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 to Our New Economic Reality". The book opens with a review of the financial crisis and the much discussed financial limits to future growth before addressing the corresponding environmental limits to growth. Environmental credit crunch The term environmental credit crunch refers to a crisis (which may be economic in origin) which exposes humanity's inability to indefinitely consume finite natural resources in order to sustain economic activity and a standard of living. The term is often juxtaposed with the financial credit crunch of 2008. Credit allows a borrower to increase today’s standard of living at the expense of some future standard