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Wells Fargo

New York City Begins Divestment From Wells Fargo

June 5, 2017 Wakíƞyaƞ Waánataƞ, www.lastrealindians.com , ,
By Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota) for Last Real Indians - NEW YORK — New York City Mayor Bill de Blasio and Comptroller Scott M. Stringer jointly announced today that they will vote to prohibit New York City from entering into new contracts for deposits with Wells Fargo, as well as suspend the bank’s role as a senior book-running manager for NYC General Obligation and Transactional Finance Authority bond sales. The New York City Banking Commission, which is scheduled to meet today, and of which the Mayor and the Comptroller are members, approves and oversees the banks that hold City deposits. Currently, Wells Fargo holds contracts with the City to provide banking services, including to operate “Lock Box” services that hold taxes and fees collected by the City. There is approximately $227 million of City dollars held in Wells Fargo accounts currently. Additionally, Wells Fargo acts as a trustee to the New York City Retiree Health Benefits Trust, which has current assets of approximately $2.6 billion. Recently, Wells Fargo received a Federal Community Reinvestment Act (CRA) rating of “needs improvement.” The ban will be revisited only when the bank’s rating is raised.

Seattle Divested Billions From Wells Fargo Over DAPL

February 9, 2017 J. Gabriel WareJames Trimarco, www.yesmagazine.org , , ,
By J. Gabriel WareJames Trimarco for Yes! Magazine - The movement to stop the controversial Dakota Access pipeline through financial activism took an important step forward today, as the Seattle City Council voted 9-0 to approve a bill that terminates a valuable city contract with Wells Fargo. The bank, one of the largest in the United States, has provided more than $450 million in credit to the companies building the pipeline. The move makes Seattle the first city to divest from a financial institution because of its role in the Dakota Access pipeline, a $3.8 billion project that would run from western North Dakota to Illinois, and is fiercely opposed by the Standing Rock Sioux Tribe. Wells Fargo is one of 17 banks directly financing the project.

Solidarity Protest With NoDAPL In Baltimore Shuts Down Wells Fargo

November 25, 2016 Staff, www.citypaper.com , ,
By Staff for the City Paper. The group marched to the Wells Fargo Bank building downtown where many gathered outside and some entered the bank chanting, "Protect the water, defund the pipeline." Eventually, three affixed a chain of bike locks around their neck and sat down and began reading four demands: "1. We demand that Wells Fargo divest from the Dakota Access Pipeline2. We demand that Wells Fargo divest from predatory development and gentrification.3. We ask the people of Baltimore to divest from Wells Fargo.4. We ask the city of Baltimore to respect Indigenous sovereignty by changing Columbus Day to Indigenous Peoples' Day and by removing colonialists statues." Outside, as group held signs that read "No DAPL," "Big Oil Out Of Native Land," and "From Standing Rock To Palestine Ethnic Cleansing Is A Crime," others lead the group in chants, further articulating the point of the protest

Demonstration In Bismarck-Mandan, Cass County Deputies Beat Man Bloody

November 19, 2016 Staff, www.unicornriot.ninja , , ,
By Staff of Unicorn Riot - Bismarck-Mandan, ND – On Thursday morning, a convoy of water protectors drove from the main Oceti Sakowin encampment to hold demonstrations in the nearby Bismarck-Mandan area. The caravan first arrived in Mandan, to demonstrate outside a Wells Fargo bank branch demanding Wells Fargo withdraw its financial support for the Dakota Access Pipeline. Before the water protectors arrived, there were already dozens of law enforcement officers in riot gear guarding the Wells Fargo

Chicago Latest To Sanction Wells Fargo For Defrauding Customers

October 8, 2016 Karen Pierog and Dave McKinney, www.reuters.com , , ,
By Karen Pierog and Dave McKinney for Reuters - The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank. The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to the city. Wells Fargo has earned $19.5 million in fees from Chicago since 2005.

Blogging Our Grand Divide No Tears For Wells Fargo CEO

October 4, 2016 Sarah Anderson, www.inequality.org ,
By Sarah Anderson for Inequality - After being raked over the coals for one of the biggest scams in Wall Street history, Wells Fargo CEO John Stumpf has agreed to forfeit $41 million in compensation. Astoundingly, this is the first time a Wall Street banker has had to disgorge any of his ill-gotten pay. But don’t get out the Kleenex box quite yet. In the past three years, Stumpf pocketed nearly $200 million in compensation

Why Wells Fargo’s Executives Will Keep Their Bonuses

September 28, 2016 David Dayen, www.theintercept.com ,
By David Dayen for The Intercept - LAST WEEK, WELLS FARGO CEO John Stumpf testified before the Senate Banking Committee after the bank paid fines for creating over 2 million fake customer accounts to boost their sales growth statistics. Stumpf, under fire from senators demanding that the bank claw back executive bonuses as punishment for the scandal, insisted that any such decision would be made by a committee of the board of directors that handles compensation issues.

