On Sunday’s broadcast of ABC’s “This Week,” PBS host Tavis Smiley acknowledged the Democratic Party has not given some minority voters the inspiration to turn out to vote in this election cycle.
“If you’re black or brown, if you’re — let’s be frank about this — if you’re black or brown other than helping to save the Democrats’ hide, give me three good reasons that you turn out to vote this time. Now, I’ll catch hell for saying that,” Smiley said.
“I’m not suggesting that people ought to stay at home and sit on their hands but what I’m suggesting is neither party has focused clearly on the issues of black and brown voters to inspire them and motivate them to turnout in 2014,” Smiley added. “And we may say the same thing in 2016.”
Steve Harvey Calls Tavis Smiley & Cornel West Uncle Toms For Criticizing Obama
TAVIS SMILEY: That’s a good point. And I think that issue would probably play better. And a lot of the reasons it might not be the top of the agenda is that Democrats respectfully know that they haven’t even done everything they could have done on this issue.
The slogan that it could have been worse is not a winning slogan. And I think the economy is certainly better now that we expected it would have been a couple years ago. I think the president gets some credit for helping put what policies that have turned this economy around slowly.
Having said that, there’s been no real fight even by Democrats for increasing the minimum wage to a living wage in this country. That measure can only go so far if you don’t have the record to back that up.
There’s a front-page story, George, as you know, in “The New York Times” today. They talk about the black vote is what the Democratic Party is relying upon now to save the Senate. News flash: if you’re relying on the black vote, in a midterm election — and I’m not suggesting that black voters don’t care about this — but if you’re relying on that vote, then I think it’s uninspired because we have double- and triple-digit unemployment in the African American community.
And again, if the message is something other than employment and what we’re going to do for you, then what’s the reason to go vote?
SMILEY: But if you’re black or brown, let’s be frank about this. If you’re black or brown, other than helping to save the Democrats’ hide, give me three good reasons and you turn out the vote this time.
Now I’ll catch hell for saying that…
No, I am not suggesting — I’m not suggesting that people ought to stay home and sit on their hands. What I’m suggesting is that neither party has focused clearly enough on the issues of black and brown voters to inspire them and motivate them to turn out in 2014. And we may see the same thing in 2016.
I don’t ever have to say much about Tavis Smiley, his predatory lending scam against HIS OWN BLACK people, the very same Black people he and his partner in stupid, Dr. Cornell West, profess to love, say all that needs to be said. Read from a plethora of reports on his agenda below:
From All Voices:
Melissa Harris-Perry compares Tavis Smiley to Tuskegee syphilis study‘s black nurse
It is no secret that there has been some very “bad blood” flowing between, on one side, Dr. Harris-Perry, and on the other, Tavis Smiley and Princeton Professor Dr. Cornel West. Indeed, I have written about their ongoing feud in the past. The attention has mainly been focused on Drs. West and Harris-Perry. Today, however, Dr. Harris-Perry exponentially ratcheted up her critique of Smiley by directly comparing his role in the Wells Fargo bank’s now defunct “wealth building” program to nurse Rivers’ function during the TSE.
Wells Fargo will pay at least $175 million to settle lawsuits charging that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced last September.
Wells Fargo is this nation-state’s largest residential home mortgage lender. From 2004 to 2009, the bank allegedly engaged in a pattern of discrimination against qualified African-American and Hispanic borrowers. Deputy US Attorney General James Cole said the bank’s discriminatory lending practices resulted in over 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans solely because of the color of their skin.
Wells Fargo also will pay $50 million in direct down-payment assistance to borrowers in cities most targeted by the bank: Washington, DC; Chicago; Philadelphia; Oakland; San Francisco; New York City; Cleveland; Riverside, Calif.; and Baltimore.
The problem Dr. Harris-Perry has with Tavis Smiley involves his contracting with Wells Fargo — for a reported $4 million — to organize and orchestrate putative “wealth building” seminars in black neighborhoods nationwide starting in 2005. Illinois Attorney General Lisa Madigan demurred and called these seminars nothing more than sales pitches for high-rate subprime loans through Wells Fargo.
