Wachovia sells info to telemarketers

http://www.nytimes.com/2007/05/20/b...&sq=wachovia+telemarketing&st=nyt&oref=slogin

The banks and companies that sell such services often confront evidence that they are used for fraud, according to thousands of banking documents, court filings and e-mail messages reviewed by The New York Times.

Although some companies, including Wachovia, have made refunds to victims who have complained, neither that bank nor infoUSA stopped working with criminals even after executives were warned that they were aiding continuing crimes, according to government investigators. Instead, those companies collected millions of dollars in fees from scam artists. (Neither company has been formally accused of wrongdoing by the authorities.)

http://dailybriefing.blogs.fortune....via-and-the-telemarketers/?source=yahoo_quote

Wachovia (WB) may have taken corporate spin to a new low with its response to a New York Times story. The Times reports that documents tied to a lawsuit against the big bank show Wachovia solicited business from companies it knew had been accused of conducting telemarketing scams. Documents show that “Wachovia was alerted by other banks and federal agencies about ongoing deceptions,” the Times reports, but nonetheless “continued to provide banking services to multiple companies that helped steal as much as $400 million from unsuspecting victims,” including the elderly. Why? Because the business was larded with fees and hugely profitable for the Charlotte, N.C., bank, the Times reports.

 

Trust us. Where have we heard that before?