Singing, “Stop calling, stop calling, can’t afford to pay anymore,” a flash mob danced on the counters and in the lobby of the San Francisco Wells Fargo branch on Montgomery and Market on January 7th to protest Wells Fargo’s role in the economic and housing crisis. The event, organized by San Francisco Pride at Work/HAVOQ and the San Francisco Occupy movement highlighted the unfairness of the company’s profits and bailouts after it made fraudulent housing loans that triggered the 2008 economic meltdown.
Participants spoke out about how Wells Fargo profits from student loan debts, which are considered to be among the most lucrative loans banks can make. ‘”Wells Fargo makes immense profits off of student loans and pays essentially nothing in taxes,” said Ethan Knudson, a recent graduate with student loans from Wells Fargo. “All while recent grads like me are unemployed or stuck in dead-end jobs.” Wells Fargo is estimated to hold over 10 billion dollars in private student debt. . .