portland independent media center  
images audio video
newswire article reposts oregon & cascadia

corporate dominance occupy portland

Move your money - Occupy Portland - Wells Fargo 1 percent connection

OCCUPY PORTLAND ACTION
Move your money to a community-based credit union!

Wells Fargo connections to the 1%
(Re-posted from flyer)
What's going on in the Ivory Tower?
Why are we picketing Wells Fargo Bank?
In 2007, the top 6 executives at Wells Fargo were paid a total of $57,400,000.

Of this, $22,900,000 went into the pocket of CEO Richard Kovacevich!
The average teller makes $10.21 an hour. Dick Kovacevich makes $7,633.00 an hour! Dick makes a full time teller's annual pre-tax income in less than 3 hours!

In 2008, Wells Fargo received $25,000,000,000 in bailout money from the US taxpayers as part of TARP. Their total bailout received amounted to over $36,000,000,000!

Wells Fargo then promptly used this money to purchase Wachovia
And in the first half of 2009, showed a profit of $6,200,000,000!
74% of these profits came from service fees charged to the same people who bailed them out! YOU!

Wells Fargo's effective tax rate is 18.5%.
Wells Fargo's political contributions in the 2008 Federal elections totaled $4,700,000!
What did the American taxpayers get for their investment? Very little.
Of all the mortgage loans in their portfolio that qualified for loan modification under the
Making Homes Affordable Plan,

Wells Fargo modified only 6%. Wachovia modified only 2%.

What else did they do with the money?9 months following the bailouts, Wells Fargo paid lobbyists in Washington fees totaling $2,500,000!

Wells Fargo paid back all of the bailout money they received from the 2008 TARP Program, allowing them to avoid restrictions on executive compensation.
In early 2010, Wells Fargo execs gave themselves a 142% pay raise!
(Raises for branch employees are typically capped at 6%, with most receiving no more than 3%!) Where does this money come from?
Service fees charged to their customers!
In 2011, fees charged for deposit accounts, ATM transactions, loans, and processing totaled
$2,098,000,000!

(This does not include fees on investment accounts or insurance.)
A large percentage of these fees are charged to lower income customers who can least afford to pay them! From 2003-2008, fees charged to Wells Fargo customers increased 35.1%.
By comparison, the Consumer Price Index for this period increased by 16.8%.
Show Wells Fargo you will not tolerate their business practices!
Close your account today!

Move your money to a community-based credit union!
HOW TO FIND A CREDIT UNION

Credit Unions are Economic Democracies

A credit union is a cooperative financial institution, locally owned and controlled by the people who use its services. Nearly everyone in Washington and Oregon are eligible to join a credit union. Members understand that credit unions exist for service, not profit, and that credit unions are typically able to offer better rates on loans and a better return on savings than for-profit financial institutions. Because credit unions operate under a volunteer governance structure, they aren't concerned with paying big salaries to board members or whether they'll turn a profit for stockholders. They're concerned about the economic well-being of their members. Not all financial institutions are created equal. Like banks, credit unions provide a wide variety of products and services, including savings and checking accounts, online banking, loans, credit, and more. However, unlike banks,
credit unions are member-owned.

And members have a lot more privileges than just a customer. As not-for-profit financial cooperatives, credit unions are democratic organizations that allow members to elect their own leadership and have a say in determining rates, fees, and policies. And as a member, you're treated like you own the place -- because you actually do. If you're interested in joining a credit union, you need to meet the credit union's membership qualifications. Fortunately, there are many ways to qualify.

Get more information today!

OnPoint Community Credit Union https://www.onpointcu.com/800-527-3932Unitus Community Credit Union http://www.unitusccu.com/800-452-0900Advantis Credit Union https://www.advantiscu.org/800-547-5532Oregonians Federal Credit Union https://www.ofcu.com/index.html800-982-2974Rivermark Community Credit Union https://www.rivermarkcu.org800-452-8502Columbia Credit Union http://www.columbiacu.org/800-699-4009Lacamas Community Credit Union https://www.onpointcu.com/800-527-3932Unitus Community Credit Union http://www.unitusccu.com/800-452-0900Advantis Credit Union https://www.advantiscu.org/800-547-5532Oregonians Federal Credit Union https://www.ofcu.com/index.html800-982-2974Rivermark Community Credit Union https://www.rivermarkcu.org800-452-8502Columbia Credit Union http://www.columbiacu.org/800-699-4009Lacamas Community Credit Union link to www.lacamas.org