On Tuesday, Seattle’s city council voted unanimously in favor of cutting banking ties with Wells Fargo and avoiding any new investments in the company’s stocks and bonds. Seattle Mayor Ed Murray, said the city “will not stand by as tribal citizens are treated as second-class communities.”
Good job Seattle.
Wells Fargo‘s CEO Tim Sloan defended the bank’s role saying, “We have an obligation. That credit facility was properly vetted and independently reviewed within Wells Fargo. We thought it made sense.” He also made sure to note that they were one of 17 banks helping (that’s called deflection).
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