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Miami, Philadelphia Sue Wells Fargo for Redlining Discriminatory Lending

The largest portion of most Americans wealth is their home. There is a huge “wealth gap” between white Americans and black. No small part of this wealth gap is due to predatory lending, and racial discrimination in loan origination. By refusing loans to black folks and other minorities in certain geographic areas, the bank assures that they can only buy less desirable, and thus less likely to rise in value properties.  So Joe the white guy gets a loan in a fast growing section of the city where property values are rising at 20% a year. Theodore, the black homeowner is limited to buying properties in older sections which are only rising in value a 1-3% a year. Joe winds up with a lot more money in 10 years – because the bank won’t loan to Theodore and defacto segregates the city.

Philadelphia sues Wells Fargo for allegedly discriminating against minority borrowers

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The city of Philadelphia sued Wells Fargo on Monday for allegedly discriminating against minority home buyers.

The complaint filed in a federal court in Pennsylvania alleges that Wells Fargo violated the Fair Housing Act of 1968 by “steering” minority borrowers into mortgages that were more expensive and riskier than those offered to white borrowers, according to court documents.

The lawsuit says that Wells Fargo is among the major banks with a “history of redlining” in Philadelphia, a practice traced back to the 1930s that involves denying credit to borrowers in certain communities because of their race or ethnicity.

The complaint says that between 2004 and 2014, African American borrowers were twice as likely to receive high-cost loans when compared to white borrowers with similar credit backgrounds. Latino borrowers were 1.7 times as likely to receive costly loans when compared to white borrowers, the lawsuit claims.

“The city’s unsubstantiated accusations against Wells Fargo do not reflect how we operate in Philadelphia and all of the communities we serve,” Wells Fargo Image result for wells fargo redliningspokesman Tom Goyda said in a statement. “Wells Fargo has been a part of the Philadelphia community for more than 140 years and we will vigorously defend our record as a fair and responsible lender.”

The filing comes as the bank is still recovering from a sales scandal in which bank employees opened millions of unauthorized accounts in customers’ names. The complaint draws parallels between the alleged predatory lending and the problematic sales targets by saying there was a lack of “internal controls” that could have prevented both issues.

Many borrowers were also rejected later when they applied for credit that would have allowed them to refinance those more expensive loans, according to the complaint. As a result, minority borrowers faced higher rates of foreclosure — a pattern that also hurt the city by leading to lower property taxes and more frequent incidents of vandalism and crime, the lawsuit claims.

Monday’s lawsuit comes just two weeks after the U.S. Supreme Court ruled that cities have standing to sue banks for predatory lending practices, on the grounds that the cities can also incur financial damages, such as reduced tax revenue.

In that case Miami sued Bank of America and Wells Fargo, arguing that discriminatory lending practices led to higher rates of default for minority borrowers. Miami, which was represented by the same lawyers handling the Philadelphia case, claimed that the banks in turn caused financial harm to the city by leading to lower property taxes and requiring the city to provide services to struggling borrowers.

While the Philadelphia investigation has been underway for more than a year, the city waited until after the Supreme Court ruling to ensure that it would have legal standing to sue, said Benjamin Field, deputy city solicitor for Philadelphia, in an interview.

News of the Philadelphia lawsuit against Wells Fargo was first reported by Reuters.

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More Massive Corruption at Wells Fargo Bank

I have said here that Wells Fargo is the most corrupt bank in America. They paid $1.2 billion a few years ago, then the largest fine ever levied on a financial institution for their part in the Mortgage scams leading up to the Great Depression of 2009. IN 2013 the Bank was forced to pay $203 million in restitution and penalties for fake overdraft fees in Gutierrez vs. Wells Fargo. In 2012, the Justice Department ( Justice Dept. vs.Wells Fargo) the court reached a verdict based on Discrimination against African-American and Hispanic borrowers who were steered into high-cost, subprime mortgages. $175 million to be paid to the victims – 34,000 black and Hispanic Mortgage holders.

