2 Cities To Pull More Than $3 Billion From Wells Fargo Over Dakota Access Pipeline

[Captain Obvious]

Galifownia... shocking

How does Seattle have 3B? This makes defunding California that much easier of a decision.

http://www.npr.org/sections/thetwo-way/2017/02/08/514133514/two-cities-vote-to-pull-more-than-3-billion-from-wells-fargo-over-dakota-pipelin


Seattle's City Council has voted to not renew its contract with Wells Fargo, in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its creation of millions of bogus accounts. As a result, the city won't renew its contract with the bank that expires next year.
The unanimous vote will pull more than $3 billion in city funds from the banking giant, the council says. Seattle says the bidding process for its next banking partner will "incentivize 'Social Responsibility.'"
Not long after Seattle's vote, the City Council in Davis, Calif., took a similar action over the pipeline. It voted unanimously to find a new bank to handle its roughly $124 million in accounts by the end of 2017.
On the same day the two cities moved to cut ties with Wells Fargo, the U.S. Army Corps of Engineers granted an easement allowing the Dakota Access Pipeline to cross under the Missouri River north of the Standing Rock Sioux Reservation. As NPR's Rebecca Hersher reported (http://www.npr.org/sections/thetwo-way/2017/02/07/513951600/army-approves-dakota-access-pipeline-route-paving-way-for-the-projects-completio), that clears the way for construction of the final 1.5 miles of the more than 1,700-mile pipeline.

[Safety]

Good for them, if the Bundy types don't care for these peoples, it's good to see others taking up the slack.

[NapRover]

I guess we all need to start boycotting any place that does anything we don't agree with. Sad, but hopefully some capitalist will write a book listing all the right wing (good guys) we can do business with.
Hopefully Trump will defund Seattle for their criminal sanctuary.

[del]

excellent idea.

i'll call my state rep in the morning.

[Captain Obvious]

I guess we all need to start boycotting any place that does anything we don't agree with. Sad, but hopefully some capitalist will write a book listing all the right wing (good guys) we can do business with.
Hopefully Trump will defund Seattle for their criminal sanctuary.

Who cares about Wells Fargo, fuck those criminals. Some other batch of criminals will get that money.

I'm just kind of surprised to see this kind of money on the liberal West Coast.

Maybe it's time to redistribute the wealth from the takers to the makers in the states.

[Common Sense]

Funny, California is actually one of those states that puts in more money than it takes on the federal level. Most of the blue states are like that. Many of the red states actually take more federal money than they give.

Funny that...fact do often have a way of surprising people who are unaware of said facts.

[HoneyBadger]

Maybe they can invest in wind turbines instead. Of course, once wind loses it's federal subsidies, they'll lose everything. Win - Win!

[Captain Obvious]

Funny, California is actually one of those states that puts in more money than it takes on the federal level. Most of the blue states are like that. Many of the red states actually take more federal money than they give.

Funny that...fact do often have a way of surprising people who are unaware of said facts.

Makes sense that they're teetering on bankruptcy.

Google "California bankrupt"

Cash flow and accrued debts are two different concepts.

[Common Sense]

Makes sense that they're teetering on bankruptcy.

Google "California bankrupt"

Cash flow and accrued debts are two different concepts.

Maybe if they didn't have to pull the dead weight of states like Missouri...

[Captain Obvious]

Maybe if they didn't have to pull the dead weight of states like Missouri...

Shallow rhetoric.

In reality they've progressed themselves to death.

Who do you think this debt is owed to?

Go ahead and do some research, it's not to Missouri.

[del]

Maybe they can invest in wind turbines instead. Of course, once wind loses it's federal subsidies, they'll lose everything. Win - Win!
there's been wind turbines in california since at least the 1980s.

go figure, huh?

[exotix]

Has Trumpf tweeted on this yet ?

[MisterVeritis]

Maybe if they didn't have to pull the dead weight of states like Missouri...
Missouri is now a right to work state (28th - just 22 more states to go).
Things are looking up.

[Captain Obvious]

Missouri is not a right to work state.
Things are looking up.

They're passing a "no conceal/carry permit" law this year also.

Almost sorry I'm not there anymore.

[Common Sense]

Yeah, welfare states are nice.

[del]

Makes sense that they're teetering on bankruptcy.

Google "California bankrupt"

Cash flow and accrued debts are two different concepts.

yes, they're going bankrupt

that's why their bond rating is aa3

[Captain Obvious]

yes, they're going bankrupt

that's why their bond rating is aa3

Third rank.

