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Wachovia Will Reportedly Pay $160M to Settle Money Laundering Probe

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Wells Fargo unit Wachovia has agreed to pay $160 million as part of a settlement with the government over allegations that a failure in bank controls enabled Mexican exchange ...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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