Since the settlement, however, Richard Prince has reported in his “Journal-isms” column that Smiley has promised to sever all ties with Wells Fargo. Interestingly, until recently Wells Fargo sponsored Smiley’s radio show on Public Radio International (now canceled), and underwrote the annual C-SPAN-televised “State of the Black Union” conference that Smiley organizes (now defunct). Smiley’s foundation also distributed Wells Fargo materials to young people at foundation events.
“I cut everything off with Wells Fargo,” Smiley declared. He said the move cost “a lot of money”; he would not say how much. Smiley said his relationship with Wells Fargo was a “package deal.” In return for the company helping to finance his radio show, he went on the road for Wells Fargo.
On her show today, Dr. Harris-Perry argued that the seminars only appeared on the surface as a way to help black borrowers build wealth. They were actually just the opposite. By signing up for subprime mortgages they could not afford, foreclosure was the inevitable result. Often the bank would not even try to help the defaulted lenders, nor would it even attempt to re-sell the foreclosed properties. Instead, it let them sit in once “nice” neighborhoods, essentially abandoned. The run-down and abandoned appearance of these homes spread blight throughout their neighborhoods. In many cases, whole neighborhoods were simply destroyed.
In the now settled lawsuit filed by Attorney General Madigan, it was charged that from the outset Wells Fargo’s plan for the “seminars” was to target black borrowers for higher-cost subprime mortgages, not for wealth-building. And the seminars were a part of the bank’s overall illegal and discriminatory practice of steering black and Hispanic borrowers into riskier and more expensive loans, the suit said.
Dr. Melissa Harris-Perry is essentially calling Tavis Smiley a traitor to his race for his role in Wells Fargo’s “wealth building” scheme in black communities. Her comparison of him to Nurse Eunice Rivers is telling. She knew that the men she was “treating” for syphilis were not being treated at all, but were, in fact, being destroyed by her and the government’s efforts. It is not clear, however, whether Smiley knew beforehand whether Wells Fargo was simply trying to further feather its own substantial nest at the expense of poor black and Hispanic mortgagees. He says he did not know. That, to me, seems incredible. How could such an otherwise astute businessman and media mogul not know, or at least suspect, that something nefarious was going on here?
And then there is his relationship with Walmart. The retail giant has been under fire for years for its reprehensible treatment of its employees. Yet Walmart has been a staunch supporter, advertiser and sponsor of many of Smiley’s business ventures.
I once wondered why Melissa Harris-Perry has never deigned to have Tavis Smiley or Cornel West on her show. Now I do not have to wonder any more.
Thank you All Voices.
From The American Prospect:
When the NAACP filed suit against Wells Fargo for allegedly targeting black people regardless of income or credit history or sub-prime loans, the bank became a symbol of how greed and racism contributed to the outsize effect the foreclosure crisis has had on the black community. In court affidavits, former Wells Fargo employees testified that the bank deliberately targeted the sub-prime loans — or “ghetto loans” as they were referred to internally — at “mud people.” In Baltimore, for example, 71 percent of the homes vacated due to foreclosure on a Wells Fargo loan were in black neighborhoods. Wells Fargo was the eighth largest recipient of bailout money — they received $25 billion.
Wells Fargo, however, has also long been a sponsor of the State of the Black Union,Tavis Smiley‘s annual black political symposium. Mary Kane reported that Smiley had been hosting “wealth building seminars” in black communities since 2005 — according to Illinois Attorney General Lisa Madigan, the seminars were part of Wells Fargo’s attempt to lure black voters into buying sub-prime loans. One employee was even told she was “too white” to speak at one of the seminars — the company wanted a face nervous black folks buying a home for the first time could trust. A black face. Someone well-known and trustworthy. Someone like Tavis Smiley. Wells Fargo maintains they have done nothing wrong and are fighting the suit.
Smiley would also hardly be the first important black political figure to have ties to sub-prime lenders. As Stephanie Mercimer reported for Mother Jones last year,Charles Steele Jr. of the Southern Christian Leadership Conference defended sub-prime lenders in the Washington Post last year, Al Sharpton has cut commercials for LoanMax, Jesse Jackson’s Rainbow/PUSH Coalition has worked with Compucredit on “job fairs and economic summits,” and the Urban Leage has worked with the Consumer Financial Services Association to conduct “financial literacy seminars.”
“I cut everything off with Wells Fargo,” Smiley declared. He said the move cost “a lot of money”; he said he did not know how much.
