachovia's purchase of Prudential Securities will turn out to be a key. Consider:

    Huffman Aviation was an aviation business whose owner (let’s call him Terrorist Guy)  somehow ended up letting the place be used to train terrorists to fly. That was just bad luck, our government and media supposed, and you didn’t hear much about it.

    The unlucky aviation business then got sold to a guy (let’s call him Ponzi Guy) who became famous when he gets busted running a $360  million Ponzi scheme, while almost the exact same time a guy named Madoff is getting busted for running a much bigger scheme.

    Okay, Ponzi Guy faces the music, and our unlucky little aviation company—which is doing its best to skulk inconspicuously in the weeds out at the Venice Municipal Airport—gets sold again, this time to  a “private equity” firm from a place which—if you’re talking serious financial crime—is literally the“heart of the heart of the country.”

    Greenwich, Connecticut. Worse yet, the new ownership is ‘fronted’ by a new Chief Exec  (let’s call him Big Wall Street Fraud Guy) who has what is exactly the sort of thing this by-now desperately unlucky little business doesn’t need…

    A shady past. Wall Street Fraud Guy earned his as a senior executive at Prudential Securities, whose employees were executing what reporters will later call “the largest fraud in US history.”

    “In this topsy-turvy world due diligence was a sham,” NEWSWEEK wrote at the time. “Brokers were hounded — even fired — for questioning the quality of deals, and no executive displayed much interest in knowing what was really going on."

    Does that sound familiar? Due diligence was a sham?  At any rate, while he was there, investors got robbed of $8 billion.

    And now Big Wall Street Fraud Guy is the new head of our bedraggled little aviation company in bum-fuck Southwest Florida.

    I was shocked at the sheer brazenness of it. These people are nothing if not persistent.

     I remember thinking, “Who are these guys?”

    While this helps explain to puzzled citizens in Venice Florida why their pursuit of peaceful retirement bliss is so regularly interrupted by criminal shenanigans at their local airport…

    It does nothing to tell them how they can wrest control of their civic utility back from whoever  turned it into a nexus of international organized crime.

    They say “Knowledge is  power,” but if your local newspaper is controlled by the Bad Guys, it can be a distinctly uphill battle.

    SEE: Art Nadel Guilty; New hedge fund owner takes over Huffman Aviation



  5. Mark Dial says:

    On NBC about 1992 it was stated it would be 20 years for the first S & L lawsuit of that period to hit. I was told privetly even then that it could cause a depression by itself. I expect conditions would result in a bank holiday and they seem as I noted for years to be working around this goal today. However other lawsuits are coming 
    The reported loses were in the news then every day till about 1.7 Trillion Japan, 1.4 Trillion USA, 200 Billion here 200 Billion there over the entire world till it stopped abruptly in the news. Many said it became classified do to non settled massive property loan contract losses and amounts still not known. . 

  1. May 8, 2013

    […] America’s NarcoBank: Wachovia Bank was BCCI with a drawl … Feb 20, 2012 … Wachovia helped Nadel—who had recently been playing piano lounges around Sarasota for a living— masquerade as a “hedge fund advisor,” … […]

  2. July 21, 2015

    […] America’s NarcoBank: Wachovia Bank was BCCI with a drawl – Wachovia Bank was “inexplicably unconcerned,” the suit alleges, that Nadel, a lawyer disbarred for stealing $50K from his clients to pay off a loan-shark … in North Carolina and Newnan-Coweta County Airport in Georgia. And in Venice Florida Art … […]