It would take a heart of stone not to laugh: after spurning Wells Fargo Bank, the city of Seattle has gone back after finding no other bank wants its business. “The City Council in February 2017 voted 9-0 to pull its account from Wells Fargo, saying the city needs a bank that reflects its values.” Aside from the scandal over fabricated customer accounts, “Seattle was the first to make the Dakota Access Pipeline — fully operational since last June — a major reason for severing ties with the bank.”
It turned out, however, that other large money-center banks like JP Morgan Chase have also riled anti-fossil-fuel activists with their own involvements in project finance. “Glen Simecek, president and CEO of the Washington Bankers Association, a trade association of banks across Washington, said he wasn’t surprised the city had a tough time attracting a new partner” citing “disdain” by members of the city council. “It is a challenge, I don’t envy bankers trying to walk that line. They want to serve the city, but the challenge of an activist city council makes that harder to do.” [Lynda V. Mapes, Seattle Times]
The only way to make the story funnier would have been for Wells Fargo to have said no.
7 Comments
Actually, the contract runs through 2018. I wonder if Wells Fargo will, in the end, refuse to renew.
One can hope.
It would serve the City Council right.
Per article the contract was renewed last week.
Wells Fargo just threw away some major leverage. They don’t know how to negotiate. Neither do the baboons on SCC, for that matter.
Except Kshama Sawant (the K is silent), the socialist activist who breaks laws regularly, is playing the long game by pushing at boundaries. She knows how to play the game; the rest of the Council are following her lead. Wells Fargo might think they won a battle, but Sawant is winning by changing narratives. A local talk show host confirmed this when he chatted with her at one of her rallies on Saturday.
She is winning on the $275 head tax for the same reason. It will probably be repealed, but that was just the obvious spear thrust. She is manipulating Seattle Mayor Jenny Durkan, the governor, the state legislature, and the “illuminati” of Seattle.
Maybe Seattle should just open its own bank? They can fund it with the Amazon tax revenues!
Well, there’s always stagecoaches and strongboxes…..
Yeah, but the Wells Fargo people are laughing all the way to the bank, and it’s still their bank!