Wachovia comes clean with fine for dirty money.

• Position: Charlotte

Of the many complaints about how Charlotte-based Wachovia Corp. was run its last years of independence, few were as embarrassing as the allegation that a failure in bank controls enabled drug traffickers to launder money by transferring it from Mexican currency-exchange houses to the bank. It also turned out to be costly for San Francisco-based Wells Fargo & Co., which bought Wachovia in December 2008. In March, Wachovia Bank reached a $160 million settlement with the U.S. Justice...