LIU STATEMENT ON PROTESTS AT WELLS FARGO ANNUAL SHAREHOLDER MEETING

 

 New York City Comptroller John C. Liu issued the following statement in response to protests at Wells Fargo’s annual shareholder meeting:

  “We understand the sentiments voiced by the protestors.  As a long-term shareowner, the NYC Pension Funds have asked in vain for the firm to root out and correct systemic flaws in its mortgage and foreclosure practices,” Comptroller Liu said.  “Today we repeated that request for the second year in a row.  Until Wells Fargo and other large banks conduct independent audits of their housing-related policies, investors will lack assurances that they and the larger public are safeguarded against further economic damage. Today’s protests should remind these banks that if they fail to improve future practices, their reputations and financial performance will suffer accordingly.”

BACKGROUND:

New York City Comptroller John C. Liu serves as the investment advisor  to, custodian and trustee of the New York City Pension Funds. The New York City Pension Funds are composed of the New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund and the Board of Education Retirement System. The New York City Pension Funds hold 13,067,127 shares of Wells Fargo, valued at $427,164,381.63 as of
4/23/2012.

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