By Beth Buczynski
In what may be the most damaging blow to Big Banks since the overwhelming success of Bank Transfer Day in late 2011, the City of Berkeley recently announced its intention to withdraw all financial assets from Wells Fargo.
On Tuesday night, the City Council voted unanimously to find a more socially-minded institution to hold approximately $300 million in city assets. Council members said that they hoped the decision would send a very strong message to the Big Banks ultimately responsible for the housing crisis that sent the economy spiraling.
“I feel that this is one way in which we can make a statement and push for wider changes and promote better banking practices and more equity in our society,” Councilmember Jesse Arreguin told a local ABC news outlet.