WE STAND FOR ECONOMIC JUSTICE
Wells Fargo received $36.9 billion in bailout funds in 2008.
Earlier this year, according to the Huffington Post, “Federal investigators concluded that senior managers at Wells Fargo, the fourth-largest U.S. bank by assets, broke civil laws.” The Federal Reserve itself said in July that “more than 10,000 Wells Fargo borrowers were inappropriately steered into more expensive subprime mortgages or had their loan documents falsified by bank personnel.”
Wells Fargo continues to be one of the top ten servicers of sub-prime mortgages – with a portfolio in the tens of billions of dollars.
WE STAND FOR IMMIGRANT RIGHTS
Wells Fargo also owns about 4 million shares of GEO Group and about half a million
shares of CCA (Corrections Corporation of America), private prison companies that profit from the detention of undocumented workers in inhumane conditions.
Wells Fargo was one of the first financial institutions to begin accepting Matriculas
(Consular IDs) from Latino customers, in 2001. The bank has opened up approximately 525,000 accounts using Matriculas, comprising about 6% of the bank’s total accounts.
This means that Wells Fargo actively markets banking services to undocumented migrants, then knowingly uses these workers’ savings to invest in and profit from their detention.
Wells Fargo must answer for these illegal and cynical actions!
March with us on January 6 for economic justice and immigrant rights!
For more on Wells Fargo and the prison industry, see this Fact Sheet.
For more on immigration and private prisons, watch “Immigrants for Sale” and read “The Shocking Ways the Corporate Prison Industry Games the System.”