Wells Fargo Gets a Taste of the 99%

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Chanting “That ain’t right” and “Wells Fargo, you’re the worst, time to put the people first!”, the National People’s Action (NPA) occupied three Wells Fargo banks today.

The NPA says that 1,000 community leaders from 25 states shut down three Wells Fargo branches to denounce the bank’s ties to private prisons and payday lending. The event included testimony from Abel Pacheco’s whose 11 year-old daughter was detained — alone — in a private detention center for 84 days.

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The anger was palpable as George Goehl, executive director, National People’s Action, explained the injustice, “If they can’t make money ripping you off, they’ll make money by locking you up.”

Watch here:

NPA writes, “Wells Fargo borrows from the federal government at virtually 0 percent interest, lends it to private prison companies at interest rates as low as 3 percent, all while charging their own customers an average of 276 percent interest on their account-based payday loan product.

Wells Fargo is a major investor in the two largest private prison operators in the country, the Corrections Corporation of America (CCA) and the GEO Group. These companies fill their prisons by spending millions of dollars on lobbying to keep the immigration and criminal justice systems broken. Wells Fargo and these companies make money — with taxpayers footing the bill — on every cell that is filled. They increase their profits by skimping on food and medical care.”

The GEO Group used to be a unit of the infamous private prison company known as Wackenhut Corp. GEO manages 61 facilities, encompassing approximately 60,000 beds worldwide.

While there are no official attendance numbers available yet for this event, one thing is clear; the people are exercising their right to peaceably protest, and they will not be going anywhere soon. The question is how long will it take until lawmakers start hearing the people’s demands for a little fairness?

National People’s Action (NPA) is a network of grassroots organizations working to advance a national economic and racial justice agenda.

Source: National People’s Action

6 Replies to “Wells Fargo Gets a Taste of the 99%”

  1. “The question is how long will it take until lawmakers start hearing the people’s demands for a little fairness?”
    Well, I would say never.They seem to be deaf when it comes to the people and what is best for America.
    It’s ALL about the money.

  2. “the bank’s ties to private prisons and payday lending.”

    This is something we dont think about. Well Fargo lobbying for people to be locked up? WTF?

    This is part of too big to fail. How much of our economy would die if one of these banks crashed. Why are banks lobbying against its own citizens and customers? Because they make money, and the more money that goes into the banks is money that is not in the economy. More money being sucked out by entities that are against the American public. There is only one thing to do and that’s everyone to take their money out of these banks and put them in their smaller local banks. Get your home loans out of Bank of America and into a smaller mortgage company. It’s the only way to bring these banks down because the government is most certainly not going to do it

  3. I suspect this is leading to criminalization of anyone who falls behind in bank payments of any kind, especially those who have become unemployed and can’t pay (for instance, the 20 plus percent on credit cards when you are late with even ONE payment).

    In other words… debtor’s prisons and poor houses (from the 1600s, 1700s and 1800s).

    They need to be brought down, and removing your money is only part of the picture. Some REAL regulation (against the sort of dishonest dealings they do now) on top of the 99% taking our money out is also necessary. Plus, when the 1% holds so much of the wealth, they could keep those “too big to fail” banks going… they need to be brought down a few notches too. A nice 50% income tax with no breaks on the 1% for a few years would be a good start.

  4. Hey everyone. What should I do? I paid $27.00 for this month for free’s and many other times.
    Could it be because my last name is DeHerrera?
    http://news.yahoo.com/wells-fargo-says-may-face-fair-lending-claims-133151715–finance.html;_ylt=A2KJNF.aUbxP4VoADiDQtDMD
    or is everyone else having this problem? Who do I contact and what do I do about it? I have called the bank etc. I always get the run around. I do not know how to keep track of this forum, so I hope I get your answers.

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