Wells Fargo Aims to Provide up to $60 Million to Concordance Program with Money Surreptitiously Gained by Terminating their Own (Innocent) Employees
https://finance.yahoo.com/news/wells-fargo-aims-60-million-153000945.html
12 replies (most recent on top)
It's to bad that WF doesn't treat their employees as well as they treat beggars and criminals.
This is the same Wells Fargo that came around to peoples desks a few years ago and fired anyone who'd had any arrests in their life back 20 plus year, now we're giving money to criminals..... makes sense.
Charity starts at home! Oh wait, this is Wells Fargo!!!!
If they had 20M in donations last year & they have helped "over 1,500 people" , assuming they helped about 2,000 people, that's 10K in benefit or monetary value per person minus overhead.
Yeah corporations never just pay lip service to some cause for good PR, it must actually be a conspiracy by the evil guvmint yet again
"I fail to see the problem with this. Corporations donate money as tax write offs."
People who say this do not understand how taxes work. If a corporation donates $100 to charity, that only saves them about $12 in taxes. They are still losing $88 of profit.
I base the 12% on this article from 2014 showing Wells Fargo in a 12% effective income tax bracket ( https://www.sfgate.com/business/networth/article/Wells-Fargo-gets-big-break-in-federal-income-taxes-5267883.php ) and since 2018 the corporate tax brackets are even lower.
No, corporations donate to charities to curry favor with politicians and other business executives. It's a complex and indirect form of paying for favors because if WFC's effective tax rate has fallen from 12% back in 2014 to, say, 10% today, that means it still costs Wells $90 to make a $100 donation. They wouldn't do that unless they got something for it.
Quid pro quo. CEO of that organization was WF employee who has dirt of company (hush money).
Win- win from PR perspective.
I fail to see the problem with this. Corporations donate money as tax write offs.
Where is support for our "healing journey" back to a "successful return" to "community" while working here?
Not knocking it or the work they do, but in 2022 they had 20M in donations, so this $60M amount represents 3 times that. It does look like they are expanding their footprint. On their literature it states they have helped "over 1,500 people." So the bank is saving money on not matching 401K until EOY, "attrition", and layoffs of hard working employees to give $60M to a non profit that helps formerly incarcerated individuals get into the workforce? Got it. If you look at their career openings, they even offer yoga classes to the people they serve.
"The Concordance holistic, integrated and evidence-informed re-entry model brings together 12 essential services to address the inequities that lead individuals to commit crimes and return to prison. By first addressing an individual’s trauma and helping them begin their healing journey, we can better prepare them for a successful return to their community."
Bernie Madoff was also generous with his ill-gotten gains. I’m starting to see more and more similarities.
The CEO of Concordance is former WF. Move right along, nothing to see here.... $60M ?