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Your News: Did Tavis Smiley Help Sell Bad Loans to Black People?

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from AOL Black Voices

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. …

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September 19, 2009 - Posted by | african american money, black money, black wealth | , ,

9 Comments »

  1. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Dr. Boyce Money: Don’t Throw Tavis Smiley Under the Wells Fargo Bus | Black Man Black Woman | September 21, 2009 | Reply

  2. Wells Fargo’s problems are far from over !

    Visit — HurtingHomeOwners com

    Comment by HurtingHomeOwner | September 22, 2009 | Reply

  3. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Tavis Smiley, Wells Fargo and Not Throwing Tavis Under the Bus « Black Leadership and Everything in It | September 23, 2009 | Reply

  4. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Dr Boyce Watkins: Don’t Kill Tavis Over Wells Fargo « Black Money and Black Wealth, made simple | September 23, 2009 | Reply

  5. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Tavis Smiley, Wells Fargo and Black Accountability : The Syracuse Professor | September 23, 2009 | Reply

  6. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Tavis Smiley, Wells Fargo and Black Accountability - Syracuse Finance | September 23, 2009 | Reply

  7. […] I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because […]

    Pingback by Dr Boyce Watkins: Tavis Smiley, Wells Fargo and Black Accountability « Black College Students | September 23, 2009 | Reply

  8. Very thoughtfull post on wealth building .It should be very much helpfull

    Thanks,
    Karim – Creating Power

    Comment by karim | September 23, 2009 | Reply

  9. […] One of the more disturbing aspects of the Wells Fargo predatory lending scheme was their use of black community leaders to gain the trust of black people. Like dictators in third world countries, pastors and public figures in the black community worked hard to persuade African Americans to believe in the bank and its lending products. The most notorious relationship was the lucrative deal signed between Wells Fargo and Tavis Smiley. […]

    Pingback by Baltimore Sues Wells Fargo For Racist Lending Practices — Again | Colonel6's Blog | October 29, 2010 | Reply


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