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Decatur Divest from Wells Fargo. Calling for an Ethics & Values Review.

This petition had 362 supporters


 

We, the undersigned, are residents, employees, patrons and/or small business owners of the City of Decatur.

We ask City of Decatur to reexamine the city’s relationship with Wells Fargo bank. We believe that doing business with Wells Fargo is in opposition to our city’s values, ethics and fair business practices.

We are proud of Decatur’s 2012 Environmental Sustainability Plan, which is “a direct outcome of the 2010 Strategic Plan, Principle C: Serve as Good Stewards of the Environment and Community Resources.”[1,2]  We want clean water, clean air and healthy soil.  We understand that national and global actions affect us locally.  We understand our actions affect other communities. 

Wells Fargo is the City of Decatur’s primary bank. Our property, business and other taxes and the City’s funds are deposited with Wells Fargo. According to Investopedia, deposits are the primary source of loanable funds for almost every bank. Wells Fargo loans our money to fund fossil fuel infrastructure projects, such the Dakota Access Pipeline (DAPL). [3] We do not want our tax dollars to support the DAPL project.

Wells Fargo uses our city funds to invest in private, for-profit prisons [4] and has committed fraud affecting millions of customers [5]. After the fraud was exposed, Wells Fargo subsequently fired over 5,000 employees for having followed management orders and no executive leadership were penalized until after congressional inquiry. We consider this to be unethical behavior. We want our city to bank with a business that is aligned with our values!

We appreciate the City Commissioner’s thoughtful consideration of this request. 

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[1] http://www.decaturnext.com/wp-content/uploads/2016/08/Decatur-360-DRAFT-08-15-16-Sequential-WEB.pdf (draft 8-15-16, page 7)

[2] http://www.decaturnext.com/wp-content/uploads/2016/08/Decatur-360-DRAFT-08-15-16-Sequential-WEB.pdf (draft 8-15-16, page 7) 

 [3] PriceofOil.com used the Oil Climate Index for the life cycle emissions of Bakken crude oil and the EPA Greenhouse Gas Equivalencies Calculator for coal plant and vehicle equivalents. 95% utilization equates to average annual throughput of 541,500 barrels per day. Contact us for full details of this calculation.

[4] https://prisondivest.com/2016/02/23/wells-fargo-complicit-in-private-prison-industry/

[5] http://fortune.com/2016/09/15/wells-fargo-scandal/

https://www.bloomberg.com/view/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts

RESOURCES & LINKS

 SeattleOrdinance      http://seattle.legistar.com/LegislationDetail.aspx?ID=2948595&GUID=F2604ED2-C0BC-44AA-9985-F3E338B8FBC9&Options=&Search=&FullText=1

Global Divestment Report    https://www.arabellaadvisors.com/wp-content/uploads/2016/12/Global_Divestment_Report_2016.pdf

Cities and People Profiting from Fossil Fuel are Hurting Future Generations https://www.democracynow.org/2016/12/13/you_are_hurting_future_generations_mark

The U.N. Paris Climate Accord    http://unfccc.int/essential_background/items/6031.php

 



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