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750 Activists Occupy Wells Fargo Branch In D.C.

750 Activists Occupy Wells Fargo Branch In D.C.

Arriving on foot and by bus, hundreds of activists from around the country joined forces to protest Wells Fargo’s investments in private prisons and predatory payday lending.

Organized by National People’s Action, the action involved clergy, homeowners, students, family farmers, unemployed workers, immigrants and community leaders from 25 states, including the parents of an 11-year-old immigrant who was detained in a private prison.

Image via @streetactionNPA

According to a statement released by NPA, 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 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, services that have long been accused of trapping the poor and minorities in circles of never ending debt.

Last month, protesters attempted to attend a Wells Fargo’s shareholder meeting in San Francisco last month to let CEO John Stumpf know his bank’s practices were hurting the 99% and people of color in particular. Stumpf’s response was to have the shareholders arrested.

Check back for more on this action as information becomes available.

Related Reading:

City Of Berekely Plans To Pull $300M Out Of Wells Fargo

Department of Justice Cites Wells Fargo For Discriminatory Lending

Man Commits Suicide After Harassment, Eviction By Wells Fargo

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Top image via @ruthjschultz on Twitter

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18 comments

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7:22PM PDT on May 23, 2012

Eventually large financial corps, like WF, will take over even the sall fry like Credit Unions & small banks cause such facilities may fall under larger power.

I am not crazy about most banking policies now where they are telling you must keep a certain amount of monies in savings accounts. EXCUSE ME!~ Not their money to dictate how much is in a person's personal checking account. It is scary cause it only shows me that these banks that use your funds to finance businesses like these prisons, etc, may be hiding the fact your funds are gone or not safe because this so called trusted financial institute is dipping their hands too, too deep in customers funds where it does not belong...

I coupld of months ago I needed to cash a large check refund & went to Wells Fargo, a bank I have business with, the managing teller tried to prevent me from get the full amount of that check & told me that I had to open another account to put the remaining cash into from that check that they did not want to cash in full. I raised a stink loudly and they had no alternative but to oblige me my rightful cash... I was on the phone with the sheriff when they relented...

9:44AM PDT on May 23, 2012

Heres a thought. Instead of trying to get the banks to change or get the government to regulate them so they can stop all the illegal or nearly illegal or should be illegal practices, why don't we try to get people to switch over to local banks or credit unions. They are nicer, local, and much more fair and transparent in their practices. Your local banker is less likely to screw you if he knows he might face you in the grocery store. The only reason these banks have any money to lend is because we give it to them. We as the 99% have the power because its our money that lines the 1%'s pockets so lets stop giving it to them. We choose to bank at big banks and shop at national chains rather then spend locally but if we changed our spending habits and tried to stay local with where we put our money we will be paying for the food stamps the 1% will have to live off.

4:39AM PDT on May 23, 2012

Thanks

2:23PM PDT on May 22, 2012

After the poor man who commited suicide when forclosed by WF, amazing anyone has a dime in that blood sucking institution! Go credit unions!

11:50AM PDT on May 22, 2012

Wells Fargo, helping to make America number one in gulags

9:22AM PDT on May 22, 2012

It's a mystery to me why WF (or Chase, or Bank of America) has any customers left. Whether or not you follow the financial crime news, credit unions are just all around a better deal for customers. They are member-owned and thus not dedicated to making a profit by scamming their customers. Move your money now!

7:07AM PDT on May 22, 2012

THanks. best to barter and be self sufficent than to deal with a big bank or the government.

7:04AM PDT on May 22, 2012

The more I hear about that bank, the more I wonder why it still has customers. People need to find other banks and leave they dry.

5:34AM PDT on May 22, 2012

In Canada we tried for "warehousing human beings for profit" scheme before, and the "private prisons" here failed miserably. Even faster than they did in the states, although the states kept them running anyway.

The scary part is that, when questioned, Emperor Harperius Mandatorius Minimus said he was against private prisons in Canada...and has been laying every possible piece of groundwork he possibly could to bring them back in Canada. There are even offers being made from private prison firms already...they know what $9,000,000,000.00 looks like, and they know it'll be easier money than in the states, since Emperor Harperius is creating "new statues" to make more "criminals on paper" to be sure that prisons make loads of money, but house predominantly non-violent "criminals", which is also good for satysfying the requests of the prison guards' lobbies.

(sigh...)

5:03AM PDT on May 22, 2012

Thanks for the information. I had no idea a prison could be a for-profit company! What a system?!

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