After last month’s victory in getting the University of California system to sell nearly $30 million in private prison holdings, the Afrikan Black Coalition (ABC) is now demanding Wells Fargo do the same.
<p><p style=”background: white;”>
ABC is a statewide Black student organization based in California that had helped pressure the UC system to sell direct shares in Corrections Corporation of America (CCA), the GEO Group (GEO) and G4S.
Their demands were only partially met, according to an ABC press release, since the University of California “still maintains their $425 million investment in Wells Fargo.”
“To support Wells Fargo is both unethical and financially risky,” according to the press release, citing Wells Fargo’s nearly 1.5 million shares in CCA and GEO “effectively financing the dehumanization of Black and migrant people.”
The organization also references a $175 million settlement that Wells Fargo paid in 2012 for discriminatory lending practices where Black borrowers and borrowers of color paid higher fees than their white counterparts.
“Given these unethical practices, the Afrikan Black Coalition hereby puts Wells Fargo on notice to sell all shares and terminate the stated business relations with private prisons by February 20, 2016,” according to the press release.
“If Wells Fargo does not stop funding the dehumanization of Black and migrant people…ABC will push the University of California to divest the $425 million invested in Wells Fargo.”
Furthermore, ABC and its allies say they will call for a boycott of Wells Fargo by its national supporters if the bank does not sell its shares by February.