A complaint against Wells Fargo Bank was filed yesterday with the Delaware Attorney General and the US Securities and Exchange Commission (SEC). According to the complaint, shareholders with concerns about the bank's investment and foreclosure practices were illegally denied access at last month's shareholder meeting at the company's headquarters in San Francisco.
A copy of the SEC filing was also delivered yesterday at the company's headquarters, as well as various Wells Fargo branches around the country. While shareholders are crying foul, Wells Fargo is denying some of the accusations.
Joe Clement reads a CounterPunch article by trade-unionist, Alberto Ruiz, called The US Labor Movement and China. Ruiz criticizes the stigmatization of foreign labor by US unionists and explores the dark pro-imperialist history of the AFL-CIO, as well as the vigor of the recent up-surge in China's labor movement.
Joe Clement hosts this Old Mole, which is shorter than usual because of membership-drive. We hear about growing concern with and resistance to nuclear energy, ecologically driven energy policy in Oregon, and about labor chauvinism toward China.
Professor William Black speaks on "Banks, Fraud & Looting"
William Black - Banks, Fraud & Looting (lecture)
Bankers brought the world's economy to the brink of collapse and then as the Occupy slogan says, “We got sold out, they got bailed out.” In many ways Goldman Sachs, one of the largest and most important investment banks, epitomizes all that is wrong with the economic system. Its CEO modestly announced that they were doing “God's work.” There was a big brouhaha when Greg Smith, an executive director at Goldman Sachs, quit the firm with a blistering “New York Times” op-ed. Smith, said it had become “morally bankrupt” and he decried the "toxic and destructive" environment at the bank that put profits ahead of ethics. "It makes me ill,” he said, how callously people [at the bank] talk about ripping their clients off.
"What Money Can't Buy: The Moral Limits of Markets"
Host Michelle Schroeder Fletcher interviews Michael Sandel, author of "What Money Can't Buy: The Moral Limits of Markets." They'll talk about the difficult arguments missing from our public debates about the value being assigned by markets to nonmarket norms. What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets don't honor and that money can't buy?
Michael Sandel is a political philosopher and a professor at Harvard University. He is best known for the Harvard course 'Justice' which is available to view online, and for his critique of Rawls' A Theory of Justice in his Liberalism and the Limits of Justice (1982).