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Description
From the Stated Meeting of Philadelphia City Council held Thursday, September 29, 2016:
Councilwoman Cindy Bass (8th District) speaks on her resolution calling for hearings on the impact of the Wells Fargo Bank scandal on Philadelphians and the feasibility of removing Wells Fargo Bank as a City depository.
www.phlcouncil.com
A
Recognizes
Calaveras
Thank
You.
Mr.
president,
you
up
early,
our
colleague,
David
o,
started
out
his
comments
with
dusk
Ron
pay
and
it
certainly
seems
like
it
does,
for
some
people
and
I'm
referring
to
wells
fargo
and
the
resolution
which
we
introduced
earlier
this
afternoon.
And
you
know
I
just
wanted
to
make
a
couple
of
points
about
Wells,
Fargo
and
some
of
the
concerns
that
I
think
that
we
all
should
have
and
to
state
that.
I
think
it's
really
time
for
us
to
divest.
Remember
that
word.
A
A
Senator
Elizabeth
Warren
suggested
this
that
there
should
be
a
criminal
investigation
into
wells
fargo
and
she
said-
and
I
quote
this
just
isn't
right:
a
cashier
who
steals
a
handful
of
20s
is
accountable,
but
a
Wall
Street
executive
almost
never
holds
themselves
accountable,
not
now
not
in
2008
when
they
crunched
the
worldwide
economy.
The
only
way
that
Wall
Street
will
change
is,
if
executives
face
jail
time
when
they
preside
over
massive
fraud,
and
so
I
want
to
know
I'm.
Just
asking
and
I
think
this
is
something
that
we
can
discuss
further
in
the
hearing.
A
Why
is
the
city
of
Philadelphia
doing
business
with
a
bank
that
has
admitted
to
committing
fraud?
The
state
of
California
has
decided
to
immediately
suspend
this
relationship
with
Wells
Fargo
and
in
case
any
money
hasn't
noticed,
California's
a
whole
lot
bigger
than
Philadelphia.
If
they
can
do
it,
maybe
we
can
do
it
too,
and
let's
note
that
California,
let's
know
that
California
is
the
nation's
largest
issuer
of
municipal
bonds.
California
is
now
barring
Wells
Fargo
from
underwriting
state
debt
and
handling
all
banking
transactions.
A
So
why
aren't
we
I'm
looking
forward
to
this
hearing
on
this
particular
matter
and
what
we
can
do
to
what
kind
of
conversation
we
can
have
about
the
beginning?
The
process
of
divestment
from
from
Wells
Fargo
there's
got
to
be
a
lot
more
conversation
about
Wells,
Fargo
I
know
that
Congress
is
having
a
hearing
today,
chairs
chaired
by
a
congressman
from
Texas
who,
according
to
the
Today
Show
recent
release,
received
a
ten-thousand-dollar
contribution
from
wells,
fargo
and
he's
chairing
that
committee
today
down
in
Washington
DC.
So
that's
very
interesting
just
so.
A
Everyone
knows
the
facts:
Wells
Fargo
open
about
2
million
bank
accounts
for
customers
who
were
then
charged
fees,
penalties
and
damage
credit
scores,
because
they
didn't
know
that
these
fees
and
penalties
were
then
being
sent
to
a
collection
agency,
5300
employees,
ninety
percent
of
whom
were
hourly
were
fired.
No
executives
were
fired
or
lost
the
bonus
money
that
they
received.
As
a
result
of
these
two
million
bank
accounts,
it's
the
most
valuable
bank
in
the
world
and
right
now,
I
just
feel
like
Wells
Fargo.
You
owe
us
the
city
of
Philadelphia
and
explanation.
A
We
want
to
know
how
many
Philadelphians
were
effective.
We
want
to
know
how
many
Philadelphians
lost
their
jobs,
and
this
is
a
bank
that
holds
three
billion
dollars
worth
of
deposits
that
run
through
from
the
city
of
Philadelphia.
They
owe
us
the
answers.
How
many
were
fired?
How
many
accounts
were
opened
here
in
Philadelphia?
What
was
the
domino
fact?
Anyone
who's
ever
bounced
to
check
notice
that
there's
a
domino
effect
from
that
there's
bad
credit,
there's
collections.
A
There
are
other
bills
that
are
unpaid,
what
happens
and
as
we
talked
earlier
about
this
week
being
or
in
a
few
weeks
being
med
week
as
we
talk
about
small
businesses,
how
will
people
who
operate
small
businesses
affected?
So
it
all
comes
full
circle
and
we
look
forward
to
the
hearing
and
hearing
answers
from
Wells
Fargo
directly
Thank
You.
Mr.
president,
thank
you
feel
sore.