Divest Reed College from Wells Fargo
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Reed’s current operating bank is Wells Fargo. We demand that Reed switches to an ethical bank. See the Reedies Against Racism Facebook page for more information.
5 Reasons Reed Should Divest from Wells Fargo
1) Wells Fargo funds the top three private prison operators in the U.S. These include CoreCivic and The GEO Group, which collectively control 85% of the U.S. private prison market. As of 2016, Wells Fargo has lent $65.4 million to CoreCivic, and is part of the syndicate of banks that has lent $450 million to The GEO Group.
2) Private prisons profit off of mass incarceration. Enabled by investments from banks like Wells Fargo, private prisons are incentivized to cut costs and maximize the number of inmates detained. This often leads to understaffing in prisons and basic food and medical needs not being met.
3) People of color are significantly overrepresented in the U.S. prison population, making up more than 60% of the people behind bars.
4) Wells Fargo has contributed $120M to finance the cost of the Dakota Access Pipeline (DAPL). The controversial oil pipeline has been criticized for its expected environmental unsustainability and encroachment on indigenous lands and heritage sites.
5) Other universities, including Columbia University and the University of California system, have already divested from Wells Fargo. The city of Seattle has also divested and Portland is in the process of divesting. This year, the Portland City Council voted unanimously to divest from corporations altogether and will be fully divested by 2019.
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