Wait until they're federally defunded.

Make sure you go long in that market first.

[Green Arrow]

I guess we all need to start boycotting any place that does anything we don't agree with. Sad, but hopefully some capitalist will write a book listing all the right wing (good guys) we can do business with.
Hopefully Trump will defund Seattle for their criminal sanctuary.

When did boycotting become a bad thing?

[Green Arrow]

Makes sense that they're teetering on bankruptcy.

Google "California bankrupt"

Cash flow and accrued debts are two different concepts.

California's budget situation is actually improving, and has been for a few years now. At this point people are just pre-disposed to a certain stereotype of California.

[Captain Obvious]

When did boycotting become a bad thing?

It's a two-way door when governments engage in it.

Whole new ball of wax.

[Captain Obvious]

California's budget situation is actually improving, and has been for a few years now. At this point people are just pre-disposed to a certain stereotype of California.

Yes and no.

Debt is funny, ask Greece.

[Captain Obvious]

California's budget situation is actually improving, and has been for a few years now. At this point people are just pre-disposed to a certain stereotype of California.

del inadvertently made a pointed statement, their bonds are AA-

And, someone correct me if I'm wrong, the assumption there is that there is backing from the feds calculated into that rating.

Because... well, a state simply can't go bankrupt.

[Green Arrow]

It's a two-way door when governments engage in it.

Whole new ball of wax.
I don't agree. If people don't want them to make that decision they can vote new people in next election.

[del]

Third rank.

Wait until they're federally defunded.

Make sure you go long in that market first.
wait until they tell the feds to pound sand and keep their half a trillion dollars in tax revenue.

[Captain Obvious]

wait until they tell the feds to pound sand and keep their half a trillion dollars in tax revenue.

I'll do that

[del]

del inadvertently made a pointed statement, their bonds are AA-

And, someone correct me if I'm wrong, the assumption there is that there is backing from the feds calculated into that rating.

Because... well, a state simply can't go bankrupt.

you're wrong

http://www.nasra.org/Files/Topical%20Reports/Credit%20Effects/StateRatingsMethodology.pdf

[Captain Obvious]

I don't agree. If people don't want them to make that decision they can vote new people in next election.

Fair enough.

But again, it's a two-way door. When you or I boycott a product politically we do so without any real recourse.

[Green Arrow]

Fair enough.

But again, it's a two-way door. When you or I boycott a product politically we do so without any real recourse.

I'm aware and I'm fine with that.

[Captain Obvious]

you're wrong

http://www.nasra.org/Files/Topical Reports/Credit Effects/StateRatingsMethodology.pdf

lawl - what the fuck is that?

AA- is on the border of medium grade. Risk.

https://en.wikipedia.org/wiki/Bond_credit_rating

[Captain Obvious]

I'm aware and I'm fine with that.

The farce here is that they'll have to put those funds into another mega-bank, who invests in similar activities.

I get your point, I just think it's self-defeating and it's a pandoras box.

[del]

lawl - what the fuck is that?

AA- is on the border of medium grade. Risk.

https://en.wikipedia.org/wiki/Bond_credit_rating

you're wrong about the feds having anything to do with a state's bond rating.

thanks for the wiki link, but i already know how bond ratings work, mr buffett

[Captain Obvious]

you're wrong about the feds having anything to do with a state's bond rating.

thanks for the wiki link, but i already know how bond ratings work, mr buffett

Carve out of that manifesto where you think I'm wrong.

If buyers didn't feel the feds would support a state if it goes bankrupt they wouldn't invest with confidence.

[del]

Carve out of that manifesto where you think I'm wrong.

If buyers didn't feel the feds would support a state if it goes bankrupt they wouldn't invest with confidence.

i know you're wrong.

i don't do scut work for lazy people.

sorry

[Captain Obvious]

i know you're wrong.

i don't do scut work for lazy people.

sorry
http://cdn1.sbnation.com/assets/3304083/2ypunt.gif

[Ravens Fan]

Has Trumpf tweeted on this yet ?
exotix Stop trolling.

[del]

http://cdn1.sbnation.com/assets/3304083/2ypunt.gif


https://www.youtube.com/watch?v=aktUEjW-keM

[exotix]

http://res.cloudinary.com/luvckye9s/image/upload/v1478265286/_0_drivedevil_gl7fz5.gif



http://img2.thejournal.ie/inline/1693464/original/?width=640&version=1693464