Monday, April 12, 2010

Wells Fargo, what are you thinking?

Extortion?  I don't know, but Wells Fargo & Co., is giving in to it.  The National Association for the Advancement of Colored People ("You can't use that term, it's not N double-A PC!") sued Wells Fargo in March 2009 accusing it of (same old, same old) institutionalized and systematic RACISM (same old, same old) in steering (vroom, vroom) those ignorant black people into less favorable loans (as defined by, I imagine, the NAACP).  Wells struck back saying (as that mean president Obama does) the allegations were reckless and, of course, totally unfounded, then totally caved by giving the NAACP what I imagine is inside private information of lending, credit quality, risk and demographic information so the NAACP can monitor the bank's managing of lending.  Wells, you are one tough bank.  (And would competitors love to get their greedy little hands on this information?  But of course, Wells can trust the NAACP!)  But, wait, if it acts now, there's more...(Well, that's from those TV show special offers.)  F***  I am getting sick of all this, but wait, Wells will give the NAACP a REPORT CARD and my guess: NAACP will give Wells an "A" no matter what.  (Oh, may I have another toke?)  The RC is on...yes, ladies and gentlemen: diversity of suppliers.  Suppliers?  What does this have to do with lending?  Oh, also on timely notifying the NAACP of anything that would raise reputational "concerns" -- now, that's easy to define.  This takes the suit out of the hands of trial lawyers and puts it into the hands of trial lawyers.  Well good, the Democrats need more campaign contributions.  And they'll get them.  OK on to more.  The NAACP is Jealous.  Or Ben Jealous is prexy of the NAACP who said Wells also, panting, agreed to follow NAACP's principles of fairness and stop biased and exploitive behaviors.  Slurp, slurp, pander, pander.  Of course those principles were naturally in place at Wells said its EVP for...Social Responsibility...who said "It wasn't really about change so much as it was recognition that we agree."  What?  Of course Mr. Campbell, said EVP, in all likelihood is black and supports the NAACP but what about the executives of Wells agreeing to this bulls***?  Blacks are what? 14% of the population and are they the only ones discriminated against?  No. Are they really discriminated against?  We'll never find out because it won't go to court, Wells caved. So every other activist group I am sure are talking to their in-house tort lawyer right now.  Is Wells Fargo like the Republican Party having no backbone?

Wells caved.  So one falls they all fall:  (That's what got us into Vietnam.)  NAACP has also sued HSBC Holdings, PLC,  J.P.Morgan Chase &amp Co. and 12 more.

It'll be constructive to see the NAACP and the Obama Administrating fighting to manage the banking industry.  But there won't be one in a decade, the financial services industry will become a not-for-profit, wholly-owned supsidiary of the U. S. Government and the National Association of Colored People.

Barney Frank, get in there......................

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