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San Francisco's Wells-Fargo Target of Wall Street Protest
SAN FRANCISCO -- Nearly 200 activists gathered in front of Wells Fargo Bank's corporate headquarters in San Francisco on Wednesday, with some blocking the front door in a protest that slowed downtown traffic and forced workers to use a side entrance.
Protesters continued the Occupy Wall Street campaign as they blocked the entrances into the headquarters of Wells Fargo Bank in the financial district of San Francisco, Ca., on Wednesday October 12, 2011. (Photo: Michael Macor / The Chronicle) Pledging to "foreclose the banks," demonstrators marched from the Occupy SF protest site near the Federal Reserve Bank at 101 Market St. to Wells Fargo's headquarters at Montgomery and California streets shortly after 7:30 a.m.
Protesters posted blown-up foreclosure notices on the doors, held up by stickers reading, "We are the 99 percent." A dozen protesters sat down in front of Wells Fargo's side entrance on Leidesdorff Street, while others gathered on Montgomery.
Shortly after 8 a.m., police led away 11 protesters in handcuffs and gave them citations. Many were released and rejoined the demonstration before protesters dispersed around noon.
Max Bell Alper, an organizer with Unite Here Local 2850, was one of those cited. "My parents owned their home for 25 years, and they lost it," he said. "They moved in with my uncle, and his home was foreclosed on as well. Right now, my grandma's home is facing foreclosure.
"It really hurts," he said. "These banks got bailed out and my family, and countless other families, got kicked out."
The federal government bailed out the nation's nine largest banks, including Wells Fargo, under the Troubled Asset Relief Program at the height of the financial meltdown in fall 2008. Wells Fargo, which protested that it didn't need the help, repaid its $25 billion in December 2009.
Other protesters accused Wells Fargo of taking advantage of people in tough times.
"We hope to send a strong message to Wells Fargo that we are demanding that they stop predatory lending, that they modify loans so that they're affordable, and respect our basic human right to housing," said Nell Myhand, 55, of Oakland. She said another bank is threatening to foreclose on her home.
Wells Fargo said it was not guilty of predatory lending.
"Since 2009, we have conducted more than 716,000 active trial or completed mortgage modifications," spokesman Ruben Pulido said in a statement. "In the past year, less than 1.5 percent of homeowner-occupied loans in our servicing portfolio have proceeded to foreclosure sale."
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Show AllMove your funds to a community credit union ASAP and abandon these repressive corporate banks. It is necessary to abandon the corporate media, actually propaganda, system for authentic information on events, so too it is necessary to sever any connections to the big banks ASAP. Not easy with them holding your mortgage, of course. But for those with checking and saving and anything mobile, NOW IS THE TIME. Most credit unions these days are quite open about membership and offer a full range of services including credit cards.
Yes, I agree. It's a simple thing that a lot of people can do, and collectively it can have a meaningful impact. Plus, the advantages personally far outweigh any perceived disadvantages. So, for those of you using any of the big banks to harbor liquid assets, pick a date in the next month to making a change to one of your local credit unions.
Wells Fargo's transgressions include not only unlawful homeowner foreclosures (despite their saying they were not guilty of predatory lending) but terrible violations of customer rights in their banking division, including unauthorized charges, harassing phone calls, sometimes many in one day, overdraft fees where the largest customer checks are put out of order at the head of the line, resulting in overdraft charges for the smaller checks ($35 fee for checks under $5) as they hold deposits for days. They must think Americans are stupid, excusing their actions by saying they've repaid the bail-out amount back to the government. Their practices are still intolerable. Good on the San Francisco protesters.
Here in Oregon a few years back another bank ran an ad campaign that started with a parody of the Wells-Fargo ads showing a carriage pulled by some majestic horses. In the parody, the "rodeo grammas" stop the carriage. One notes that it's empty. The guy driving it says "Exactly -- we bring it up here empty, and take it back down south full." A rodeo gramma asks "You all bandits, then?" and the guy answers, with this really dumb look, "No ma'am. We're -- Californians."
Of course, that's just another corporate bank trying to get their business, but now I can never see anything about Wells-Fargo without thinking of that and smiling.