For Immediate Release
Advisory for Tuesday, April 24, 2012
MAJOR DISRUPTIONS PLANNED AT WELLS FARGO SHAREHOLDER MEETING AS “THE 99% TAKE OVER”
Thousands to disrupt, risk arrest at Wells Fargo shareholder meeting to demand Wells Fargo executives pay their fair share
New wave of 99% activism holding big corps accountable over CEO pay, tax dodging
SAN FRANCISCO – On Tuesday, April 24, thousands of people will confront Wells Fargo executives at the financial institution’s annual shareholder meeting, risking arrest in by attempting to shut down the meeting and disrupt the proceedings in order to demand Wells Fargo CEO John Stumpf and other executives address the concerns of the 99%.
The 99% activists include a diverse group of shareholders, homeowners facing foreclosure, immigrant rights activists, faith organizations and labor groups from around the country. Protesters will call on the bank to end practices that profit from community losses, including foreclosure, predatory lending, tax dodging, and investment in private prisons. The groups are demanding that the bank halt foreclosure pending investigation and reform, help homeowners by resetting post-bubble mortgages to their fair market values, divest from private prisons and immigrant detention centers, pays its fair share of federal taxes, and end predatory lending practices to individuals and municipalities.
Tuesday’s action comes on the heels of other significant upsets at Fortune 100 shareholder meetings nationwide: Citigroup (NYSE: C) shareholders’ unprecedented rejection of CEO Vikram Pandit’s exorbitant pay package and tax day protests that saw thousands in the streets angry over the 1% economy and unchecked power of rich corporations, executives shutting down EQT Corp.’s (NYSE: EQT) meeting, executives at Carnival Cruise Lines (NYSE: CCL) cutting its live broadcast and two hours of protests and ejections from the BNY Mellon (NYSE: BK) meeting.
WHAT: Thousands protest Wells Fargo shareholder meeting with some attending meeting to voice grievances directly to Wells Fargo executives
WHEN: 10am, April 24, 2012
WHERE: Justin Herman plaza, then march to 465 California St, San Francisco, CA
WHO: Thousands of community, faith, labor and student activists
The event comes in the midst of a growing national campaign calling for Wells Fargo, which is the nation’s largest mortgage servicer, to provide major new homeowner relief with principal reduction on a scale that approaches the $300 billion in negative home equity that exists in the U.S. Nationwide, there are 11 million homeowners who are “underwater” – and owe more on their mortgage than the value of their homes.
Wells Fargo is also a major player in the predatory payday lending industry and has dodged more taxes than any other company since the financial crisis began in 2008, holding back funds that could help put America back to work.
Groups working on disparate issues are finding common ground and a common culprit in Wells Fargo in response to corporate America’s continued profiteering and excess in the ongoing financial crisis it helped to create. Groups travelling from many cities have been active recently in a variety of efforts to confront Wells Fargo, including home defenses to resist eviction, tax protests, and direct actions delivering demands directly to Wells Fargo CEO John Stumpf, members of the board of directors and other executives.
Homeowners facing foreclosure, Wells Fargo mortgage holders, victims of Wells Fargo predatory lending and other directly affected by Wells Fargo business practices will be present and are available prior to April 24th for interviews.
Follow the action on Twitter with #wf24 #wfshareholders #notfeelingwells
On Facebook at: http://www.facebook.com/events/203308649774621/
The broad coalition of community, faith, and labor organizations participating includes: Alliance of Californians for Community Empowerment (ACCE), Alliance for Just Society, Causa Justa/Just Cause, Contra Costa Interfaith Supporting Community Organization (CCISCO), EnLace, International Forum on Globalization, National People’s Action, New Bottom Line, Occupy SF, POWER-LA, Pride @ Work, PICO California, ReFund California, and SEIU International, SEIU Local 1021, SEIU United Workers West, SEIU Local 87, San Francisco Labor Council, We Are Oregon
This action is also part of 99% Power, a national effort to mobilize well over 10,000 people, from all walks of life and representing the diversity of the 99%, to engage in nonviolent direct action at more than three-dozen corporate shareholder meetings across the country,
In the News
Naomi Klein Joins Thousands of Protesters to Occupy Wells Fargo Corporate HQ: Alternet
OccupySF protesters shut down Wells Fargo HQ: SF Bay Guardian
11 protesters arrested outside Wells Fargo in SF: KGO ABC 7
Taking On The Banks, with John Avalos: Countdown with Keith Olbermann
11 Arrested as Occupy San Francisco Marches on Wells Fargo Bank: KPFA News video
Disparate Groups Unite at Wells Fargo Protest: Bay Citizen
Protesters occupy Wells Fargo Bank: Washington Post
S.F.'s Wells Fargo target of antibank protest: SF Chronicle
Occupy San Francisco Takes on Wells Fargo: NBC 11