Belva Davis is facing eviction from her Detroit area home, despite her attempts to pay her mortgage. Deb Johann lost her job and had months of her vacation pay stolen from her, when Quad City Die Casting abruptly shuttered its Moline, IL plant. She and her co-workers are also owed thousands of dollars in health care.
They are only two among tens of thousands of victims of corporate crime. The culprit? Wells Fargo.
Wells Fargo and its Wachovia subsidiary received $25 Billion in “TARP” bailout money, not to mention far more subsidy from the Federal Reserve, supposedly to extend credit and keep our economy going during this economic crisis.
Instead, Wells Fargo and the rest of the big “Bailout Bandits” (Bank of America, Citigroup, JP Morgan Chase – you can read more about their corporate crimes here) reduced their lending, increased foreclosures and are paying huge executive bonuses while:
- foreclosing and evicting tens of thousands of people
- pushing people out of jobs when companies close for lack of credit
- charging obscene overdraft fees
- spending millions lobbying against reforms of the financial system and a recovery for the rest of us (health care, employee free choice act, a jobs plan and more)
- Wells Fargo is even refusing to negotiate with Belva and refusing to pay Quad City workers what they earned n vacation pay or health care benefits.
