Tavis quits wells fargo over racism claims

[Priest]

http://www.eurweb.com/story/eur56172.cfm

Commentator reacts to charges that company steered blacks into subprime mortgages

Tavis Smiley has severed all ties to Wells Fargo in the wake of criticism that the bank targeted African American borrowers for subprime mortgages by using trusted black speakers to woo victims to a series of day-long "Wealth Building" seminars in black neighborhoods.

Eight cities across the country hosted such gatherings, which were promoted heavily in black media and featured such prominent African Americans as Smiley, host of his own PBS talk show, as well as Kelvin Boston, the host of multicultural financial affairs show "Moneywise."


In the seminars, Smiley praised Wells Fargo and encouraged attendees to seriously consider real estate investments, according to Mary Kane writing for the Web site Washington Independent, a project of the Center for Independent Media. In seminars held after Hurricane Katrina, Smiley also emphasized the importance of building assets and wealth, saying those who had had done so were able to leave New Orleans, while those with nothing had to stay behind, Kane wrote.


Wells Fargo was also a sponsor of Smiley's radio show on Public Radio International, and underwrote the annual C-Span-televised "State of the Black Union" conference that Smiley organizes.

The column Journal-Isms is reporting that Smiley, on Friday, announced that his relationship with Wells Fargo Bank and Wells Fargo Home Mortgage Inc has ended.

"I cut everything off with Wells Fargo," he declared. He said the move cost "a lot of money"; he said he did not know how much.

"I was never a spokesman for Wells Fargo," Smiley said. "I hate payday loans. My role in these seminars was about financial literacy and wealth building."

A lawsuit brought against Wells Fargo by Illinois Attorney General Lisa Madigan alleges, the bank's "wealth building" seminars were a part of its overall illegal and discriminatory practice of steering black and Hispanic borrowers into riskier and more expensive loans, the suit said."

Smiley said his relationship with Wells Fargo was a "package deal." In return for the company helping to finance his radio show, he went on the road for Wells Fargo. He said he owns his own radio and television show and while it frees him from network control, it also requires him to come up with his own financing.

[Cali Climate]

What a fag.

[Blasphemy]

What a fag.

Still, Fuck Wells, Fuck all the other companies. They destroyed everything, and killed off peoples credit and life with this mortgage bullshit. Seriously, getting mother fuckers to pay for houses they can't afford, rise the prices, and then close em down and take em for everything. Fuck that, if I could find just one of them pricks, I'd shoot em in the face.

[Cali Climate]

What a fag.

Still, Fuck Wells, Fuck all the other companies. They destroyed everything, and killed off peoples credit and life with this mortgage bullshit. Seriously, getting mother fuckers to pay for houses they can't afford, rise the prices, and then close em down and take em for everything. Fuck that, if I could find just one of them pricks, I'd shoot em in the face.

Look, sure it wasn't the most loving and babying of home loaning they practiced, but look, this is capitalism. All those idiots who felt they HAD to have a 3 bedroom home as part of the American dream should have first of all, WORKED for the money to buy home, and second, READ THE CONTRACT.

All these stupid fucks who think they deserve a nice home and that they were screwed over by somebody are immature and don't deserve to survive the market.

Nowhere is a nice large home promised to everyone, it's all part of this materialism problem we have here in America. Everyone wants whats out of their reach.

Blaming the financial institutions who only served as the catalyst in this fiasco ignores the root issue, and we will not learn anything from it. So fuck this guy who's trying to trick black people in to yet again blaming their problems on something else. He's a dirt little hustler who plays with an easy targets rage.

[Sikotic™]

Wells Fargo can remedy with a Black 365 website.