Here they are again paying a record fine for screwing the customers again…

Supposedly the company has terminated 5,300 employees as part of an internal review. How much you want to bet not a single one of them is one of the crooks at the top?

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Wells Fargo making a get away after a robbery…

 

Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

Wells Fargo Bank has been ordered to pay $185 million in fines and penalties to settle what the Consumer Financial Protection Bureau calls “the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”

Thousands of Wells Fargo employees opened the accounts in secret so they would get bonuses for hitting their sales targets, according to investigators. More than 2 million deposit and credit card accounts may have been created without customer authorization.

The bank must pay $100 million to the CFPB — the largest fine ever levied by the federal consumer watchdog. It also will pay $50 million to the City and County of Los Angeles, along with a $35 million penalty to the Office of the Comptroller of the Currency.

It’s also on the hook to pay full restitution to all victims of the scheme.

“Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed,” said CFPB Director Richard Cordray. “Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.”

The CFPB’s consent order says the bank has already terminated 5,300 employees as part of an internal review.

Wells Fargo said in a statement that it has fired managers and employees “who acted counter to our values” in carrying out the schemes. It also refunded $2.6 million in fees it collected from customers. The bank said that “accounts refunded represented a fraction of one percent of the accounts reviewed, and refunds averaged $25.”

In addition, the Sioux Falls, S.D.-based bank says it is taking steps to keep this type of scheme from occurring again, noting that it will now send a customer an email confirmation shortly after a deposit account is opened.

“This is a major victory for consumers,” said Los Angeles City Attorney Mike Feuer, whose office sued Wells Fargo in 2015 after a Los Angeles Times investigation into the fake accounts. “Consumers must be able to trust their banks. They should never be taken advantage of by their banks.”

Feuer’s office says that after the suit was filed, the city attorney received “more than 1,000 phone calls and emails from customers and current and former Wells Fargo employees across the nation about the issues raised in the litigation.”

 

 
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Posted by on September 8, 2016 in American Greed

 

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It Used to Be the Bad Guys Robbed Wells Fargo

On July 21, 1873, Jesse James and the James-Younger Gang robbed their first train in Adair, Iowa, of all places. They managed to derail the Rock Island train, turning the train on its side, killing the engineer and injuring a lot of its passengers. But that wasn’t enough terror for the passengers - the James-Younger Gang, clad in Ku Klux Klan garb, went up and down the length of the overturned train confronting them and demanding their watches and valuables (although some reports say they stole only from the men). They threw it all in bags along with the money from the train’s safe and ended up getting about $3,000.

On July 21, 1873, Jesse James and the James-Younger Gang robbed their first train in Adair, Iowa, of all places. They managed to derail the Rock Island train, turning the train on its side, killing the engineer and injuring a lot of its passengers. But that wasn’t enough terror for the passengers - the James-Younger Gang, clad in Ku Klux Klan garb, went up and down the length of the overturned train confronting them and demanding their watches and valuables (although some reports say they stole only from the men). They threw it all in bags along with the money from the train’s safe and ended up getting about $3,000.

How things changed during the Bushit Hold-up!

Illinois Sues Wells Fargo for Biased Lending

Wells Fargo targeted African-Americans and Latinos for risky, subprime mortgage loans with “reverse redlining” practices, Illinois Attorney General Lisa Madigan says in Cook County Court. The 62-page complaint accuses the bank of a litany of biased and fraudulent practices during the “heyday” of subprime lending.

Madigan says Wells Fargo charged blacks and Latinos much more for mortgages than white borrowers with the same income – and even with lower incomes.

Madigan cites a 2007 story from the “Chicago Reporter” that reported 34 percent of African-American borrowers who earned more than $120,000 received high-cost loans from Wells Fargo, compared to only 22 percent of white borrowers who earned less than $40,000. Read the rest of this entry »

 
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Posted by on August 6, 2009 in American Genocide, The New Jim Crow

 

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Black Financial Literacy

This Rev is right in terms of teaching FInancial Literacy and responsibility. What he misses is that The New Jim Crow is designed specifically to prevent the ability of Minorities to gain, and/or hang on to wealth.

