March 29, 2024 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

The Problem with Pride Outfits and How You Can Change It

February 20, 2023

February 20, 2023

Since pride month’s official declaration in 1999, we’re reminded every June of how far America has come following New York...

Green Qween New Queer-Owned Cannabis Shop Will Open Downtown

February 2, 2022

February 2, 2022

Green Qween, a new queer-owned and queer-driven cannabis shop, will open in downtown on April 20th.  The shops owners, Andrés...

LGBTQ Haven in Long Beach

January 18, 2022

January 18, 2022

Long Beach is quickly becoming more and more of a safe haven for LGBTQ individuals with its queer spaces exploding...

WeHo Offers Sandbags To Help Residents With Heavy Rain

December 14, 2021

December 14, 2021

The City of West Hollywood is offering free sand-filled sandbags to West Hollywood residents and businesses as heavy rains fall...

Synergy Scholarship For LGBTQ+ Students

December 13, 2021

December 13, 2021

The Synergy scholarship for LGBTQ+ students is now open for submissions.  Created by California native GT Dave in June of...

WeHo Wins ‘Most Business-Friendly City Award’ from the Los Angeles County Economic Development Corporation

November 30, 2021

November 30, 2021

The City of West Hollywood has been awarded the Los Angeles County Economic Development Corporation’s 2021 Most Business-Friendly City Award....

Zombie Beach In Venice

October 31, 2021

October 31, 2021

Venice Pride and James’ Beach will present a monstrous dance party titled Zombie Beach to celebrate this Halloween season.  The...

Restaurants In WeHo Showcase Delicious Specialties For dineL.A.

October 7, 2021

October 7, 2021

The City of West Hollywood’s restaurants showcase delicious specialties for dineL.A, a twice-annual event with participating restaurants offering special prix...

“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. ...