Tavis Smiley named in Wells Fargo Subprime Scam Lawsuit

Did Tavis Smiley help Wells Fargo herd black people into subprime loans? Yes, according to information contained in a lawsuit filed recently by Illinois Attorney General Lisa Madigan. The suit alleges that Smiley was the hook used to draw in potential customers for subprime mortgages. You might be familiar with the "Wealth Building" seminars that Wells Fargo conducted beginning in the year 2000. Smiley was the headline speaker at these events, held in Baltimore; Chicago; Richmond, Va.; and San Francisco. The seminars were advertised aggressively in black media and aimed directly at black communities. They were a huge success. Often, standing room only audiences would hear Smiley speak about how he mostly disliked banks while strongly urging attendees to invest in real estate as a sound strategy to build wealth. ...Turns out that his keynote address may be responsible for many would-be home buyers being pulled to the subprime loan slop Wells Fargo allegedly intended to push on them: But what appeared on the surface as a way to help black borrowers build wealth was actually just the opposite, according to a little-noticed explanation of the "Wealth Building" seminar strategy, contained in a lawsuit recently filed by Illinois Attorney General Lisa Madigan.

Category:

News & Politics

Tags:

• Tavis Smiley
• Dr. Boyce Watkins
• Cornel West
• African American
• Wells Fargo

[CE94703]

@thedaoofthewarrior Well I can't argue with someone like you who is trapped in a mentality that will serve you no good.

[thedaoofthewarrior]

@thedaoofthewarrior no we have not come far enough, obviously. and you sir are an uncle tom.

[CE94703]

@thedaoofthewarrior: Uncle Tom? Have black people not come far enough that labels that do more to alienate the very people we wish to protect are used to admonish them for not fitting into your narrow intrinsic view of blackness? Ask yourself that question before you start using words like "Uncle Tom." Because it sounds like my brotha that you don't get. Now stop and think before you speak and you'll come out better.

[thedaoofthewarrior]

@CE94703 you must have a degree to say some dumb shit like that. it works the other way around... uncle tom ass new democrat. stop playing like you understand government. you know you dont shit about policy. leave your nose in your new democrat master's ass and leave black and brown folks alone.

[thedaoofthewarrior]

@CE94703 the president wasnt concerned with re-election in 2009. i have a hard time believing that. y'all; new democrats are a trip.

[CE94703]

@icewalker23 I'm not shifting any blame. I'm putting together the pieces of a puzzle and showing you the hypocrites that exist.  They can't get their own mess together. Involved in a lot shady business themselves. Especially the Poverty Pimping tour. But this too. So i'm making the right call. History of this man is not in his favor.

[icewalker23]

@CE94703 have no idea what ur talkn about. Shifting the blame to someone else rather than taking responsibility for ur actions is juvenille. i haven't made any assumptions about the president but u definitely made several assumptions about T.S. i'm sure u still don't get it.

[CE94703]

@thedaoofthewarrior This is America it works the other way around. But Tavis's corporate ties make him the biggest hypocrite in the planet.

[CE94703]

@thedaoofthewarrior Actually this started back in 2009. So it has nothing to do with the President. Their Poverty Pimping tour is what is. So it is what it is.