Teachers union dumps Wells Fargo mortgage promotion for members over bank's gun-industry ties

CNBC ^ | August 19 2018 | Liz Moyer

[Skywise]

The nation's second-largest teacher's union has ended a promotional program with Wells Fargo, citing the bank's continued ties to the gun industry. The American Federation of Teachers, representing 1.7 million workers, said it removed the Wells Fargo mortgage program from its member benefits site effective Thursday. The union had attempted to discuss its issues with Wells Fargo management but didn't get a response, it said in a letter Thursday that was reviewed by CNBC.

[Skywise]

"Despite our several attempts, by phone and email, to schedule such a meeting, your office's response has been radio silence," said the letter, signed by the union's president, Randi Weingarten. "We can only assume," the letter added, "that the NRA business is more valuable to you than students and their educators are." .... The teachers union is also putting pressure on its pension managers, who oversee $3 trillion of teacher retirement savings, to push fund companies to shed gun-maker stocks, offer funds that specifically exclude gun-related investments or drop investment managers that refuse.

[DesertRhino]

There are at least 100 million gun owners in America. There are 3.2 million teachers.
Gun owners have money. Teachers are reputed to be poorly paid.

Wells Fargo is a bank.

[ridesthemiles]

In another 5 years, those public employees unions might be totally gone. Fun owners will still be here.

[Renegade]

My wife and I are retired teachers and say FK the NEA!The,Constitution supercedes ANYTHING in our minds.

[1Old Pro]

screw the teacher union bosses.

[ridesthemiles]

In another 5 years, those public employees unions might be totally gone. Gun owners will still be here.

[DesertRhino]

14 million Americans “consider themselves” NRA members. The actual rolls show around 5 million.

Teachers that are union members count 2.5 million.

For extra fun, most of those are members at gunpoint and have no choice. And many of them are gun owners.

[FLT-bird]

We’ll see how many teachers actually do what their union leadership tells them to do.

Meanwhile I will close out my BofA account though I have to keep it quiet as to why I’m doing so because I’m in negotiations with them to do my next project. I am still willing to take their money, I’m just no longer willing to give them any of mine.

[Skywise]

Ya haveta wonder why the union, whose purpose is to negotiate pay and benefits for the teachers, feels the need to join a socialist political campaign and then use the union dues and risk the teachers pension funds to play their game.

1% indeed.

(And no I don’t really wonder - I KNOW why)

[rarestia]

[Dave911]

Well Boo F***ing Hoo!

[Yo-Yo]

Before you sing the praises of Wells Fargo too loudly...

Wells Fargo fined $1 billion for ‘reckless unsafe or unsound practices’

[stevio]

Funny, their stock is up ~2% at this writing.

[rockrr]

And the balkanization of America continues apace...

[rktman]

What’s the difference? LOL! No correction required.

[moovova]

If WF had a promotional program going with the teacher’s union, union members were probably getting some sort of mortgage process bennie...lower rate, discount closing costs, lower qualification parameters, etc. So, the union is eliminating this bennie for their members?

[ExGeeEye]

Federal Regulators extorted money from a business?

Sounds like an endorsement to me.

[vette6387]

“In another 5 years, those public employees unions might be totally gone. Gun owners will still be here.”

Yes, helped by their then insolvent pension funds. And by then the ability to double dip by going to work for the USPS will also be gone.

[Gene Eric]

Public unions must be outlawed. The taxpayer is NOT represented!

[Zathras]

Now we know who has been attacking the banks and Faux News.
CA Teachers Union.