This afternoon in San Francisco the Occupation Movement showed Wells Fargo that eviction from the public square has not brought about a default of protester passion. A crowd which some describe as in the hundreds and others describe as in the thousands converged upon the shareholder meeting of Wells Fargo, protesting from the outside, and attempting to protest from the inside as well. 24 protesters were arrested, and others were stopped from entering the Wells Fargo shareholder meeting, even though they had bought Wells Fargo stock in order to gain admittance.
Here’s how the Stop Wells Fargo group explains the rationale behind today’s protest: “Wells Fargo Bank is responsible for some of the worse abuses of public funds and resources. It has received $43.7 billion in bailout funds, but continues to foreclose on families and neglects to pay taxes… Wells Fargo has canceled 118,697 trial modifications and denied 175,336 homeowners from accessing HAMP. Unlike other national banks, Wells Fargo has not changed its foreclosure procedures despite numerous confirmed reports of”“robo-signing” and other illegalities in the foreclosure process. Not only that, over the last ten years, Wells Fargo paid the lowest worldwide tax rate of the top five big banks (24.8%–$27.5 billion on $110.9 billion pre-tax earnings) and reportedly did not pay any federal taxes in 2009.”
Protest for economic justice continues tomorrow with 1TDay – a series of demonstrations to mark the day when collective student loan debt in the United States reaches one trillion dollars. In 22 locations across the country, people will gather to demand student debt relief.