So, in order for greater financial accumulation to work, it has to be a two part struggle, One to teach and educate folks about handling personal finances, and educating them on the ways to save, budget, and two a sustained effort to destruct individual pieces of th The New Jim Crow – using that financial wealth.

Why are you still banking at that Wells Fargo/Giant Bank which is redlining you, consigning you to high priced loans, and has outrageous fees? It is a lot more than just “budgeting”.

The Rev’s numbers are low on the Financial contribution of African Americans to the US economy…It is actually closer to $2 trillion.

WATCH: African-American pastor preaches financial literacy as gospel: “What are we doing with the money that we have?”

Rev. DeForest B. Soaries promotes financial planning as a way out of poverty

The Rev. DeForest B. Soaries is more than the senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey. He shares a personal financial curriculumwith black churches nationwide, believing that a way to solve poverty in black communities involves taking into account personal values.

“The culture really has induced this idea that you can spend more,” Soaries said during a recent episode of “Salon Talks. “I lived that way for years; for 13 years I was paying last month’s bills with next week’s check. For 13 years I was getting calls from bill collectors.”

Added Soaries: “Then I realized that I had to start tracking my spending; I had to live within means. I had to have a budget. I couldn’t live as if I made $30,000 just because I had a $25,000 job and a $5,000 credit limit on my credit card.”

Soaries shared his “catalytic moment,” a realization he had after his grandmother, a sixth-grade graduate who had raised six children and served as a caregiver to her invalid husband, passed away:

“The first house I owned, I inherited from my grandmother, and at her grave I said . . .  if she could accrue enough wealth to leave three houses debt free and leave one to me, shame on me with all of my civil rights and my college degrees and my big church if all I have to leave when I die is credit card bills,” Soaries said.

Black Enterprise contributor John Burnett added, “We have to change the mindset of the people now and also create a sort of like a ecosystem for our youth so that way we can really shape future outcomes.”

Encouraging people to make wise financial choices, Soaries asked: “What are we doing with the money that we have?” He said, “The check-cashing joints are there but they don’t force us to use them,” adding that many “black people either have no bank account  . . . which means we still use payday loans.”

Declared Soaries: “African Americans who will spend $1.2 trillion this year — we have within our hands the means to do better.”

Catch more of our conversation about how to raise financial outcomes in the black community on Salon.

 

 
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Posted by on June 4, 2017 in American Genocide, The New Jim Crow

 

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“Hiawatha” Goes to War

The reason Republicans despise Elizabeth Warren (and thus the “Hiawatha” jab) is she is effective at demanding accountability for the biggest thieves, liars, and crooks in the country. Wll Street, and heads of the major banks.

Here – she lights a fire under Wells Fargo President Stumph for crooked dealing, and profiteering.

I hope like hell for a change, the DOJ prosecutes and sends this sucker to jail where he belongs. Folks are getting real tired of this “special justice” for “special people.” crap.

 

 
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Posted by on September 20, 2016 in American Greed

 

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Maintaining Systemic Poverty Through Credit

One of the ways young black folks who do all the right things are held back is by a system of predatory credit based on race. In America it is virtually impossible to generate Generational Wealth without credit as the principal vehicle for the middle class gathering that wealth has been their homes.

Back when I was a youngster making very good money in my first professional job, as well as bankable money in several side enterprises. I wound up at 22 years old with about $6k in savings  – which was a fairly tidy sum in the early 70’s for a guy just starting out. Now, my parents, despite being homeowners, never taught me about how to buy a house – but I recognized, with the advice of friends what a tremendous investment it could be. I owned an old ’75 Mustang I had bought used, and which ran pretty well. A fairly fancy new car at that point was about $3500 – and in terms of Pony cars that was one with a few upgrades in terms of horses. Working a side job as a DJ in the emerging Disco scene, I noticed the previously run down portion of town (Georgetown for those who know DC) was undergoing a transformation as hip white adults began to buy up the old Townhouses. Prices on the main drag were far beyond my reach – but 3 blocks off, there were a group of unrestored – dilapidated townhouses, which had been cut up into rentals.

