Basement Waterproofing - Does this basement wall look familiar?

You may have seen this type of wall in any number of basements in Mount Vernon, or any of the surrounding townships.  It's a standard block foundation wall with evidence of wall leakage, mineral discoloration and a couple of attempts to whitewash and seal the concrete.  It's unsightly.  It's also impossible to finish the basement in this condition because you have to remedy the wall leakage before the interior walls go up.