Wells Fargo, Terrified to Face Victims of Its Foreclosure Fraud and Predatory Lending, Locks Shareholders Out of Annual Meeting
The move to lock out shareholders was unprecedented, according to organizers.
By Joshua Holland
April 24, 2012
On March 24, Wells Fargo, assisted by dozens of Bay Area police, took the unprecedented step of locking more than 100 of its shareholders out of its annual meeting – a meeting they had every legal right to attend.
hese shareholders had a story to tell, and Wells’ Chairman and CEO John Stumpf was not in a listening mood. They’d purchased stock in the bailed-out Wall Street giant, and then travelled from around the country to tell the board how its corporate citizenship gad ruined lives and wrought profound economic pain on entire communities.
The previous day, about 150 people had gathered in a church to strategize the day’s activities. When Wells foreclosure victims were asked to stand, about 50 people stood up. When victims of predatory lending were asked to stand, another 30 rose to their feet. One woman explained how, after losing her job, she’d fallen behind on her payments. She said Wells Fargo had offered her an agreement that would allow her to keep her home, but had then thrown her out anyway.