I’m not sure how much moving away from Wells Fargo cost Smiley. But if the information in the suits against Wells Fargo are accurate, probably less than the folks who lost their homes because the bank foreclosed on their “ghetto loan.”
The revelation of Smiley’s efforts in helping Wells Fargo sell sub-prime loans in the black community is likely to further erode Smiley’s standing among black folks. During the 2008 campaign, Smiley criticized Barack Obama for not attending one of his symposiums, which many felt was somewhat self-serving and unfair. At the time, Smiley said, “Just because Barack Obama is black, doesn’t mean he gets a pass on being held accountable on issues that matter to black people.”
Thank you The American Prospect
From Febone 1960.net Blog:
Wells Fargo Uses Tavis Smiley For Subprime Loan Trap?
Did Tavis Smiley help Wells Fargo herd black people into subprime loans? Yes, according to information contained in a lawsuit filed recently by Illinois Attorney General Lisa Madigan. The suit alleges that Smiley was the hook used to draw in potential customers for subprime mortgages.
You might be familiar with the “Wealth Building” seminars that Wells Fargo conducted beginning in the year 2000. Smiley was the headline speaker at these events, held in Baltimore; Chicago; Richmond, Va.; and San Francisco. The seminars were advertised aggressively in black media and aimed directly at black communities. They were a huge success. Often, standing room only audiences would hear Smiley speak about how he mostly disliked banks while strongly urging attendees to invest in real estate as a sound strategy to build wealth.
Turns out that keynote may be responsible for many unsophisticated, would-be home buyers being particularly vulnerable to the subprime loan slop Wells Fargo allegedly intended to push toward them:
But what appeared on the surface as a way to help black borrowers build wealth was actually just the opposite, according to a little-noticed explanation of the “Wealth Building” seminar strategy, contained in a lawsuit recently filed by Illinois Attorney General Lisa Madigan.
Wells’ plan for the seminars all along was to target black borrowers for higher-cost subprime mortgages, not for wealth-building, the suit charged. And the seminars were a part of the bank’s overall illegal and discriminatory practice of steering black and Hispanic borrowers into riskier and more expensive loans, the suit said.
According to a former Wells Fargo Home Mortgage employee, one of these “Wealth Building” seminars held in Maryland was planned for an audience that would be virtually all African American, the suit said. The plan for the seminar was for Wells Fargo Home Mortgage employees to talk about sub-prime mortgages, although they were directed by Wells Fargo Home Mortgage to use the term ‘alternative lending’ when marketing these products.” The former employee, who is white, was scheduled to speak at the seminar, but was told by a manager that she was “too white,” and that only black employees could make presentations, the suit said.
Wells Fargo, one of the nation’s largest mortgage lenders and a recipient of $25 billion in government bailout money, has denied all the charges in the Illinois suit, as well as other allegations of unfair lending. The bank did not respond to requests for comment on the seminars. Smiley, an author and advocate who hosts the late-night talk show, ‘Tavis Smiley,’ and who organizes the State of the Black Union symposiums each year, also declined comment. Source: Suit Alleges Trusted Black Figures Drew Minorities to High Rate Loans, Washington Independent
These are extremely serious allegations that will play out in the legal arena. But having worked with Smiley during the last “State of the Black Union,” I do not believe he intentionally set out to hurt black people or poor people in general. That would be like me believing that Wall Street intentionally set out to destroy its own money-making schemes.
There are at least two glaring takeaways from this. For Smiley, I’m sure he’s learned the hard way to be much more careful about how people use him and his established goodwill to sell stuff. I am skeptical of all corporations. But the other takeaway is the observation that this white company used a black spokesman to instantly gain trust and credibility where it had done little work on the ground in the black community to EARN it themselves.
All of us need to be particularly cautious when any company pushes a black person to sell you something they want you to “feel” good about and not understand.
Thank you Febone 1960.net Blog.
In 2007, the NAACP brought a predatory lending suit against banking giant Wells Fargo — and eventually, 14 others like it, including Citibank and HSBC — for lobbing unfair and discriminatory practices against brown folks. Last year, in the first formal enforcement action and largest consumer-enforcement fine ever imposed by the agency, the Federal Reserve strong-armed the Wells Fargo powers-that-be into paying $85 million in restitution for allegedly steering borrowers—again, of the Black and Latino variety—into high-cost, subprime loans, though they never really admitted any guilt.
