City Of Seattle Moves To Dump Wells Fargo Over ND Pipeline, Multiple Scandals

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For months supporters of the Standing Rock Sioux have been urged to boycott Wells Fargo, the world’s second largest bank, because of its financing of the Dakota Access Pipeline. Many closed their Wells Fargo checking and savings accounts, moving the money to credit unions. The amounts weren’t much, perhaps a few hundred or a few thousand dollars each. One supporter, however, represented a bit more, about $3 billion.

On Monday, December 12, the Seattle City Council introduced legislation that would effectively sever the city’s relationship with Wells Fargo. The bank currently manages the city’s $3 billion operating account, which includes the $30 million biweekly employee payroll.

Under the proposed legislation the city’s current contract with Wells Fargo, which ends in one year, on December 31, 2017, would not be renewed. In the meantime, the city would “enter into a voluntary debarment agreement with Wells Fargo Bank for a period of at least one year, and refrain from conducting banking, investment, or other business with Wells Fargo Bank for a period of at least one year when it is in the City’s discretion.”

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While many different banks are financing the Dakota Access Pipeline, research by Food & Water Watch identifies 17 banks as loaning directly to Dakota Access LLC. Most are located in other countries such as France, Japan, the Netherlands, Canada, Italy, Germany, England and Spain. Of those located in the U.S., only two are large with many branch offices: Wells Fargo and Citibank. Wells Fargo is being targeted because it is the most visible of the U.S. banks financing the pipeline, loaning close to $500 million for its construction.

Additionally, federal regulators recently revealed a scandal involving Wells Fargo employees who opened over 2 million unauthorized bank and credit card accounts in the names of customers, apparently to hit sales targets and make money on fees. Approximately 5,300 Wells Fargo employees have been fired. And if that weren’t reason enough, in 2012 the U.S. Department of Justice forced Wells Fargo to pay copy75 million after it was determined they engaged in discriminatory lending practices against black and Hispanic borrowers.

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http://indiancountrytodaymedianetwork.com/2016/12/13/city-seattle-dumps-wells-fargo-over-dakota-access-pipeline-financing-166724

[dixiegrrrrl]

1. As the story indicates, HUGE loans from global banks are what is fueling the pipeline issue. n/t