The owner held the entire block. Most of the residents were black, which for white investors presented a problem in terms of doing anything less than taking out the whole block. Asked the owner if he would consider selling a smaller portion of the property. He agreed on a block of 3 houses for $21,000 or two for $17,000. I had $6k, and anyway you look at it that is nearly a 30% down payment on the block of 3. I would have to decide what to do with them – and decided, being handy with tools, I could renovate them and sell them while living in one.

Could not get a loan. Really didn’t matter that I made $12k a year in my “day job”, 30% or better down… Nyet!

Very few banks loaned to black folks in those days…And the few that did didn’t loan money to us 22 year old tech upstarts, because they had no comprehension that I would double my income in less than 2 years. No way to raise the money before he sold those houses as a block to a developed… They sell for about $2 million per house now.

Seems that things haven’t really changed. Meanwhile US Home ownership has dropped to its lowest level since 1967.

Getting a Home Loan Is Expensive—Especially for Black Women

A recent study in the Journal of Real Estate and Finance Economics finds that black home loan borrowers are charged higher interest rates than their white counterparts—and that black women pay the highest rates of all.

The three finance professors who authored the study analyzed the mortgages and demographic characteristics of more than 3,500 households during the height of the housing boom—2001, 2004, and 2007—using the Federal Reserve’s triennialSurvey of Consumer Finances. They found that on average, black borrowers were charged between 0.29 and 0.31 percentage points more in interest than whites, even after controlling for their debt and credit history.

The racial disparity was most pronounced for subprime borrowers who couldn’t qualify for low-interest mortgages (the left side of the chart above), with black borrowers paying interest rates that were at least 0.4 percentage points higher than whites in the same group.

Within this group paying the highest interest rates, black women paid the highest rates of all, at an average rate of 7.9 percent. But a statistically significant disparity persisted even among those who paid lower interest rates (the right side of the chart), the study notes. In this group, black borrowers paid interest rates between 0.1 percent and 0.4 percentage points higher than their white counterparts.

Over at Quartz, Melvin Backman explains how these disparities translate into dollars: According to Freddie Mac’s mortgage cost calculator, a $200,000, 30-year mortgage would cost a black man about $3,000 more than a white man over the course of the loan. A black woman getting the same loan would pay nearly $9,000 more than a white woman.

The study adds to a body of research showing that black mortgage applicants aremore likely to be denied credit than white applicants, and are more likely to be charged higher interest rates than whites. It also appears to confirm the racial disparities identified in lawsuits against several of America’s top mortgage lenders, including Wells Fargo and Bank of America’s Countrywide, which faced hefty payouts in a slew of discrimination lawsuits following the housing-market crash. The lawsuitshad even prompted the Obama administration to set up a new unit in the Department of Justice’s civil rights division to deal with the caseload.

But the new study also suggests more granular disparities between black and white borrowers. Among black borrowers, for example, younger homeowners without a college education paid some of the highest interest rates. And among those paying higher interest rates, black women, who already face stiff obstacles to economic mobility, were likely to be charged interest rate premiums two to three times that of what black men were charged. While they do not speculate about the causes of these racial and gender gaps between borrowers, the authors conclude, “it is the more financially vulnerable black women who suffer the most.”

Another Dream Deferred…

 

 
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Posted by on July 29, 2015 in The New Jim Crow

 

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It’s Not a Riot…When it is White Folks

Let’s see, car windows smashed, police vehicles burned, Trader Joe’s and other stores looted… 2 Police injured…

We are talking about an upscale “civil disturbance” here.

