My colleague Jay Weaver at the Miami Herald reports this evening that federal authorities in Miami have busted Wachovia Bank for laundering $110 million for a Mexican drug cartel.
By agreeing to pay a $50 million fine and forfeit their Tony Montana money, Wachovia will avoid criminal prosecution.
I have just one thing to say about this deal: You try this. Go ahead. Times are tight. Try to launder your neighborhood drug dealer's loot through your Wachovia checking or savings accounts. And when you're caught, offer to pay a fine worth roughly 45.5% of the value of the dirty profits.
Let me know how that goes. And make sure to include the address of the federal prison where you'll be living for the next few years. I'll send flowers and ointment.
PS. Follow me at twitter.com/jamesburnett.