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Economy
In reply to the discussion: Weekend Economists Examine Escape Artists and Con Men April 27-29, 2012 [View all]Demeter
(85,373 posts)35. Demonstrators Confront Wells Fargo Shareholders
http://truth-out.org/news/item/8736-demonstrators-confront-wells-fargo-shareholders
On Tuesday, April 24 in San Francisco, thousands of angry homeowners, immigrants, union members, Occupiers and community groups converged on the annual shareholders meeting of Wells Fargo Bank. In a carefully choreographed protest, simultaneous marches left Justin Herman Plaza on the city's waterfront, the site of the Occupy San Francisco encampment last fall. Demonstrators walked up parallel streets into the financial district, where they encircled the block in which the meeting was set to take place, in the Julia Morgan ballroom of the Merchants Exchange Building. Beforehand, some demonstrators had moved into the building's lobby, while others chained themselves together, putting sleeves around their arms to make it hard for police to cut them apart to arrest them.
A group of religious, union and community representatives had purchased shares of stock in the bank beforehand, supposedly allowing them to attend the shareholders meeting. Some even held proxies, allowing them to vote the stock belonging to others. As the rally swirled outside and speeches and songs filled the streets now vacant of normal traffic, the police closed off the building and refused to let the shareholders inside.
Maria Poblet, from the housing rights organization Just Cause, and Cinthya Muñoz, from Alameda County United in Defense of Immigrant Rights, spoke from a flatbed truck in front of the bank, reminding the crowd of the reasons they'd brought their protests to the bank's doors. "Shareholders want to meet about how to best reap profits from foreclosures, for-profit prisons and detentionDemonstrators Confront Wells Fargo Shareholders centers, student loans, and tax evasion," Poblet shouted. "Today the bank can see that there's no more business as usual. We say no!"
Wells Fargo CEO John Stumpf, however, closed the meeting to the shareholders kept at bay by the police outside.
...Fifteen protesting shareholders were finally permitted across police lines and went into the meeting. When Stumpf began a presentation congratulating the bank for making a $15.9 billion profit last year, in the Demonstrators Confront Wells Fargo Shareholdersmidst of foreclosures and a recession, they interrupted him. Police converged on them, took them out of the meeting, and cited and released them. Nine others were arrested outside. Afterwards, the remaining shareholders approved a $19.8 million compensation package for Stumpf's last year's labor.
PHOTOS AND MORE AT LINK
On Tuesday, April 24 in San Francisco, thousands of angry homeowners, immigrants, union members, Occupiers and community groups converged on the annual shareholders meeting of Wells Fargo Bank. In a carefully choreographed protest, simultaneous marches left Justin Herman Plaza on the city's waterfront, the site of the Occupy San Francisco encampment last fall. Demonstrators walked up parallel streets into the financial district, where they encircled the block in which the meeting was set to take place, in the Julia Morgan ballroom of the Merchants Exchange Building. Beforehand, some demonstrators had moved into the building's lobby, while others chained themselves together, putting sleeves around their arms to make it hard for police to cut them apart to arrest them.
A group of religious, union and community representatives had purchased shares of stock in the bank beforehand, supposedly allowing them to attend the shareholders meeting. Some even held proxies, allowing them to vote the stock belonging to others. As the rally swirled outside and speeches and songs filled the streets now vacant of normal traffic, the police closed off the building and refused to let the shareholders inside.
Maria Poblet, from the housing rights organization Just Cause, and Cinthya Muñoz, from Alameda County United in Defense of Immigrant Rights, spoke from a flatbed truck in front of the bank, reminding the crowd of the reasons they'd brought their protests to the bank's doors. "Shareholders want to meet about how to best reap profits from foreclosures, for-profit prisons and detentionDemonstrators Confront Wells Fargo Shareholders centers, student loans, and tax evasion," Poblet shouted. "Today the bank can see that there's no more business as usual. We say no!"
Wells Fargo CEO John Stumpf, however, closed the meeting to the shareholders kept at bay by the police outside.
...Fifteen protesting shareholders were finally permitted across police lines and went into the meeting. When Stumpf began a presentation congratulating the bank for making a $15.9 billion profit last year, in the Demonstrators Confront Wells Fargo Shareholdersmidst of foreclosures and a recession, they interrupted him. Police converged on them, took them out of the meeting, and cited and released them. Nine others were arrested outside. Afterwards, the remaining shareholders approved a $19.8 million compensation package for Stumpf's last year's labor.
PHOTOS AND MORE AT LINK
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