Wells Fargo CEO Mic-Checked By Student [Video]

One of the main goals of the Occupy Wall Street is to expose the unfair tax and policy loopholes that allow major banks like Wells Fargo, JP Morgan Chase and Bank of America to make billions of dollars while paying less in taxes than a school teacher or first responder.

On Tuesday, Wells Fargo Chairman of the Board & CEO John Stumpf’s was scheduled to talk at the University of Minnesota Carlson School of Management’s “First Tuesday” luncheon. Local protesters had a different idea.

When Stumpf was a few minutes into his speech, about 10 protesters began yelling and waving a banner that said “Tales of Wells Fargo” decrying the bank’s lending policies.

Police escorted the group outside, where about 50 union members, students and community activists were staging a demonstration. SEIU Local 284, which co-sponsored the protest, represents school and child care workers.

Outside, students, educators, homeowners and labor activists rallied near the University of Minnesota’s McNamara Alumni Center to tell Wells Fargo CEO Jon Stumpf to change policies trapping Minnesotans under “chains of debt.”

SEIU reports:

Wells Fargo was a significant player in the subprime crisis. In 2006, the last year before the subprime bubble started to burst, Wells originated or co-issued $74.2 billion worth of subprime loans, making it one of the top subprime lenders in the country. In September 2008, Wells Fargo still held $48 billion worth of subprime mortgages in its servicing portfolio, making it the nation’s sixth largest subprime servicer.

Despite its large portfolio of at risk mortgages, Wells Fargo has started trial mortgage modifications for only 11% of its 292,515 borrowers who are eligible for the Obama Administration’s Making Home Affordable Program (and are at least 60 days past due). At Wachovia, which Wells Fargo acquired in 2008, the number is even lower, 2% of 74,231 eligible borrowers.

Read more about Wells Fargo’s dubious practices here.

Related Reading:

Wells Fargo Settles Mortgage Investigations In Eight States

New Wells Fargo Debit Fee Likely To Hurt The Poor Most

Banks Colluded On Debit Fees, Lawsuit Claims

Image: Occupy Sacremento -  Credit: Flickr - a.mina

110 comments

Richard B.
Richard B.4 years ago

Maybe the best way to fight misinformation spread by the big banks is to record a private appearance of a management team player and make it public.

Sarah Metcalf
Sarah M.5 years ago

thanks

Debra R.
Debra R.5 years ago

What is the bigger crime, robbing a bank or being the CEO of one?

Debra R.
Debra R.5 years ago

What is a bigger crime, robbing a bank or being the CEO of one?

Michael M.
Michael M.5 years ago

The police are the enemy the police are the enemy the police are the enemy! I mean really ? How many times does it have to be said before people will understand the truth. Here is a greedy lowlife subhuman who should be , without question , in prison or worse and he is protected by mindless drones. The police are the enemy and things will never change as long as people support them.

Rebecca Smith
Rebecca Smith5 years ago

Thank you for posting this, it is an inspiring sight.

maemie f.
maemie f.5 years ago

I appreciate all the info and comments/forge on my cohorts!

Laura B.
Laura B.5 years ago

Facebook button doesn't seem to be working.

Andrew Carvin
Andrew Carvin5 years ago

Do not support banks that charge you for using your money that cannot be bothered to update your balance in a timely fashion, or allow you to easily go into the negatives so they can charge you fees.

The banks play with your money on the stock market and other investments, and you don't get any of the profits they reap because checking and savings interest rates are a joke.

They have no right to charge you for the “privilege” of allowing them to play with your money. The bank is NOT a "service" that should be able to do this. You already "pay" them by allowing your money to be used by them for profit.

Lynn Squance
Lynn Squance5 years ago

The banksters have been able to do the things they've done because of 1) corrupted partners in government such as the Republican/Teabaggers (just look how Boehner, Cantor, McConnell & company bow and scrape to the corporate elitists!); 2) the repeal of Glass-Steagall (listen to Elizabeth Warren's history lesson --- it's fabulous!); and 3) rampant corporate greed and belief in entitlement.

There are several things to do: 1) get rid of the obstructionist Republican/Teabaggers in 2012; 2) rewrite the tax code to make it fairer (ie increase taxes on the 1%); 3) get Americans working so that they have money in their pockets to spend and grow the economy; 4) don't get greedy.