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
Credit unions in the United States first organizing in the US in the early 20th century, the banking industry was opposed, remaining so ever since. Banks and bank trade associations consistently put anti-credit union legislation at the top of their agendas. Due to their status as not-for-profit, member-owned financial institutions with no source of secondary investment capital, credit unions in the US are exempt from federal and state income taxes (but not from other forms of tax, such as payroll, sales, or property taxes). Credit union members themselves pay income tax on dividends earned through financial participation in the credit union; this is similar to the