The key here is they looted Trader Joe’s…Ostensibly just for a bit of Yerba Matte to clear tear gas sting and re-align their chakras…

At least two officers were injured as demonstrations over police killings turned violent in California overnight, with protesters smashing windows and hurling rocks at cops, according to authorities. Berkeley Police said officers used smoke and tear gas after crowds refused to disperse. What started out as a peaceful protest devolved into chaos when “splinter groups broke off and began hurling bricks, pipe, smoke grenades, and other missiles at officers,” according to Berkeley Police spokeswoman Jennifer Coats. She said six people were arrested in the melee.

She said “numerous officers” were struck and that one officer who was struck with a large sandbag was treated for a dislocated shoulder at a local hospital. Protesters vandalized cars, smashing windows and looting businesses, according to Coats, who said a Trader Joe’s, a Radio Shack and a Wells Fargo Bank were vandalized along with “numerous” police cars. The local police department was reinforced by more than a hundred officers from other local police departments, highway patrol and the county sheriff’s office.

Because 80% of the crowd in upscale Berkeley, Ca was white folks…It could not have been a riot!

 

 
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Posted by on December 7, 2014 in The Post-Racial Life

 

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Herman Cain 999 Plan…Stolen from SIM City Game? SimAmerica…Indeed.

How stupid are conservatives, again?

It’s pretty damn bad when your “signature” proposal to cure what ails the country…

Is stolen from a Video Game!

What next? The Army dressed up in Marvel Comics Superhero costumes?

Screen Shot of a Sim City Game

Herman Cain 999 Plan: Did It Come From SimCity?

In Herman Cain’s America, the tax code would be very, very simple: The corporate income tax rate would be 9 percent, the personal income tax rate would be 9 percent and the national sales tax rate would be 9 percent.

But there’s already a 999 plan out there, in a land called SimCity.

Long before Cain was running for president and getting attention for his 999 plan, the residents of SimCity 4 — which was released in 2003 — were living under a system where the default tax rate was 9 percent for commercial taxes, 9 percent for industrial taxes and 9 percent for residential taxes. (That is, of course, if you didn’t use the cheat codes to get unlimited money and avoid taxes altogether.)

There has been all sorts of speculation about where Cain came up with the idea for his catchy plan — Unnamed economic advisers? A clever marketing promotion pulled from the pizza industry? — but beyond a few hardcore gamers in the comments sections of blogs, few have looked to SimCity, the land where there’s a “God mode.”

Kip Katsarelis, a senior producer for Maxis, the company that created the SimCity series, was excited that politicians may be looking to video games for ideas.

“We encourage politicians to continue to look to innovative games like SimCity for inspiration for social and economic change,” said Katsarelis. “While we at Maxis and Electronic Arts do not endorse any political candidates or their platforms, it’s interesting to see GOP candidate Herman Cain propose a simplified tax system like one we designed for the video game SimCity 4.”

Adopting such a simple tax structure, Katsarelis said, would allow fantasy political leaders to focus their energy on infrastructure and national security. “Our game design team thought that an easy to understand taxation system would allow players to focus on building their cities and have fun thwarting giant lizard attacks, rather than be buried by overly complex financial systems.”

When asked about similarities between Cain’s plan and SimCity’s default tax rates, Cain campaign spokesman JD Gordon replied, “Well, we all like 9-9-9.”

Rich Lowrie, the Ohio Wells Fargo employee who is the brains behind Cain’s plan, did not return a request for comment regarding whether he is a fan of SimCity and looked to the game for inspiration.

One other thing of note about Mr. Cain today… Appears he’s sewn up the bigot vote! Although it’s unclear if that alone is enough to win the whole South anymore.

Haley Barbour Predicts Herman Cain Would ‘Sweep The South’ Against Obama

 
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Posted by on October 13, 2011 in Black Conservatives

 

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Highway Robbery

Wells Fargo is the first of several banks to face the wrath of consumers in class action lawsuits resultant of their abuses of fees related to consumer checking accounts. In an influential California case Wells Fargo has been ordered to pay $203 Million in restitution. Other major banks are on the chopping block in a national case. The shady practice of artificially arraigning the sequence of debits to an account to maximize the number and amount of penalties brutalizes consumers on fixed incomes, and consumers already at risk, adding hundreds of dollars a month in penalties to a downward spiral. This really should be treated as a criminal enterprise.

