Wednesday, February 27, 2013

Wells Fargo, Predatory Lending, and Racist Attacks: Connecting the Dots

The newly formed coalition of organized labor and community activists picketed Capital Access Network [CAN], calling for the immediate firing of Senior Vice President, Nathan Warshaw. After picketing outside CAN, a delegation delivered a letter to a local Wells Fargo Bank branch because it is one of the major funding sources for CAN, a sub-prime lender, that preys upon small business owners who need money to keep their businesses going.

Wells Fargo along with Fifth Third Bank and Goldman Sachs uses companies like CAN to offer loans at high interest rates that return to them profit margins very similar to the profit margins they received from the sub-prime mortgage lending scheme.

Why are folks up in arms about Capital Access Network and Nathan Warshaw?

Senior Vice President, Nathan Warshaw, wasn't happy about the presidential election results. On November 3rd 2012 Warshaw was heard spouting off racial slurs and referring to President Obama as "That damn Muslim”. When Warshaw discovered that two of his African American employees took paid days off, which they had earned, he called them in the office, cussed them out, made racist comments, and demoted them for taking time off on Election Day to vote.
“On Wednesday we want to make it clear that we will not allow workers to by bullied by racist bosses Like Nathan Warshaw, or exploited by predatory loans funded by Wells Fargo” Stated Cobb SCLC President Dr. Ben Williams

The letter to Wells Fargo was clear in making the connection between the bank and Capital Access Network, and clear in the coalitions ask:

1.      Immediately schedule a face to face meeting thereby enabling members of the Coalition for Workers Rights to confer with Wells Fargo Sr. Vice President, Mike Donnelly;

2.      Immediately remove Sr. Vice President, Nathan Warshaw for his abusive conduct resulting in humiliation, embarrassment and unjust demotion of employees;

3.      Immediately compensate Pastor David Rice for the pain and suffering inflicted upon him by Sr. Vice President Nathan Warshaw;

4.      Immediately stops the funding predatory loans through Capital Access Network, Inc., and
5.      Immediately withdraw as a Partner with Capital Access Network, Inc.

The members of the Coalition for Workers Rights believe in negotiation and reconciliation.  We also believe in direct action, if necessary, to secure that which is just and fair.

No comments:

Post a Comment