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 the extent of the potential disruption of environmental depletion in economic terms by using language associated with the ongoing financial credit crunch. The phrase "environmental credit crunch" was used to evoke the scale of the challenge (and the need for a policy response) as early as October 2010, as the financial credit crunch was starting to take hold. The Chartered Institute of Water and Environmental Management in the UK was one of the earliest to adopt the phrase as part of their campaign for dramatic policy action. World Wild Fund for Nature Director General James Leape also used the phrase