Old Time Highway Robbery, same as the New Highway Robbery... Except It's Now Done By the Bank

Wells Fargo faces larger suit on overdraft fees

San Francisco judge’s scathing ruling ordering Wells Fargo to pay its customers $203 million for manipulating debit transactions to maximize overdraft fees might be just the start of troubles for the bank.

U.S. District Judge William Alsup’s 90-page opinion Tuesday described Wells Fargo’s motive as profiteering and said the San Francisco-based bank’s goal was to “maximize the number of overdrafts and squeeze as much as possible” out of customers.

But the hefty tab represents only what Wells owes its California customers. That figure is far smaller than the potential bill from a separate suit in which Wells’ clients in other states have accused the bank of the same unfair practices.

That case, consolidated in federal court in Miami, includes similar claims against 30 other lending institutions, including Bank of America, Citibank, Chase, Union Bank and U.S. Bank.

The crux of the claims is that the banks processed debit transactions from the largest to the smallest, instead of the order in which they occurred, depleting accounts faster and boosting the number of overdrafts, which cost as much as $35 per transaction.

Wells Fargo garnered more than $1.4 billion in overdraft fees just in California from 2005 to 2007, according to court documents. Nationwide, banks and credit unions collected almost $24 billion in overdraft fees in 2008, according to the Center for Responsible Lending.

Wells Fargo, which continues to follow the “high-low” practice that it has had in place since 1998, said it would appeal Alsup’s decision. Wells representatives declined to forecast what the ruling might mean in the Florida matter, other than to say that the California order was not in line with the facts and that the bank’s transactions have been “consistent with the laws and rules of governing regulatory authorities.”

“We have found that high-low gives priority to larger payments and have found that those are the customers’ priority payments … it gives priority to larger transactions,” said Richele Messick, spokeswoman for Wells Fargo.

Messick said that many transactions are received by the bank in a random order without a time stamp, and therefore, the bank needed to determine an order in which to process them.

 
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Posted by on August 12, 2010 in American Greed

 

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The Specter of Billy-Bob Crow And the Right’s Fright!

As pointed out in the previous post, the conservative right has adopted a tactic last seen utilized by white supremacist groups. That the white folks in this country are persecuted. Now the white supremacist variant of this was that white people were prevented from 1) getting a job, 2) going to college, or 3) wining a business contract because of 1) Civil Rights, or 2) Affirmative Action, or 3) the dumbing down of one or more institutions to make room for women, or minorities…

Damn the reality, damn the statistics – white folks is under attack, Ya’ll!

Not surprisingly in a political movement which perpetually and psychotically sees America under attack from everything from socialist peanuts to communist kumquats, fear is manufactured nightly by the avatars of white despondency with pepper fueled tears  and a “News” organization in Faux whose carnal knowledge of the news is best compared to that of the boy’s lurid adventures told over beer to his peers…

While carrying the same rubber in his wallet he acquired in a pique of dare fueled courage in High School…

Through college.

That is, that if the news were sex, Faux’s association with it would make the Virgin Mary look like a Harlot.

Tim Wise hits another one out of the park with this one…

Black Power’s Gonna Get You Sucka: Right-Wing Paranoia and the Rhetoric of Modern Racism

Prominent white conservatives are angry about racism.

Forget all that talk about a post-racial society. They know better than to believe in such a thing, and they’re hopping mad.

What is it that woke them up finally, after all these years of denial, during which they insisted that racism was a thing of the past?

Was it the research indicating that job applicants with white sounding names have a 50 percent better chance of being called back for an interview than their counterparts with black-sounding names, even when all qualifications are the same?

No. Read the rest of this entry »

 

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Some American Corporations Donations to Haitian Relief Effort

Some major American corporations are bellying up to the bar to support relief efforts in Haiti.

