Latino and Somali immigrants are organizing in Minneapolis, Minn., against Wells Fargo, telling the bank to stop donating to anti-immigrant politicians and investing in private prison corporations while courting immigrant customers.
About 150 people, many of them Wells Fargo customers and Latino or Somali immigrants, gathered outside a Wells Fargo branch on Saturday to protest the bank. The protest was part of a larger effort by 84 advocacy groups calling for Wells Fargo to divest its money from companies that profit off of immigrant detention.
The protesters called Wells Fargo hypocritical for targeting Latinos and immigrant customers while also giving money to causes that immigrants largely oppose, such as private immigrant detention centers and bills that make it difficult to migrate legally to the United States. Wells Fargo uses its mutual funds to invest in two of the largest for-profit detention companies: Corrections Corporation of America and the GEO Group, both of which spend millions each year lobbying for stricter immigration enforcement.
Big banks are now the universal enemy. And it's great that people are confronting them directly, rather waiting for the political process to eventually do close to nothing. The current mood is a consequence of Obama's failure to produce the goods he promised and the collapse of market-oriented ideology—the former followed the latter. It is, therefore, a double failure. The failure of the left to correct in any serious way a terribly unbalanced wealth distribution system, and the failure of a market, deregulated by the right, to correct itself.