September 25, 2021 The Newspaper Serving LGBT Los Angeles

WeHo’s Relationship with Wells Fargo

By SAMUEL BRASLOW| A slew of Bloomberg articles linking Wells Fargo to the National Rifle Association (NRA) have been causing West Hollywood citizens to rethink their relationship to the bank.

According to reporting by Bloomberg, the bank has become the primary financier for Big Gun, providing two of the largest U.S. firearm and ammunition manufacturers access to $431.1 million in loans and bonds since December 2012. According to Bloomberg, the bank also maintains a $28 million line of credit for the NRA and functions as the group’s primary financial institution.

Several cities have cut ties with the bank, including Chicago, San Francisco and Seattle. Locally, Santa Monica ended its relationship with Wells Fargo in 2017 in solidarity with Standing Rock, prompting activists in West Hollywood to ask if it is time for WeHo to do the same.

Before Bloomberg’s claims, the publisher of local news website WEHOville called for the city to cut ties with Wells Fargo. In an op-ed titled “WeHo Needs to Cut Its Ties with Wells Fargo,” publisher Hank Scott extolled City Council to look beyond the bank’s donations to LGBTQ causes like the Gay Men’s Chorus of Los Angeles. Then following Bloomberg’s report, Scott doubled-down.

“Given Wells Fargo’s well-documented history of corrupt behavior in recent years,” he wrote, “and now the revelation that it provides financial backing for gun manufacturers and the NRA, the question is: Why won’t the Gay Men’s Chorus of Los Angeles, and the City of West Hollywood, stand up to, and not up for, Wells Fargo?”

According to Bloomberg, in February 2018, the Federal Reserve issued an unprecedented punishment to restrict Wells Fargo from expanding its assets until it cleans up its act. In the months before the punishment, it was revealed that the bank had secretly created millions of unauthorized accounts without notifying customers. The bank has also admitted to forcing up to 570,000 customers into unneeded auto insurance. Then, in another scandal last year, Wells Fargo was found to have illegally repossessed cars from over 860 service members, according to Bloomberg.

Wells Fargo’s contract with West Hollywood is up for renewal, with a final vote scheduled for July 16, 2018.

Editor’s Note: Wells Fargo was not available for comment at time of print.

Related Posts

“Pose” Actor Jason Rodriguez Forms New Talent Agency

August 15, 2021

August 15, 2021

Jason Rodriguez, the unequivocal new face of voguing and “Pose” superstar, has formed a new talent agency called Arraygency.  Rodriguez...

AltaMed Health Services to Host “Inclusion Beyond Pride: A Queer Art Show”

August 5, 2021

August 5, 2021

AltaMed Health Services, will host “Inclusion Beyond Pride: A Queer Art Show” on Friday, Aug. 6, 6-10 p.m. in Los...

Strut BAR & CLUB Presents Mimosa Girls Drag Brunch

July 26, 2021

July 26, 2021

Strut BAR & CLUB has announced its weekly drag brunch featuring the Mimosa Girls.  Costa Mesa’s ALL inclusive location for...

WeHo Asking For Community Input On Naming Request to Rename the West Hollywood Library

July 26, 2021

July 26, 2021

The City of West Hollywood is conducting a community survey to solicit public input about a naming request to rename...

Disneyland Drops ‘Boys and Girls’ Reference

July 19, 2021

July 19, 2021

Disneyland will be changing the introduction to its nightly fireworks show from “Good evening, ladies and gentlemen, boys and girls,...

Dogdrop’s List Of LGBTQ+ Pet Accessories

June 20, 2021

June 20, 2021

Dogdrop, a queer owned dog daycare in Los Angeles, is highlighting a list of LGBTQ+ pet accessories for Pride month. ...

Drag Filled Cocktail Event At the Beverly Center

June 19, 2021

June 19, 2021

On June 17th Beverly Center and The Webster hosted a private cocktail event with some of the city’s brightest LGBTQ+ stars. ...

Beverly Center Pride Celebrations For Pride Month

June 19, 2021

June 19, 2021

Throughout Pride month from June1st – June 30th the Beverly Center will honor the LGBTQ+ community with its long-standing PRIDE...

Talkshoplive Announces GLAAD As June Charity

June 11, 2021

June 11, 2021

As Pride Month kicks off, talkshoplive, the groundbreaking livestream commerce platform, announces GLAAD will be talkshoplive’s charity of the month...

The Abbey Food & Bar Celebrates 30 Years

May 23, 2021

May 23, 2021

On May 23rd The Abbey Food & Bar celebrated 30 years since its founding in May 1991. The Abbey has...

Drag Queen Bingo Supporting Ruff Patches

May 23, 2021

May 23, 2021

Popular LGBTQ spot Hamburger Mary’s West Hollywood will be hosting its regular drag bingo to support Ruff Patches animal rescue. ...

Awakening Recovery Helping LGBTQ+ People With Addiction

May 23, 2021

May 23, 2021

Awakening Recovery is a non-profit recovery community created to provide a safe and effective environment for men to build the...

Crimson & Clover Studio De-stigmatizing Sex Through Humor

May 23, 2021

May 23, 2021

Crimson and Clover Studio is an online retailer that sells goods to invoke laughter and destigmatize sex through humor featuring...

LA Pride Announces LGBTQ Cinespia Event At Hollywood Forever Cemetery

May 23, 2021

May 23, 2021

In honor of 2021’s “Thrive With Pride” theme LA Pride has announced a special night at the Hollywood Forever Cemetery. ...

Skittles Gives Up Rainbow For Pride

May 15, 2021

May 15, 2021

As Pride season approaches, Skittles has announced that it will be giving up it’s rainbow again because “only one rainbow...