Oakland Teachers Ask Wells Fargo Bank For Bailout

OAKLAND (KCBS) — Some Oakland school teachers who want Wells Fargo Bank to help bail out the cash-strapped district tried to make their point at a downtown Oakland branch today.

The teachers turned out to ask that the bank respond to a letter that Oakland Education Association leaders had written asking to meet with Wells Fargo President John Stumpf and any other financial leaders he chose to invite. The letter said that Wells Fargo has received a $50 billion bailout from the federal government and that Stumpf’s $20 million annual salary makes him the highest paid bank CEO in the country.

KCBS’ Bob Melrose Reports:

OEA President Betty Olsen-Jones said more than 600 teachers and counselors in Oakland have gotten lay-off notices.

“We already have a city where children are in huge need of additional services,” she said. “The schools are not going to be able to survive.”

In a statement, Wells Fargo officials said they had donated $57 million to local nonprofits last year, including $500,000 to Alameda and Contra Costa schools.

The protest, on the anniversary of the assassination of Martin Luther King Jr., begins a week of protests sponsored by labor unions and various community groups across the country.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

  • genomega1

    Most parasites understand that when you feed too heavily that the host will die.
    Gov moonbeam says GOP attempts to limit Govt employee pensions to $100,000 per year extreme.
    Most can only dream of a pension this generous.
    The unions own him for sure.
    Anyone know for sure how many Govt pensions that the Gov is collecting?

  • http://understory.ran.org/2011/04/12/it%e2%80%99s-a-mad-mad-world/ It’s a Mad, Mad World » Rainforest Action Network Blog

    […] April 4th, as part of the AFL’s national day of action, the Oakland teachers asked Wells Fargo for a “bailout. Over a hundred people, led by teachers of Oakland Education Association, took over an Oakland […]

  • CorporatePerson

    I am thinking you do not know what a pension is. A pension is made up of money the employee sets aside from their own paycheck. The government is supposed to set that money aside. Its not taxpayer money. Its THEIR money, the workers who chose to set aside their own pay into a pension. Quit trying punish people who actually work for a living. Lets tax capital gains the same as homest labor. The only parasites are the top 1% who have over half the wealth.

  • CorporatePerson

    Actually, huge multinational corporations who use our infrastructure to make billions but pay no taxes would fit the definition of a parasite even better. Corporations like Wells Fargo.

  • http://joros.co.cc/wellfargo-bank Large » Blog Archive » wellfargo bank

    […] Oakland Teachers Ask Wells Fargo Bank For Bailout В« CBS San Francisco Apr 4, 2011 … Some Oakland school teachers who want Wells Fargo Bank to help bail out the cash -strapped district … […]

  • wallace03

    Wells Fargo CEO John Stumpf was compensated with over 33 million dollars last year. I don’t see a way to attach the photo but I can’t help but feel ill looking at this photo of Stumpf’s adult son sporting a t-short emblazoned with the words “Working Class Hero.” Entitlement is never classy.

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