Tuesday, October 13, 2015

Bankster Spin Job Hides Fact That Ongoing Public Relations Effort Purporting To Be Goodwill Campaign Is Really Its Court-Ordered Penance For Robosigning Scandal

Columnist Matt Taibbi writes in Rolling Stone:
  • If you still don't believe our brethren on Wall Street have planet-sized cojones, check out this story.

    All over the country, Wells Fargo is making headlines for launching a multimillion-dollar homeowner assistance program called HomeLIFT, which among other things offers $15,000 down payment grants to prospective home-buyers.

    Local mayors in big cities from one end of the country to the other are showing up at ribbon-cuttings and throwing rose petals at the bank for its generosity. Newspapers in turn are running breathless profiles of the low-income homeowners who will now get to buy dream homes thanks to the bank's beneficence.

    Some knew, some didn't, but all are leaving out one key detail: Wells Fargo was forced to launch HomeLIFT.
For more, see Wells Fargo's Master Spin Job (Reporters and politicians are lining up to congratulate Wells Fargo for its multimillion-dollar neighborhood grant program – but they're leaving out one small detail).