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Thursday, May 3, 2012

Wells Fargo Bails Out S.F. Businesses, Tries to Show Big Banks Aren't That Bad

Posted By on Thu, May 3, 2012 at 8:01 AM

click to enlarge When all else fails, blame Wells Fargo
  • When all else fails, blame Wells Fargo

Since it had the $25K (of your money) to spare, Wells Fargo thought it might help out the Mission District businesses that were completely trashed during Monday evening's Occupy protests.

And the bank should, since some might say that mess is technically Wells Fargo's fault.

The bank announced yesterday evening that it would kick in big bucks to the businesses along the Valencia Corridor to help merchants, many who had to close shop, to replace broken windows, rub away anarchy symbols, and remove the dried egg yolk and paint from storefronts.

The kind grant will be filtered through the Valencia Corridor Merchants Association and the Lower 24th Street Merchants and Neighbors Association, which serve local businesses in the Mission District.

Police estimate that some 30-plus businesses were damaged as anarchists and protesters let loose on everything in site, including your car, if it happened to be parked on the street at that time. Merchants estimate they now need tens of thousands of dollars' worth of repairs before they can get back to businesses as usual.

Tired of being the 99 percent's enemy, Wells Fargo released the money along with this statement from Michael F. Billeci, president of Wells Fargo's San Francisco Bay Region:

As San Francisco's hometown bank, Wells Fargo is passionate about supporting the communities where we live and work, and it's important to help our local merchants make the repairs they need to reopen for business and serve their customers again. Helping small businesses right here in the Mission is a win for everyone in the community.

No matter how angry they are personally with Wells Fargo, merchants were pleased with the bank professionally. In fact, some merchants went as far as to call the big bank "caring," and "generous."
"Many small businesses in the Valencia Corridor don't have the cash reserves to handle unexpected expenses like vandalism," said Deena Davenport, president of the Valencia Corridor Merchants Association.  "Wells Fargo's generosity will provide timely access to capital to help our merchants open for business again."

Now, if only the bank was that "caring" and "generous" to San Francisco homeowners.

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About The Author

Erin Sherbert

Erin Sherbert

Erin Sherbert has been Online News Editor for SF Weekly since 2010. She's a Texas native and has a closet full of cowboy boots to prove it.


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