COMMENTARY

This little bit of text does not seem to be the same as the YouTube video that you were good enough to include as a link ... I think the students deserve a lot better answers than they get from the big-wig CEOs, not to mention their professors and the administrators at the universities. I support those that advocate for Occupy Economics Departments and Business Schools throughout the university network. This little bit of text does not seem to be the same as the YouTube video that you were good enough to include as a link ... I think the students deserve a lot better answers than they get from the big-wig CEOs, not to mention their professors and the administrators at the universities. I support those that advocate for Occupy Economics Departments and Business Schools throughout the university network.

NBC ... Thanks for the fact check. I am not surprised the students had it pretty much right. What is pretty disconcerting is that the mainstream media failed to find much of the story as the housing bubble emerged over a period of years and all sorts of predatory practices became commonplace. Somebody in the mainstream media corporate hierarchy needs to explain why news teams have been budget cut so that the essential level of investigative journalism is done. Soon it is going to be time to Occupy the media.

Protesters shout at Wells Fargo CEO in talk at NC State

Wells Fargo CEO John Stumpf speaks at NC State Related Bio of Wells Fargo CEO John Stumpf You Tube video of protest

Uploaded by eyewall41 on Nov 30, 2011

READ ENTIRE MIC CHECK SCRIPT BELOW:

Mic Check!
Mic Check!
John Stumpf
We won't take your home
but we will take a minute of your time.
Your leadership has led to
the death of the American Dream.

Wells Fargo is guilty
of widespread predatory lending
And holds over 5.7 billion in student debt.

Wells Fargo targets people of color
And the poor for high interest student loans,
urging loan officers to misreport income and forge documents.

Wells Fargo foreclosed
On hundreds of thousands of homes last year,
Many of them illegally.

Wells Fargo has been fined
85 Million dollars for its crimes,
You have issued no admission
Of guilt or apology.

Wells Fargo took 25 billion
In taxpayer dollars,
The larges bailout in bank history,
Yet reaped 4.1 billion last year
While paying no federal income tax.

You yourself made 19 million last year
Making you the highest paid bank CEO in America.

Furthermore
you invested nearly 100 million dollars
In racist for-profit prisons
While lobbying for harsher anti-immigrant legislation.

You are what is wrong with the culture of Wall Street.

A culture that values corporations
More than rights of 'people' with hearts and minds.
A culture that buys politicians
And corrupts our democracy.

A culture that exploits the dreams
Of working class and middle class Americans.
For the benefit of the 1 percent.

John Stumpf
Have you no shame?

By members of Occupy Raleigh and Occupy NCSU.

http://www2.nbc17.com/news/2011/dec/01/fact-check-occupys-claims-against-wells-fargo-ar-1668590/#fbcomments

Fact check: Occupy's claims against Wells Fargo

Wells Fargo CEO John Stumpf speaks at NC State

Protesters shout at Wells Fargo CEO in talk at NC State

By: NBC17 STAFF Published: December 01, 2011

The Occupy movement barged into a speech by Wells Fargo CEO John Stumpf Wednesday at N.C. State, shouting at Stumpf and reciting a list of allegations.

Occupy sent its claims to media outlets as well.

NBC-17 wanted to know if what Occupy claimed was true.

Here’s a review of the key Occupy claims, and what we learned:

CLAIM: Wells Fargo holds over $5.7 billion in student debt

FACT: The website alternet.org puts Wells Fargo student debt at $5.14 billion in 2009, but that is hard to verify. The Federal Government says “too little is known” about college student loans by private lenders.

CLAIM: Wells Fargo foreclosed on hundreds of thousands of homes last year, many of them illegally.

FACT: The U.S. Treasury is investigating whether Wells Fargo illegally foreclosed on some, including active-duty servicemen and women. Wells Fargo says it is reviewing.

NOTE: Josh Dunn, corporate communications manager for Wells Fargo for North and South Carolina, said the company turns to foreclosure as a last resort. 'We work with homeowners to try to keep them in their homes,' Dunn said. He said the company modified more than 700,000 loans between Jan. 2009 and Sept. 2011 and has a 'home preservation' seminar in Charlotte this month.

CLAIM: Wells Fargo has been fined $85 million “for its crimes.”

FACT: The Federal Reserve fined Wells Fargo $85 million this year.

NOTE: Wells Fargo's Dunn said the company did not admit or deny the allegations.

CLAIM: Wells Fargo took $25 billion in taxpayer dollars.

FACT:Wells Fargo did receive $25 billion, but repaid the money, plus $1.44 billion in interest, Dunn said.

CLAIM: Wells Fargo reaped $4.1 billion last year while paying no federal income tax.

FACT: Wells Fargo actually had $12.4 billion in earnings in 2010. It did not pay taxes in 2010, according to some reports.

NOTE: Wells Fargo's Dunn said the company did not pay federal taxes in 2009 because of the Wachovia purchase but did pay state and federal taxes in 2010.

CLAIM: Wells Fargo CEO John Stumpf made $19 million last year.

FACT: True. Wells Fargo's Dunn noted, however, that much of Stumpf's compensation was based on stock options.