Smiley commented on his business partnership with Wells: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. He said he owns his own radio and television show and while it frees him from network control, it also requires him to come up with his own financing.
TWI reported that the seminars appeared on the surface as a way to help black borrowers build wealth — but they were actually just the opposite. A little-noticed explanation of the “Wealth Building” seminar strategy was contained in a lawsuit recently filed by Illinois Attorney General Lisa Madigan.
According to the suit, 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.
After TWI’s article on Thursday, The Root headlined a post: “Tavis, You Got Some ‘Splainin To Do.” Jack & Jill Politics ran a photograph of Smiley standing a podium during Smiley’s “State of the Black Union” event this year, surrounded by Wells Fargo logos, and offered this:He has never said jack about predatory lending, and now, we have an idea WHY.
Yeah the same guy who has been riding President Obama's ass for supposedly not doing enough to help the black community or promising to do enough, was affirmatively aiding and abetting Wells Fargo to target that same community and drive minority mortgage holders off a financial cliff. What ever shred of relevance this clown had before all of this became public should be buried forever after this.