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Group Protests at Wells Fargo Exec's San Marino Home (VIDEO)

About a hundred people from the group Refund California Coalition protested with chants, signs and horns outside the San Marino home of Wells Fargo CFO Tim Sloan Wednesday, in solidarity with the Occupy L.A. protests.

 
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Refund California and POWER Protest
Refund California protests outside the San Marino home of Wells Fargo CFO Tim Sloan Wednesday night.
Videos (3)

Videos

Refund California protests outside the San Marino home of Wells Fargo CFO Tim Sloan Wednesday night.
Protesters gathered in the front lawn of Wells Fargo CFO Tim Sloan's San Marino home for a little over a half hour Wednesday night to protest his bank and others.
Refund California Organizer Peggy Mears explains why she and others are protesting Wells Fargo and other banks.

"Make banks pay!" and other chants were proclaimed by the group Refund California and others Wednesday night as they occupied the front lawn outside the San Marino home of Wells Fargo CFO Tim Sloan, who lives on Woodstock Road.

See the Patch photo gallery of Wednesday's San Marino protest here.

Peggy Mears, the Refund California organizer for Alliance California for Community Empowerment (ACCE), said Wednesay that the group is in solidarity with Occupy L.A., though they are not affiliated.

The People Organized for Westside Renewal (POWER) led the protest with Refund California and said in a release that they were protesting outside Sloan's home for the following reasons:

  • To demand that Wells Fargo divest from private prison companies that contract with the government to deport immigrant workers and redirect that money to the real economy, creating jobs, rebuilding housing and refunding government coffers.
  • To protest Wells Fargo for leading the major banks in peddling bad sub-prime mortgages to minority communities throughout the nation
  • To highlight that Wells Fargo pays the lowest corporate tax rate of any major bank (around 11 percent) and paid no taxes in 2009.

A San Marino Police Department officer was at the protest, which lasted about a half hour and at no point got violent, but the officer eventually told an organizer that protesters needed to move a charter bus and vehicles parked on Woodstock Road, which does not allow street parking.

As protesters left in two large charter buses and a few cars, four South Pasadena Police Department cars arrived near the scene since SMPD had called them for assistance, but it was not needed at that point.

The protest is part of an ongoing week of actions in Los Angeles that have included other protests and is part of a larger movement called New Bottom Line that began Sept. 20 in Washington state and calls for "an economy that works for everyday people, not just big corporations."

The week of actions is planned to culminate Thursday afternoon with thousands of people marching in Downtown Los Angeles.

See San Marino police reaction to Refund California's Wells Fargo CFO protest here.

Do you think San Marino police reacted appropriately to the protest? Take our poll.

Related Topics: Banks, Economic Crisis, Occupy LA, Protests, Wall Street, Wells Fargo, dispatches, new bottom line, people organized for westside renewal, and refund california
What do you think of the demonstrations reaching our community? Tell us in the comments.

Bernard Azer

1:32 pm on Thursday, October 6, 2011

All of this because the Clinton Administration required banks to loosen their regulations when it came to home loans, so that the Utopian ideal of home ownership for everyone could become reality. Now we have an Administration trying to correct the mistakes made over 10 years ago by bailing out the banks who made bad loans that the government required them to make. So, who is at fault: The banks or our big government meddling in private capitalist enterprise?

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Marian Thompson

2:48 pm on Thursday, October 6, 2011

You are absolutely correct. Banks wanted to get in the home loan business, and edge out mortgage brokers and companies for this business. Not only did banks pursue this change through the Clinton administration, they also got one better - they were not subject to the same reporting and disclosure requirements that existed for mortgage brokers - thereby making it more and more difficult for mortgage brokers to compete for this business. Did the government actually think banks would enter into the home loan business to protect consumers? That's naïve thinking. It seems no one really thought this one threw. But what else is new? No one in Congress bothered to read the healthcare bill either.

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Glaros

1:37 am on Friday, October 7, 2011

Right Bernard. Maybe the banks should pay them with the fake money obama is printing left & right!

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Melanie Stallings Williams

10:14 am on Sunday, April 29, 2012

If it's not obvious how obnoxious this is, then things are worse than we thought. It is invasive and offensive behavior that retards any discussion of reforming the mortgage system and the regulation of lenders. Let's promote civility; don't let childish stunts diminish the discussion.

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