G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, 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. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Environmental credit crunch terms, the credit crunch comes about as finite resources are depleted significantly. The concept of an environmental credit is aligned to Earth Overshoot Day (Ecological Debt Day). Earth Overshoot Day is the point in the year at which the world economy moves from generating growth with renewable resources, to generating growth with non-renewable resources. After Earth Overshoot Day, humanity is dependent on environmental credit to sustain its standard of living. Currently just over a quarter of the year is spent living on environmental credit. The use of the term “environmental credit crunch” began to emerge as academics tried to highlight