Then, in the beginning of 2012, the company also agreed to a $175 million settlement in a fair-lending case for saddling the same kind of customers with those cursed and dreaded adjustable-rate loans, forcing them to unknowingly pay more than white borrowers. Between 2004 and 2009, Wells Fargo was showered with accusations and findings that pointed to the active pimping of our communities. It’s not a secret, it’s not classified information. It’s all over the news, corporate press releases and the web.
So it stands to reason that, even if he didn’t know anything about their underhanded financial debauchery before, Tavis Smiley could’ve, at the very least, performed a simple keyword search online (“Wells Fargo, African-Americans” works quite nicely) before agreeing to galvanize the masses and lead them into “wealth-building seminars.” Hosted by Wells Fargo for five years until 2009, the events, held in Black communities, were introduced as part of the company’s reparations package following its reign of lending tyranny. Tavis was the face of the effort and lent his celebrity and credibility to get attendees involved in the programs. Incidentally, Wells Fargo also helped to finance his radio show.
For leading the lambs to slaughter, he was paid a handsome $4 million. All we got was shafted with what Illinois Attorney General Lisa Madigan called “nothing more than sales pitches for high-rate subprime loans.” Tavis severed his relationship with Wells Fargo and issued a statement about his involvement, throwing in that closing the deal caused him to lose a great deal of money, but the damage was already done. Before you sign up for any endorsement deal or business partnership, it’s your responsibility to know who you’re working with.
So on her show last week, Melissa Harris-Perry took Tavis to task, albeit a little late, comparing him to Nurse Rivers, the woman who infamously led some 600 men into deception about the real purpose of the Tuskegee Experiment with syphilis. (Mmmm…ouch.) One consciously allowed the people under her care to be put through agonizing medical trial, the other rallied the troops to jump over the financial cliff.
Now, we already know there’s bad blood between her, Tavis and Dr. West. There’s nothing worse than when a group of highly intelligent, highly influential, highly visible Black folks with a heavy dose of media influence and airtime dedicate their energy to volleying digs back and forth at one another. It’s exhausting for the viewer (namely me) who just wants to know the issues without being sucked into the commentator’s personal vendettas. I love me some Melissa Harris-Perry — this video right here is part of the reason why — but it took a little dirt-digging to come up with this one. Still, Tavis deserved to be called out for his double-dealing. That obligates her to stay squeaky clean, though, because best believe he and Dr. West are going to be on the prowl for the next round of retaliation. Scholars gone wild…even better than Real Housewives.
Thank you CLUTCHMAGAZINEONLINE.
A QUESTION FOR BOTH TAVIS SMILEY AND CORNELL WEST
“Smiley was the keynote speaker, and the big draw, according to Boston [host of “Moneywise”] and Keith Corbett, executive vice president of the Center for Responsible Lending, who attended two of the seminars. Smiley would charge up the audience — and rattle the Wells Fargo executives in attendance — by launching into a story about how he hated banks, and how they used to refuse to lend him money for his real estate projects in Compton, Calif., and elsewhere… But what appeared on the surface as a way to help black borrowers build wealth was actually just the opposite, according to a little-noticed explanation of the “Wealth Building” seminar strategy, contained in a lawsuit recently filed by Illinois Attorney General Lisa Madigan.
“Wells’ plan for the seminars all along was to target black borrowers for higher-cost subprime mortgages, not for wealth-building, the suit charged. And the seminars were a part of the bank’s overall illegal and discriminatory practice of steering black and Hispanic borrowers into riskier and more expensive loans, the suit said.”
Subsequent to the law suit, Richard Prince reported in The Washington Independent that Smiley issued a statement indicating that he would sever all ties with Wells Fargo until charges that the company steered minorities into higher-rate loans are resolved. The article went on to say,
“Wells Fargo sponsored Smiley’s radio show on Public Radio International, and underwrote the annual C-Span-televised “State of the Black Union” conference that Smiley organizes. Smiley’s foundation also distributed Wells Fargo materials to young people at foundation events, he told Journal-isms.
‘“I cut everything off with Wells Fargo,’ Smiley declared. He said the move cost ‘a lot of money’; he said he did not know how much.”
