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2018-05-18 -Land of the Free
Unintended Consequences
[HotAir] It was big news when Seattle’s far-left city council cut ties with Wells Fargo in February 2017. The city became the first in the nation to cut ties with a bank over the bank’s involvement in funding the Dakota Access Pipeline. But today, Seattle reversed course and signed a three-year agreement with Wells Fargo for banking services. Why? No other bank was willing to take their business.
Reality, and Karma, are hard hitters.
From KUOW:

Breaking up is hard ‐ especially if you’re a city trying to break up with a bank.

Especially if the other banks aren’t all that interested in dating you...
You're just not that popular, Seattle.
The city council resolved to find a new financial institution before ending the Wells Fargo contract at the end of 2018. But this week, City Finance Director Glen Lee gave them an update on the search for a bank.
We screwed up
"The reality is, none wanted to participate and bid for our services, and given the time it takes to shift to a new service, we felt it was prudent for the city to move forward," Lee said.

To really appreciate how embarrassing this is, you need to look back at the celebration and back-patting that took place last year when the city voted to dump Wells Fargo. Komo News reported there were cheers after the unanimous vote:

The crowd erupted in cheers and chanted "water is life" when the council unanimously passed the measure, which directs officials to end the city’s contract with the San Francisco-based bank once it expires in 2018 and not to make new investments in Wells Fargo securities for three years.
How'd that work out for ya?
"The example that we have set today can become a an example of stupidity beacon of hope" for activists across the country, said Councilmember Kshama Sawant, who co-sponsored the legislation...
"You have been a city setting the example to the world and I look to you to do that now," Olivia One Feather, a member of the Standing Rock Sioux tribe, told the council. "When big cities such as this do the right thing, it sparks hope in the world."
It depends on your definition of "right thing".
Councilwoman Sawant, who was so proud of being a "beacon of hope," is the socialist who led the campaign for Seattle’s head tax and who led the previous campaign for a $15 per hour minimum wage. She’s a real treasure.

To be fair, it probably didn’t help that 11 other major banks were also involved in funding the multi-billion dollar Dakota Access Pipeline, including Bank of America, CitiBank, Chase, etc. Ultimately, there are a limited number of institutions prepared to handle an account like Seattle’s. Maybe they should have thought about that before the vote?
Posted by Deacon Blues 2018-05-18 00:00|| || Front Page|| [11137 views ]  Top

#1 Wells Fargo should charge them an a$$hole fee.
Posted by gorb 2018-05-18 01:18||   2018-05-18 01:18|| Front Page Top

#2 Wells Fargo is on a lot of Stock Shorters list...

Posted by Bright Pebbles 2018-05-18 04:15||   2018-05-18 04:15|| Front Page Top

#3 
Posted by Bright Pebbles 2018-05-18 04:15||   2018-05-18 04:15|| Front Page Top

#4 I've a feeling that this (and not just in Seattle, or USA) won't end without bloodbath.
Posted by g(r)omgoru 2018-05-18 05:39||   2018-05-18 05:39|| Front Page Top

#5 The could leap frog to Cryptocurrency for all their bank8ng needs. What could go wrong.
Posted by Airandee 2018-05-18 07:23||   2018-05-18 07:23|| Front Page Top

#6 There was always that Nigerian bank offer...
Posted by P2kontheroad 2018-05-18 07:27||   2018-05-18 07:27|| Front Page Top

#7 I am beginning to believe that those Nigerian Bank things originate with the City of Seattle and the State of California
Posted by Sock Puppet of Doom 2018-05-18 09:32||   2018-05-18 09:32|| Front Page Top

#8 Seattle and Chicago are doing a good job of pointing out the two options of the liberal governance end game.

Wells Fargo are fools for giving them a second chance.
Posted by rjschwarz 2018-05-18 10:36||   2018-05-18 10:36|| Front Page Top

#9 Nigerian bankers reportedly will have nothing to do with Seattle. Too illiterate to read the phising messages. Well's Buttgo got their behind crossways with the 2nd Amendment crowd and figure they can make up the difference by having sex with the dogs of Seattle.
Posted by Thor Sholuse3760 2018-05-18 21:55||   2018-05-18 21:55|| Front Page Top

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