Five Questions Eric Hovde Needs to Answer Amid News His Bank Works With a Mexican Bank Long Reported to Have Ties to the Cartel
MADISON, Wis. — Yesterday, Eric Hovde dodged questions from reporters in La Crosse about his bank’s business dealings with Banco Azteca, a Mexican bank long reported to have ties to the cartel.
Last week, the Milwaukee Journal Sentinel reported that in December 2023, Banco Azteca flew $26 million in cash over the U.S.-Mexico border directly to Eric Hovde’s bank in California.
Eric Hovde owes Wisconsities answers:
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As of 2021, Banco Azteca had no correspondent banks in the United States, as they were cut off over ‘risk and security compliance’ concerns. Why did Hovde decide to accept $26 million in cash flown over the border from them in 2023?
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Is Hovde concerned about doing business with Banco Azteca, given their alleged ties to the Mexican drug cartels, including the Sinaloa cartel?
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Does Hovde plan to continue doing business with Banco Azteca and other unknown foreign banks and governments, from which he has taken over $100 million?
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Does the Treasury Department’s announcement yesterday that they will be cracking down on businesses connected to drug cartels make Eric Hovde second guess his business relationship with Banco Azteca?
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Which other foreign entities is his bank doing business with? China? Russia? Iran?
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