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Seattle Just Divested Billions From Wells Fargo Over Dakota Access Pipeline


#1

Seattle Just Divested Billions From Wells Fargo Over Dakota Access Pipeline

J. Gabriel Ware, James Trimarco

The movement to stop the controversial Dakota Access pipeline through financial activism took an important step forward today, as the Seattle City Council voted 9-0 to approve a bill that terminates a valuable city contract with Wells Fargo. The bank, one of the largest in the United States, has provided more than $450 million in credit to the companies building the pipeline.


#2

This divestment should have occurred 8 years ago when Congress put taxpayers on the hook for tens of trillions to bail out Wells Fargo and the other too-big-to-fail (TBTF) banks after they crashed the economy. At that time the TBTF banks controlled 25% of US bank assets.

With Seattle and other large customers failing to divest, Dodd Frank, and other Congressional actions TBTF banks now control 50% of US bank assets with no end in sight of their march to monopoly, making the US economy more vulnerable than ever to their manipulation.

Trump and American Taliban Party (ATP) controlled Congress are now cherry picking Dodd Frank to eliminate the few sections that actually imposed minor regulations on "financial advisers" and TBTF banks while keeping the sections that are cutting community bank market share.


#3

Good for Seattle, and dam the Dakota Access Pipeline~~


#4

Maybe they need to begin a campaign to rescind that law. Other than a payoff to banking interests, why would a state forbid banking with a credit union?


#5

When nearly a decade ago Illinois Senator Dick Durbin told the media that "Wall Street owns Washington DC" he forgot to mention that Wall Street owns many electeds in state capitols as well.

Back then Wells Fargo and the other too-big-to-fail Wall Street Banks controlled 25% of US bank assets. Owning so many politicians has increased that market share to 50% today at the expense of community banks and credit unions.


#6

Clean water for seven generations is the best banking investment you can make. Clean water is a NATIONAL SECURITY issue. Clean water is a resource that should not be for sale in United States of America. The building of the Dakota Access Pipeline is not so much a matter of Tribal Rights but a NATIONAL SECURITY question. No pipeline should be built near any body of water in the United States or any other country. Why is the United States Army Corp of Engineers disregarding its own water protection ecosystem assessments? The Environmental Advisory Board of the United States Army Corps of Engineers is not following its own environmental impact studies and precautionary practices. Why? Does the United States of America Army Corps of Engineers bank with Wells Fargo? Why is the Environmental Advisory Board of the United States Army Corps of Engineering gambling with yet another body of water? What is the benefit to the citizens of the United States of America in building a pipeline near a body of water? I do not understand the Armageddon agenda regarding the National Security of our water. Wells Forgo is investing in Armageddon. Where is the homeland security in wagering water against a potentially toxic pipeline? What dollars and sense does that make? Wells Forgo where are your values?