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A New York Times article titled "Corporate Profits, From Data Sold to Thieves" published on May 20, 2007 described Wachovia's negligence in screening on taking action against companies connected to identity theft. These companies used stolen identities to remove funds from personal Wachovia bank accounts via unsigned checks.
The article goes on to say "In all, Wachovia accepted $142 million of unsigned checks from companies that made unauthorized withdrawals from thousands of accounts, federal prosecutors say. Wachovia collected millions of dollars in fees from those companies, even as it failed to act on warnings, according to records." Furthermore, the article adds "In a lawsuit filed last year, the United States attorney in Philadelphia said Wachovia received thousands of warnings that it was processing fraudulent checks, but ignored them."
On April 25, 2008, Wachovia agreed to pay up to $144 million to end the investigation without admitting wrongdoing. The investigation found that Wachovia had failed to conduct suitable due diligence, and that it would have discovered the thefts if it had followed normal procedures. The penalty is one of the largest ever demanded by the Office of the Comptroller of the Currency.
On June 02, 2008, Wachovia Corp. chief executive Ken Thompson was pushed out as head of the nation's fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. The board of the Charlotte-based bank said it asked Thompson, 58, to retire and replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman last month in a move the bank said "strengthens independent leadership" at the company.
On July 09, 2008, Wachovia Corp. hired Treasury Undersecretary Robert K. Steel as chief executive, citing his vast and varied financial experience as critical to managing the company through the turbulent environment.
There have been at least two documented incidents where customers encountered receiving or almost receiving counterfeit money from Wachovia bank tellers. In June 2008 a woman in Orange County, Florida, claimed she was almost given a pair of counterfeit $20 bills and the teller realized it before giving them to her. In July, 2008 a couple claimed that, at an Orlando, Florida branch, they withdrew 36 $100 bills. Upon an attempt to deposit them at a Bank of America, 10 of them were found to be counterfeit. Wachovia did not refund any of the money, citing that it could not be proven that the counterfeit money came from them. In both incidents the Secret Service investigated.
In April 2008 Wachovia was investigated by United States federal prosecutors as part of a probe into drug money laundering by Mexican and Colombian money-transferring firms. The investigation of the alleged laundering also included other large U.S. banks. Meanwhile at the same time Wachovia announced a $144 million settlement for federal charges that it had failed to stop telemarketers from taking advantage of thousands of elderly consumers.
References
- ^ Fortune 500 2008: Wachovia Corp. - WB
- ^ Wachovia Corp. (2007-01-23). "Wachovia Earns $7.8 Billion, EPS Up 11% to $4.63 in Full Year 2006". Press release.
- ^ Fortune 500 2008: Wachovia Corp. - WB
- ^ a b c d "Wachovia Company Facts". Wachovia (2007-04-16). Retrieved on 2007-06-14.
- ^ "Top 50 bank holding companies" (table). National Information Center (2007-12-31). Retrieved on 2008-03-09.
- ^ "FRB: Press Release--Approval of proposal by Wells Fargo & Company to acquire Wachovia Corporation". Federal Reserve Board (2008-10-12). Retrieved on 2008-10-12.
- ^ a b c "Citigroup Inc. to Acquire Banking Operations of Wachovia: FDIC, Federal Reserve and Treasury Agree to Provide Open Bank Assistance to Protect Depositors", Press Releases, Federal Deposit Insurance Corporation (2008-09-29). Retrieved on 29 September 2008.
- ^ a b "Wachovia Announces Bank Subsidiary Divestitures to Citigroup: Wachovia Corporation to become a focused leader in retail brokerage and asset management.", Wachovia Press Release (2008-09-29). Retrieved on 29 September 2008.
- ^ Sara Lepro (2008-09-29). "Citigroup to buy Wachovia banking operations". The Associated Press.
- ^ a b "Citi and Wachovia Reach Agreement-in-Principle for Citi to Acquire Wachovia's Banking Operations in An FDIC-Assisted Transaction", Press Room, Citigroup (2008-09-29). Retrieved on 29 September 2008.
- ^ Dash, Eric (2008-10-03). "Wells Fargo in a Deal to Buy All of Wachovia", The New York Times. Retrieved on 3 October 2008.
- ^ a b "WELLS FARGO, WACHOVIA AGREE TO MERGE", Wells Fargo (2008-10-03). Retrieved on 3 October 2008.
- ^ Citi: Wells Fargo blocked from buying Wachovia
- ^ a b "Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia", The New York Times (2008-10-06). Retrieved on 6 October 2008.
- ^ "Wells Fargo plans to buy Wachovia; Citi ends talks", AP/Yahoo (2008-10-09). Retrieved on 10 October 2008.
- ^ "FRB: Press Release--Approval of proposal by Wells Fargo & Company to acquire Wachovia Corporation". Federal Reserve Board (2008-10-12). Retrieved on 2008-10-12.
- ^ "Fed Approves Wells Fargo's Takeover Bid for Wachovia". Bloomberg (2008-10-12). Retrieved on 2008-10-12.
- ^ Burrough, Bryan (2003). Barbarians at the Gate, HarperCollins. pp. 40. http://books.google.com/books?id=8rVQ6wKWdaYC.
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