On July 12, 2012 Charlie Savage reported in the New York Times that Wells Fargo Bank agreed to pay $175 million to settle the discrimination suit which, according to the Department of Justice, targeted over 30,000 Black and Hispanic borrowers for subprime loans with a higher interest rate than for similarly situated White borrowers between 2004 and 2009.
What makes it particularly ironic that Tavis Smiley would be associated with this scheme to target poor and middle-class minorities is that Smiley is the primary promoter of what he calls “The Poverty Tour,” along with his friend and associate, former Princeton professor, Cornel West. During the tour, on their joint radio talk show, and on numerous media appearances, Smiley and West have gained a reputation for being President Obama’s harshest critics, indicating that the president is not sufficiently focused, and “accountable,” to the nation’s poor and minority community.
In a statement by Wells Fargo put out after the bank agreed to a settlement of $175 Million, they said that while not admitting to any wrong doing, Wells Fargo agreed to a settlement of the law suit because the bank felt that it was the right thing to do.
CNNMONEY quoted Mike Held, president of Wells Fargo Home Mortgage, as saying, “Wells Fargo is settling this matter because we believe it is in the best interest of our team members, customers, communities and investors to avoid a long and costly legal fight, and to instead devote our resources to continuing to contribute to the country’s housing recovery.”
The settlement includes Wells Fargo paying the Black and Hispanic victims of discrimination $125 million in compensation, and an additional $50 million in down-payment assistance to borrowers in the affected communities.
So the question that remains is, if Wells Fargo Bank feels that paying compensating to the poor and middle-class victims of this scam is the right thing to do, shouldn’t Tavis Smiley, the most strident advocate of “accountability” and fervent crusader for the interest of the poor, feel obliged to do the same? Certainly, benefiting from the misery of the poor and minority community would run counter to Mr. Smiley’s zeal for the need of the powerful to maintain accountability.
We’d also like to put that question to Smiley’s friend and associate, Dr. Cornel West. What do you think your good friend and associate should do, Dr. West? What does the “prophetic tradition” dictate is the proper course of action?
We’ll be anxiously awaiting your response.
Thank you The Wattree Chronicle.
Fmr Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches for Subprime Loans 1/3
Uploaded on Aug 28, 2009
Up until two years ago, Elizabeth Jacobson was the top producing loan officer in the subprime division at Wells Fargo. Today she is speaking out against the practices of her former company. Earlier this summer, she filed a sworn affidavit with a federal court in support of the city of Baltimores lawsuit against Wells Fargo for pushing high-interest, subprime loans onto African Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure.
Subprime loans target black churches, at taxpayers expense!!!-2/3
Subprime loans target black churches, at taxpayers expense!!!-3/3
ALL OF THIS WAS GOING ON WHILE CORNEL WEST WAS SAYING THE FOLLOWING ABOUT OBAMA (NOTICE THE WELLS FARGO LOGO):
Cornell West on Barack Obama
Uploaded on Feb 10, 2007
Princeton professor not pleased about Obama’s snub of Covenant With Black America conference
Cornel West: Obama is ‘Republican in Blackface’
Cornel West Introduces Barack Obama
Uploaded on Nov 30, 2007
Cornel West Introduces Barack Obama at the Apollo Theater, Nov. 29, 2007
As evidenced by the above videos, The Dr. Cornell West loved Barack Hussein Obama’s dirty boxers until he imagined Barack snubbed Cornell’s Covenant With Black America conference. The dislike Cornell has comes from this petty bullshit. Not to mention Barack’s social secretary made the mistake of ignoring a request from Cornell for additional 2009 inauguration tickets…thus was born Dr. Cornell West’s “issues with Barack.”
The moronic Tavis Smiley had Barack on his PBS TV show….
Barack Obama on Tavis Smiley
Uploaded on Oct 20, 2007
Obama 2012: Are you in? http://my.barackobama.com/tavis3vid
Tavis Smiley interviews Barack on October 18, 2007.
The “story” of the split between Barack & Tavis is said to be born from Barack not accepting an invite to a Tavis function shortly after Barack took the Oath Of Office. Barack had a previous commitment and sent 1st Lady Michelle in his place. That made Tavis very unhappy with Barack. Now personally I’d take Michelle over Barack any day…
Can you say petty ass Black folks?
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