From the first announcement in June that Wells Fargo was being sued by the city of Baltimore for racist mortgage lending, Tavis Smiley has been entangled in the predatory-lending web. Another suit would follow in July.
From 2005 to 2009, Smiley was the economic-empowerment and wealth-building poster child for Wells Fargo. Since the suits became public, everyone wants to know whether Smiley helped Wells Fargo hook black folks in to disastrous loans. In his defense, Smiley released this statement:
Recently there has been a flurry of false reports about my relationship with Wells Fargo Bank and Wells Fargo Home Mortgage, Inc. amidst charges that the company unfairly steered African American customers into costly sub-prime mortgages.
I addressed this issue many months ago with a statement posted on my Web site during the first quarter of this year when these allegations against Wells Fargo first surfaced.
My statement thoroughly explained that I was no longer conducting any business with the Wells Fargo Company. That initial statement has remained accessible on my Web site homepage since it was first posted, shortly after the "State of the Black Union" symposium, February 2009.
Those who are now suggesting and reporting that I cut my company's ties to Wells Fargo just days ago are wrong. I have informed those persons who have reported this false information on the Internet of their error and have requested that they make the necessary corrections.
Compelled by my personal experience years ago as a victim of redlining and predatory banking practices in South Central Los Angeles, I remain committed to spreading a message of self-determination through financial literacy to African Americans and to all who will listen.
I have been quite a fan of Smiley, supporting his books and tuning in when I see him providing real talk on the tube. My initial reaction to the scandal was that there is no way he could have known what he was in to. After reading his statement, though, I have to say that rather than allay my concerns, he has served to heighten them. I understand that this may be a legal landmine for him right now, but for Smiley not to come out and boldly refute that he was on board says volumes. Oh, Tavis, say it ain't so.
Comments: (6)
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By: bekitemba on 9/25/2009 3:17PM
can't serve to masters
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By: bekitemba on 9/25/2009 1:56PM
Greetings
What was the last date you work on the poster.Hillary I mean. If you under contact already how can you have a contact with black america.Help me out blackman!What you standing on?
peace
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By: paul on 9/25/2009 5:53PM
Is this English? I have no idea what your comment means.
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By: s walker on 9/25/2009 5:43PM
I hate to come down on mr.smiley so hard but after his ongoing rheoretic about how the black community should be dam sure to hold president obama accountable , Before he was in office two months. I would not be a bit surprised that he wasen't fully aware of the big sell out that a lot of blacks are capable of doing , while given the impression they are all about thier broother's and sisssster's.... OK ?????
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By: jessup1218 on 10/10/2009 2:32PM
I bet Tavia wont mention this in the State of the Black Union affair, which is nothing but a pity party where educated black people make excuses for lazy black folks.
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By: sallibelle on 2/16/2010 9:00AM
Peace Be Still my brothers and especially my sisters. Did you read the statement on his web site, as it is very clear what the intents are while partnering with coorperations which could possibly led clear minded individuals to think critically and make educated moves/decisions as well as gain opportunities. Please, let us not be so quick to judge Mr.Smiley, as he has done so much more good with his gift of words for our community than harm. Further, if more of us would occasionally, take off our heels, weaves, acrilyc nails, eyelashes and furs we could walk with our youth on their ground, think more clearly, get our hands dirty while helping any good cause, such as teaching/modeling positive images to them and possibly see a brighter day! Lastly, I have always stated that if I should persue a PhD., my dissertation would be on rumors, assumptions and lies. Why don't we think about it?
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