It was big news when Seattle’s far-left city council cut ties with Wells Fargo in February 2017. The city became the first in the nation to cut ties with a bank over the bank’s involvement in funding the Dakota Access Pipeline. But today, Seattle reversed course and signed a three-year agreement with Wells Fargo for banking services. Why? No other bank was willing to take their business. From KUOW:
Breaking up is hard — especially if you’re a city trying to break up with a bank.
Especially if the other banks aren’t all that interested in dating you…
The city council resolved to find a new financial institution before ending the Wells Fargo contract at the end of 2018. But this week, City Finance Director Glen Lee gave them an update on the search for a bank.
“The reality is, none wanted to participate and bid for our services, and given the time it takes to shift to a new service, we felt it was prudent for the city to move forward,” Lee said.
To really appreciate how embarrassing this is, you need to look back at the celebration and back-patting that took place last year when the city voted to dump Wells Fargo. Komo News reported there were cheers after the unanimous vote:
The crowd erupted in cheers and chanted “water is life” when the council unanimously passed the measure, which directs officials to end the city’s contract with the San Francisco-based bank once it expires in 2018 and not to make new investments in Wells Fargo securities for three years.
“The example that we have set today can become a beacon of hope” for activists across the country, said Councilmember Kshama Sawant, who co-sponsored the legislation…
“You have been a city setting the example to the world and I look to you to do that now,” Olivia One Feather, a member of the Standing Rock Sioux tribe, told the council. “When big cities such as this do the right thing, it sparks hope in the world.”
Councilwoman Sawant, who was so proud of being a “beacon of hope,” is the socialist who led the campaign for Seattle’s head tax and who led the previous campaign for a $15 per hour minimum wage. She’s a real treasure.
To be fair, it probably didn’t help that 11 other major banks were also involved in funding the multi-billion dollar Dakota Access Pipeline, including Bank of America, CitiBank, Chase, etc. Ultimately, there are a limited number of institutions prepared to handle an account like Seattle’s. Maybe they should have thought about that before the vote?
Below is a video of progressives celebrating the big win. If only there was a video of them crawling back to Wells Fargo in desperation. Can you imagine how that meeting went? Um, I know we told you to pound sand and insinuated you were morally offensive as an institution, but can we hire you again?
— Kiyomi Taguchi (@KiyomiTaguchi) February 7, 2017