Protesters rally against Wells Fargo CEO for pocketing $20 million after bailout
San Francisco Police arrested 24 protesters apart of a group attempting to shutdown a Wells Fargo shareholder meeting Tuesday afternoon, according to The Bay Citizen.
The protest against the bank was inspired by several factors. Organizers rallied against Wells Fargo executives receiving $72 million and CEO John Stumpf pocketing $20 million in 2011 despite being bailed out by the U.S. government in 2008. The bank increasing its funding of private prisons and its handling of foreclosing homes were also key factors spurring the protest.
Fourteen people were arrested after a protester interrupted Stumpf’s speech. Six people were arrested outside the building for trespassing while another four were placed into custody for resisting arrest.
Despite the arrests, photographer Mathew Sumner told The Raw Story Wednesday noted that the protest was peaceful but that “average people that are fed up with basically legal criminality by the banking intuitions and corporations in general in this country.”
Wells Fargo spokesman Ruben Pulido released a statement on the protest Tuesday, saying the bank “respects the rights of Americans to peacefully assemble.” Despite its questionable record on helping keep its customers in their homes, Pulido said the bank will continue to focus on “protecting the safety of our customers, team members and shareholders.”
WATCH: Video from KGO-TV, from April 24, 2012
[Photo credit: Mathew Sumner]