Sunday, March 05, 2017

13.10 - Footnote: Seattle cuts ties to Wells Fargo over DAPL

Footnote: Seattle cuts ties to Wells Fargo over DAPL

As a Footnote, to that, there have been various bits of fallout from the protests, with one more coming just recently.

On February 8, the Seattle City Council voted unanimously to cut ties with banking giant Wells Fargo over its business practices and particularly over its role as a lender to the Dakota Access pipeline project.

When the current contract between the city and the bank expires in 2018, it will not be renewed and there will no new investments in Wells Fargo securities for three years.

The bank currently manages the city's accounts, processing about $3 billion annually on an average daily balance of $10 million.

There are other efforts to, if you will, vote with your dollars. For example, individuals have withdrawn some $58 million in deposits from banks associated with the project, the Norwegian bank DNB sold its share in the project after finding that the natives' concerns were not being adequately addressed, and the city of Minneapolis is considering the possibility of cutting ties with banks invested in the fossil fuel industry in general and the Dakota Access Pipeline in particular.

None of that may seem like much compared to the size of the banking industry - but like the man in the movie said, small moves, small moves.

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