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
Farm Credit Bank of Texas Farm Credit Bank of Texas Farm Credit Bank of Texas, part of the US Farm Credit System, serves as a wholesale lender and business-service provider to 14 local borrower-owned Farm Credit associations in Alabama, Louisiana, Mississippi, New Mexico and Texas. Farm Credit Bank of Texas is a federated cooperative owned by the local Farm Credit association cooperatives, which directly finance rural real estate, agricultural production, country homes and agribusiness firms. Together with the other three banks of the Farm Credit System (AgFirst Farm Credit Bank, Columbia, South Carolina; AgriBank FCB, St. Paul, Minnesota; and CoBank, ACB, Denver, Colorado), the bank