Humint Events Online: Subprime Racists

Wednesday, June 10, 2009

Subprime Racists

Wells Fargo bank:
During the subprime bubble which burst in 2007, Wells Fargo specifically targeted African Americans for its subprime loans, which carry a higher interest rate and are more lucrative for the company than standard loans... (snip)

It's also alleged by Paschal that there was a broader culture of tolerance for racism at the company:

- Paschal writes that he heard loan officers "refer to subprime loans made in minority communities as 'ghetto loans' and minority customers as 'those people have bad credit,' 'those people don't pay their bills' and 'mud people'."

- Paschal also writes:

Dave Zoldak, who succeeded Dave Margeson as my branch manager in 2005, used the word "nigger" at the office. Although Wells Fargo knew Mr. Zoldak used racial slurs, it promoted him to area manager after I complained about his discriminatory comments. On October 21, 2005, I complained in my email to Mr. Zoldak directly about his use of the word "nigger" and speaking about how African Americans lived in "'hoods" and "slums." Mr. Zoldak replied that he had used the slurs in a humorous way, just as the African-American comedian Dave Chapelle did on television and thought that I would find the use of these terms humorous.


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