Taken from a National People Action press release, May 21, 2012:
Wells Fargo borrows from the federal government at virtually 0 percent interest, lends it to private prison companies at interest rates as low as 3 percent, all while charging their own customers an average of 276 percent interest on their account-based payday loan product. Why???
Wells Fargo is a major investor in the two largest private prison operators in the country, the Corrections Corporation of America (CCA) and the GEO Group. These companies fill their prisons by spending millions of dollars on lobbying to keep the immigration and criminal justice systems broken. Wells Fargo and these companies make money — with taxpayers footing the bill — on every cell that is filled.
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