This is by no means a complete list, as companies are joining by the hour – so if some companies are missing – that isn’t to say they haven’t made a donation or effort. Hopefully, some companies are taking a longer view. While immediate disaster relief is of the utmost urgency today, the long term needs are going to be in rebuilding infrastructure, housing, and sanitation. As such, donations of building materials and tools might be of huge value. I also notice from this list that none of the Energy companies seem to have stepped up yet. Hopefully they are taking the long view…

Morgan Stanley (NYSE: MS), J.P. Morgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), Goldman Sachs Group (NYSE: GS), Jefferies Group Inc. (NYSE: JEF) are each contributing $1 million to relief efforts.  Wells Fargo & Company (NYSE: WFC) said today it is contributing $100,000.00.

Wal-Mart Stores Inc. (NYSE: WMT) has pledged $600,000.00… $500,000 in cash and and $100,000 in pre-packaged food.  Target Corp. (NYSE: TGT) is donating $500,000.00 and more than 1 million meals. Rite Aid (NYSE: RAD) said that The Rite Aid Foundation is making a $50,000 donation to the American Red Cross International Response Fund.  Lowe’s Companies Inc. (NYSE: LOW) will donate $1 million to support the American Red Cross International Response Fund.

McDonald’s Corporation (NYSE: MCD) is donating of $500,000.00 to be matched with donations from Arcos Dorados, the company that operates nearly 1,700 McDonald’s restaurants in Latin America, and combined are estimated to total at least $1 million.  Yum! Brands (NYSE: YUM) is directing $500,000.00.  The Coca-Cola Company (NYSE: KO) and PepsiCo (NYSE: PEP) committed $1 million each.  Kellogg Company (NYSE: K) and General Mills (NYSE: GIS) are each giving $250,000.00.

Google Inc. (NASDAQ: GOOG) is committing $1,000,000.00 and The Walt Disney Co. (NYSE: DIS) pledged $100,000.00.  CA Inc. (NASDAQ: CA) donating up to $200,000 via $50,000 grant and up to $150,000 in employee matches.

AT&T Inc. (NYSE: T) pledged $50,000 donation to Telecoms Sans Frontieres to support relief work in providing telecom to victims in Haiti; while AT&T wireless customers can send donations to the Red Cross through a text message to be added to the customer bill.  Verizon Communications (NYSE: VZ) said its Verizon Foundation awarded $100,000 in grants to World Vision and Food for the Poor and it will match 1-to-1 every dollar donated by Verizon employees to the two approved non-profit organizations of up to $1,000 per employee.

Western Union Co. (NYSE: WU) is ponying up $250,000.00 and waving outbound fees to Haiti for seven days.  MoneyGram International Inc. (NYSE: MGI) is cutting its transfer charge to $1 for payments sent to Haiti and awarded a $10,000 grant to the Pan American Development Foundation.

United Technologies Corp. (NYSE: UTX) pledged up to $250,000 to match employee contributions to Red Cross disaster relief efforts; this is up to $250 per employee.    United Parcel Service Inc. (NYSE: UPS) is contributing more than $1 million in cash and in-kind support through its UPS Foundation, including $500,000.00 in cash and services for shipment of supplies and working with charities.

Abbott Laboratories (NYSE: ABT) pledged $1 million via cash and medicine or nutrition.  Amgen Inc. (NASDAQ: AMGN) is donating $2 million and will match staff donations dollar per dollar.  Humana Inc. (NYSE: HUM) from the Humana Foundation is contributing $100,000.00, which could be up to $150,000.00 total via employee matching.

 
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Posted by on January 15, 2010 in General

 

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Bank None… Move Yo’ Money!

The “move your money” movement gets noticed

Hat Tip – Walletpop

Fat Cat Bankers Stealing Your Money With Hidden Fees

An online media maven is urging Americans to switch banks, and she wants her crusade to go viral. On the Huffington Post website, founder Arianna Huffington introduces what she calls the “move your money” campaign. The idea is to get Americans — all Americans — to close their accounts at big banks and transplant their personal finances to smaller banks. The budding cause has its own web site, moveyourmoney.info, including a link where you can plug in your zip code and find a list of smaller banks.

