Hundreds protest Wells Fargo Bank foreclosures in San Francisco

A quarter of all foreclosures in the US occur in California with 700,000 California residents going through the process at the moment.  About three hundred people rallied in Justin Herman Plaza in San Francisco yesterday before marching to Wells Fargo's headquarters. 

The event was organized by Alliance of Californians for Community Empowerment and Contra Costa Interfaith.  The groups targeted Wells Fargo because they say there are 350,000 homeowners that qualify for the Home Affordable Modification Program yet only 77, 402 have received permanent modifications to avoid losing their homes.

Wells Fargo received  some $43 billion in bailout money from the taxpayer and the bank paid its CEO $17 million in 2010 that included a $14 million bonus.  The bonus must have been for weaseling the bailout from the taxpayers.

I shot a little video and it was a spirited march but as if often the case, more so here in the US than other countries, there is rarely any emphasis on the system as part of the problem; the way society is organized.  The CEO is a bad guy, worse than other CEO's is a common theme. During the Safeway strike a few years ago it was the CEO of that company that was demonized, he was not a good boss, a decent capitalist like some of the others.


Some Wells Fargo Facts:

Bailout funds received: $43.7 billion
Profits, 1996-2010: $101.8 billion
Profits since bailout (2009-10) $24.6 billion
2010 CEO pay: 17.1 million
Lobbying 2009-10 $9.7 million
Wells Fargo Bank Teller wag $10.63 an hour ($22,100 per year.
Bonuses and compensation for 5 execs last 10 years: $345.5 million

If you are in foreclosure or want more information on this campaign call:
Kristina Bedrossian @ 818-307-9730
Preet Singh  415-735-8935
Mike Roth: 916-444-7170

I didn't have time to stay for the gathering at the headquarters but some of you might be interested in this short clip.