Wells Fargo Is At It Again
I don’t want this little story about my favorite corporate serial criminal, Wells Fargo, to get lost in all the hoopla of the proof that the Trump campaign and presidency is basically a racketeering operation. Wells is at it again, this time refusing to maintain an account for a candidate in Florida who supports an expansion of medical marijuana, which is legal in that state.
Nikki Fried is a Democrat running for agricultural commissioner in Florida. One of her priorities is an expansion of the current medical marijuana program in that state. Her campaign opened an account at Wells Fargo but her position on medical marijuana apparently created a red flag at the bank. The bank inquired if Fried would be receiving campaign donations from supporters in the medical marijuana industry into that account and when Fried responded positively, the bank informed her that the account would be closed.
According to Wells, “It is Wells Fargo’s policy not to knowingly bank or provide services to marijuana businesses or for activities related to those businesses, based on federal laws under which the sale and use of marijuana is illegal even if state laws differ”. This position is somewhat understandable given the conflict between federal and state laws on marijuana and Attorney Jeff Sessions penchant for going after the marijuana industry.
But even taking Wells position at face value, it seems that Fried is being specifically targeted by Wells. While we don’t know how many candidates across the country have Wells accounts and support medical marijuana or even marijuana legalization whose accounts have not been closed, but there are surely plenty. That is a question Wells should have to answer.
Beyond that, the idea that advocating in a political campaign for an expansion of medical marijuana in a state where it is already legal constitutes a “service” or “activity related” to that industry seems like a bit if stretch. However, if there is one thing we know about Wells Fargo, the rules are always elastic enough to get stretched, often into illegality. It never ends.
