Case Study: Bad Business Practices — Wells Fargo And Appeasing Liberal Activists
Shareholders should wise-up to the shenanigans.
Special interests are embedding themselves into corporations, and manipulating shareholder interests for political gain.
S.F. Business Times reports: “Wells Fargo CEO Dick Kovacevich, speaking with a hoarse voice, led a two-hour annual meeting Tuesday that provided a forum to air a range of controversial isssues from evictions in San Francisco to coal miners conducting mountain top removal in West Virginia.”
Shareholders were greeted by members of the Rainforest Action Network protesting the bank’s environmental policies and extending financing to coal companies using moutain top removal. Community activists were there as well to protest the bank’s subprime lending practices.
Wells Fargo and its banking counterparts across the country have become lightening rods for controversy as advocates try to harness the power of these financial institutions to create change. Bank of America shareholders, for instance, voted down Wednesday a stockholder proposal to remove sexual orientation from the company’s equal employment opportunity statement.
Investors should be aware that special interests don’t care about creating shareholder value, but rather promoting their own agendas while corporations are forced to pick up the tab. The costs may not show today, but they will eventually. No free lunches.
A year ago this month, we wrote: “Once again, political-correctness bullies its way into corporate America.” It appears that Wells Fargo has compromised itself by trying to appease the activists. Let this be a lesson to other institutions.
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Technorati Tags: California, Environmentalists, Wells Fargo, Liberals
April 26th, 2006 at 8:32 pm
It is easy for the CEO of Wells Fargo to advocate these issues; he is not the person paying for this.
June 11th, 2006 at 11:20 am
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