Campus Reform reports that nearly 200 UC Irvine students have signed a petition calling for Wells Fargo to be banned from the campus because it’s evil:
The petition, which is sponsored by the Black Student Union (BSU), claims that “Wells Fargo directly contributes to child abuse, slavery, discrimination, and exploitation” through its for-profit banking practices, and demands the removal of a branch located in the Student Center.
“We demand the Wells Fargo bank to be replaced with an ethically responsible financial institution that has no stakes in the investment in private prisons and anti-people ventures such as the Dakota Access Pipeline (DAPL),” the petition begins, explaining that “this means that we want the replacement to be a credit union, not another bank.”
Never mind that Wells Fargo contributed $281 million to charitable organizations since 2015. Wells Fargo’s financing of private prisons and the Dakota Access pipeline, in addition to being found to have engaged in racial discrimination (based on a settlement in 2012), is enough to cause the company to be bankona non grata.
What these students don’t seem to understand is that banks are in the business of making money. No profit, no bank. Loan conversations generally go like this:
Bank: How much do you want to borrow?
Company: [a big number]
Bank: Can you pay us back?
Company: Yes. [shows spreadsheet]
Bank: Ok. Here’s the money.
That’s how the real world works, boys and girls.
Kids (and Democratic politicians) nowadays think that part of doing business is determining whether a company is acting in accordance with the latest political guidelines. Yesterday it was tobacco. Today it’s private prisons, (the wrong) oil and gas, and the “fake news” alternative media. Tomorrow it’s….
Never mind. I don’t want to think about what tomorrow will look like.
If car companies were held to the same standards banks and social media companies are now, Ford would be held liable each time a getaway car is used during a bank robbery.
Seeing that Wells Fargo won’t be leaving UC Irvine anytime soon, maybe it can begin offering Kids Savings Accounts to students.
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Source: A Simple Fool