Huffington singles out the Big Four banks (that would be Bank of America, Citi, JP Morgan Chase and Wells Fargo) for particular ire, pointing out that they’ve curbed business lending even since receiving TARP money. She urges Americans to park their money at community banks instead of these TARP-receiving behemoths.

Since the Congress doesn’t have the political courage to make these fat cat banks walk a straight line, after a series of laws the last 10 years which have allowed unprecedented consolidation and favorable rules vastly tipping credit and banking laws in the banking industry’s favor to the detriment of the public – then it’s up to the American consumer.

Smaller, local banks are hoping to gain your business, and are far more likely to make loans within their local service area, provide services – and not to attempt to derive revenue from outlandish and sometimes flagrantly criminal fees by tricking consumers.  Losing customers, unlike with the big banks, has consequence.

I can’t prove it statistically, as I’ve not seen any figures supporting it – but I have to beieve the trust level between American Consumers and their banks has to be at it’s lowest point since the Great Depression.

 
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Posted by on January 5, 2010 in News

 

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The Subprime Tavis Smiley

Sacramento Observer  – 07-06-2005

Wells Fargo Home Mortgage, the nation’s leading originator of home loans to ethnic minority customers, has joined forces with talk show host and author, Tavis Smiley; and several financial affairs experts to provide free Wealth Building Strategies Seminars in eight cities across the country.

Additional seminars featuring other popular panelists also will be offered in 12 more cities, nationwide.

Tavis Smiley

Tavis Smiley

Wells Fargo is in the center of a lawsuit alleging the bank pushed high-risk mortgages to minorities. Mortgages which disproportionally have failed. According to legal documents and studies, Wells Fargo pushed black applicants into high-risk mortgages, even if their credit scores merited much lower interest rate traditional loans. Loan documents may have been falsified to grant loans to people who otherwise would not have qualified. According tot he Baltimore Sun as reported by TPMRead the rest of this entry »

 
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Posted by on September 18, 2009 in The Post-Racial Life

 

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Town Howlers and Guns

The Raw Story is reporting

The Republican Party chairman of Boise County in Idaho was arrested Thursday for aggravated assault after he pulled a gun on a man whose house he was photographing.

Charles McAffee, 33, was among Idaho’s anti-tax tea-party activists, and is a member of the Idaho Republican Party Central Committee. He was arrested after pulling a handgun on a homeowner whose mortgage his employer sought to photograph for being delinquent. His employer is a contractor for Wells Fargo.

Ya' Got 8 Lives Left!

Open your own cans and fill your own damn food dish!

Wells Fargo called McAffee’s behavior “horrific and absolutely inexcusable.” Via AP:

According to police in the Boise suburb of Meridian, resident Robert Lutes called officers just before 5:30 p.m. Tuesday to report McAffee had pointed a .357 Magnum handgun at him during a verbal confrontation. McAffee acknowledged he pointed the gun at Lutes, according to the police account.

“I’m unarmed, I’m an old man,” Lutes, 51, told The Associated Press on Thursday. “I’m trying to find out why he’s taking pictures of my house. I said, ‘Knock on my door, let me know what you want.’ Then, I think he’s reaching for his business card and he pulls out a concealed weapon and I think he’s going to blow my head off.”

Idaho’s Republican Party told the Associated Press the arrest of one of its leaders was a “personal matter.”

“It’s not a party matter,” Jonathan Parker, state GOP director in Boise, told AP.

One of McAffee’s supporters said the homeowner’s account was false:

“McAffee brandished the weapon to de-escalate the conflict,” he asserted.

Yes, you read that right: he pulled a gun to de-escalate the conflict.

And these are the sort of clowns who need to carry guns to a protest march?

Can’t wait for the next Rethugly to claim MLK was a Republican!

 
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Posted by on August 23, 2009 in The Post-Racial Life

 

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