[WSMDiscuss] Fwd: MEDIA ADVISORY: Los Angeles Budget & Finance to Vote: Divesting $8 Billion from Wells Fargo

[Estelle Fein]

Follow the money 

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Begin forwarded message:

> From: "Indigenous Environmental Network" <media at ienearth.org>
> Date: June 25, 2017 at 3:05:32 PM PDT
> To: "Estelle Fein" <leef at cruzio.com>
> Subject: MEDIA ADVISORY: Los Angeles Budget & Finance to Vote: Divesting $8 Billion from Wells Fargo
> Reply-To: "Indigenous Environmental Network" <media at ienearth.org>
> 
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> The Indigenous Environmental Network
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> Los Angeles Budget and Finance Committee to Vote on Divesting $8 Billion from Wells Fargo
> Where: West steps of LA City Hall 
> When: Monday, June 26
> Time: 11am
>  
> Media Contacts:  
> Adrienne Trewella 323-388-8438 trewartist at gmail.com
> MadelineMerritt 847-370-4714 madeline.merritt at gmail.com
> Los Angeles, CA – On June 26, 2017 the Los Angeles City Budget and Finance Committee will be voting on whether or not to end the City of Los Angeles’ Financial ties with Wells Fargo for their involvement in fraudulent and unethical banking practices. 
>  
> Divest LA; Indigenous leaders and community voices along with supporting organizations will hold a press conference on the West steps of City Hall at 11am. The Budget and Finance committee with convene in room 1010 at 2pm where members of the community will address the Committee during the agenda public comments portion urging that the committee to honor the City's Request for Proposal for Banking Services which mandates the City to do business with banks of a "Satisfactory" rating or above. Currently Wells Fargo does not meet these standards.
>  
> Well Fargo’s unethical banking practices has brought them under fire. The city of Los Angeles sued Wells Fargo and was awarded $185 million dollars. The state of California Comptroller recently reviewed Well Fargo’s standing under the Community Reinvestment Act and a determination was made and Wells Fargo was down graded to “ Need to Improve.” 
>  
> This standing bars them from engaging in business and providing services for the city. On March 28th Council members Mitch O’ Farrell (CD13) and Paul Koretz (CD 5) presented a motion to the Budget and Finance committee to stand with Standing Rock and cut ties with Wells Fargo Bank.  Recently councilmen O’Farrell was quoted saying "The city should divest its holdings from Wells Fargo in a manner that protects taxpayers' interests, and reinvest those funds in responsible financial institutions that respect the rights of all individuals to be treated fairly and equitably. Wells Fargo needs to change its business practices, or risk losing a customer in the city of Los Angeles,"
>  
> This vote opens the way for Los Angeles to divest 8 billion dollars in the city’s depositories. If passed, the motion will move to City Council for a determinative vote to potentially make the motion the largest bank divestment in the country, following dozens of other major cities like Seattle, Santa Monica, Philadelphia, and most recently, New York City.
>  
> Divest LA is a coalition of over 30 progressive, indigenous, environmental, and ethical banking organizations. Revolution LA, RedEarth Defense, AIM SoCal, Alliance of Californians for Community Empowerment, Committee for Better Banks, Fight Climate Denial, ClimateHawks Vote, March and Rally Los Angeles, Rainforest Action Network, 350 SoCal, 350.org, Wica Agli
> 
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> ###
>  
> This media advisory is being sent to you from the Indigenous Environmental Network in support of Divest LA and its coalition partners.
>  
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