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 the ratings of AAA from Standard & Poor's Rating Service and Fitch Ratings and AAA from Moody's Investors Service. As of the same date, the Farm Credit System's short-term debt carries the ratings of A-1+, F1+ and P-1, respectively, from the three rating agencies. Farm Credit Bank of Texas is the product of the 1988 merger of the Federal Land Bank of Texas and Federal Intermediate Credit Bank of Texas. These banks were known as the Federal Land Bank of Houston and the Federal Intermediate Credit Bank of Houston prior to changing their names in 1979, and were located in