Within the last 12 months ahead of the subprime bubble rush, Wells Fargo issued $74.2 billion worth of subprime loans, adding to the foreclosure crisis that is current. Regardless of its part in aiding to crash the economy, Wells Fargo had been rewarded by having a $43 billion bank bailout through the government that is federal. To thank the taxpayers that funded this, the business commenced slashing 6,000 jobs throughout the after 4 years while foreclosing on $17.5 billion worth of homeloans so it has.
The taxpayers who bailed out of the banking institutions got out of stock by Wells Fargo.
The end result happens to be an elevated burden that is economic employees: more foreclosures, depressed wages, less jobs, and a deteriorating standard of living. While using the harm done into the economy together with US people, there have been no effects when it comes to professionals at WellsFargo like CEO John Stumpf, whom, obtained a salary that is whopping of17.9 million, based on the Washington Post. This quantity included a raise of $300,000, a lot more than most individuals make in five years. Even worse, he received taxation cut of greater than $1 million.
At Causa Justa :: simply Cause, we’ve been focusing on Wells Fargo and protesting their shareholder conferences for over 36 months in a campaign to win a moratorium on foreclosures and evictions, divestment from personal prisons and immigrant detention, and a conclusion to predatory lending.
WeвЂ™ve already been pressuring the urban centers of Oakland and san francisco bay area to divest from Wells Fargo and alternatively produce municipal banking institutions by and also for the those who are now living in the town.
This work took in a new way life and a new form at the conclusion of just last year, as soon as we worked in groundbreaking collaborations with Occupy SF & OccupyOakland activists, with unions, in accordance with grassroots businesses, providing Wells Fargo a style of just just just just what it will probably seem like as soon as the 99% work as one. Their head office had been power down by civil disobedience half click this dozen times, taxpayers sued them, and also their employees that are own complaints about loved ones in property property foreclosure.
Provides a brand new degree of force onto Wells Fargo. The energy which has been building for many years in straight affected communities, such as the Ebony and Latino families that lead Causa Justa :: Just Cause, is distributing all over. The hope that a politician is likely to make modification themselves, the 99%, will take history into our own hands, and shape a better future for us has fallen away, and in its place, there is a new narrative of change: that the people.
Join with thousands and thousands of like-minded individuals in the united states and come out for the 99% power action that is direct.
This spring, beginning with Wells FargoвЂ™s shareholder conference in bay area on April 24, thousands and thousands of individuals have actually united to construct an economy and democracy that really works for people, not merely John Stumpf therefore the one percenters.
We have been diverse, but united inside our needs:
- Wells Fargo as well as other big corporations need to pay their share that is fair of. A lot of associated with the nationвЂ™s biggest corporations can even make cash at income tax time. A hundred associated with Fortune 500вЂ™s many lucrative businesses got typical taxation refunds of two per cent.
- Corporations like Wells Fargo should begin funding the near future, maybe not fossil fuels, [factory farms] payday financing and prisons that are private. Wells Fargo is a significant funder regarding the pay day loan industry that preys on cash-strapped working families. It offers credit to six for the seven biggest publicly exchanged payday lenders in the nation which finance almost a 3rd associated with the lending industry that is payday.
- Like plenty of corporations, Wells Fargo let go workers and profits that are hid while gratifying CEOs like John Stumpf in extra. Despite using taxpayer bailout cash and making record earnings, Wells Fargo slashed 6,385 jobs even though the top five execs raked in very nearly $50 million in one single 12 months. They are able to utilize a number of their historically high degrees of cash reserves to invest in task creation and get Americans working once more.
We have been sick and tired of negotiations that create absolutely absolutely absolutely nothing, fed up with вЂњbeing heardвЂќ by CEOs, as they continue steadily to ravage our communities. This 12 months, the 99% will hold a stakeholders meeting, rather than let the shareholders to generally meet after all. This season, the SF Bay region will mobilize in coordination with metropolitan areas in the united states, for an entire springtime period of mobilization and direct action. This we will make history year.
Published by: Executive Director of Causa Justa :: simply Cause, Maria Poblet did significantly more than ten years in community arranging for racial and financial justice in the san francisco bay area Bay region. She actually is a coordinator of this social motion in the usa, such as the United States personal Forum while the Grassroots GlobalJustice Alliance.