Employees Held Protests Outside Wells Fargo Years Ago On Fraud

September 23, 2016 Staff, www.rt.com , ,
By Staff of RT - Calling into question why Wells Fargo was only recently fined $185 million for fraudulently opening more than 2 million accounts, the US Senate is now hearing reports that employees and customers blew the whistle on the Wall Street bank’s illegal activity several years ago. After settling with regulators for $185 million over signing up its customers for more than 2 million accounts without their knowledge and subsequently charging them fees, Wells Fargo became the focus of a Senate Banking Committee hearing on Capitol Hill on Tuesday.

13 Questions Senate Needs To Ask Wells Fargo CEO John Stumpf

September 22, 2016 Helaine Olen, www.slate.com ,
By Helaine Olen for Slate - Expect fireworks in Washington on Tuesday morning. That’s when John Stumpf, the chairman and chief executive officer of Wells Fargo, is expected to appear in front of the Senate Banking Committee to answer questions about how, exactly, the corporate culture at his bank went so awry that employees opened an estimated 2 million bank and credit card accounts for customers without their permission.

Wells Fargo Fined $185M For Fake Accounts; 5,300 Were Fired

September 13, 2016 Kevin McCoy, www.usatoday.com/ , , ,
By Kevin McCoy for USA Today - Wells Fargo Bank, one of the nation's largest banks, has been hit with $185 million in civil penalties for secretly opening millions of unauthorized deposit and credit card accounts that harmed customers, federal and state officials said Thursday. Employees of Wells Fargo (WFC) boosted sales figures by covertly opening the accounts and funding them by transferring money from customers' authorized accounts without permission, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials said.

A Small Business Homeowner Fights Wells Fargo’s Fraud

May 10, 2015 Senka Huskic, www.occupy.com , , ,
Los Angeles, CA - The way the mainstream media writes about foreclosure these days gives the uninformed reader the impression that the crisis is over and our country won that unfortunate uphill battle. The reality is different. Foreclosures are still happening all around the country. More importantly, a high percentage of those foreclosures are fraudulent, caused by rampant and systematic fraud on the part of banks, their industry accomplices, and those in office who are now settling with the perpetrators while treating the victims – the homeowners – as bare statistics. One of those homeowners is Lainey Hashorva, a woman who after fighting to keep her home for many years, recently received a foreclosure notice from Wells Fargo. Here is her story, similar to the stories of many who have entered this ring of fire.

Protesters At Wells Fargo Annual Meeting Blast Predatory Lending

May 7, 2014 Patrick Danner, www.sfgate.com , ,
Struggling homeowners continue to encounter problems with Wells Fargo, said Josh Zinner, co-director of the New Economy Project, one of the three groups that filed the stockholder proposal. Those problems include lost paperwork, endless delays and wrongful denials on loan modifications. "We see these problems particularly in communities of color," Zinner said. Wells Fargo spokesman Ancel Martinez said the bank strongly disagrees. "We've worked tirelessly in the past few years to ensure homeowners remain in their homes (and) we are deeply invested in seeing their communities thrive," Martinez said. "Wells Fargo is in large part a part of the solution for peoples' financial needs." The stockholder proposal, which Wells Fargo opposed, was soundly defeated, with 83 percent of the votes cast against it. Roxanna Zamora, 49, of Whittier (Los Angeles County) told Stumpf she has breast and spine cancer and faces losing her house in foreclosure next month because Wells Fargo won't modify her loan. "If cancer doesn't kill me, Wells Fargo will," Zamora said.

U.S. Can Prosecute Wells Fargo Exec For Mortgage Fraud

December 16, 2013 Jonathan Stemple, www.chicagotribune.com , , ,
Lofrano would be the first individual targeted in the lawsuit, which was originally brought in October 2012. The U.S. Department of Justice accused Wells Fargo of misleading the Department of Housing and Urban Development into believing many of its loans qualified for federal insurance, costing taxpayers hundreds of millions of dollars. Wells Fargo had questioned why the government waited a year before pursuing Lofrano, suggesting it might be in retaliation for the bank's late October decision to end settlement talks. U.S. District Judge Jesse Furman nonetheless concluded that the government could add Lofrano and amend its complaint, substantially for the reasons it cited.
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