May 11 2015 - Town Of Midland: Fill & Download for Free

I have been a Texan for the last 37 years. I agree with one of the assumptions contained in the question: many Americans do have a negative opinion of Texans.It is neither fair nor accurate to attribute this phenomenon to George W. Bush. His presidency merely tended to perpetuate a negative view of Texans that already existed. I moved to Texas in 1978, when George W. Bush was a newlywed in Midland, Texas. The future president was then losing his father's friends' money, drilling for oil but coming up with dry holes. He was almost 20 years away from being governor. Texans had a bad reputation then, for being loud, brash, bragging know-it-alls, long before George W. was unleashed on the world.In the 1970s and 80s, Texans, or at least some well-off ones who traveled, were known for their boorish antics in Colorado ski towns, their arrogance in business meetings in New York and of course their often crude political posturing (in cowboy boots and sometimes stetsons) in Washington. Some travelling Texans were ambassadors of ill will. That does not apply to all Texans of course, but was a distinct impression created by some loud ones who ventured out of state, carrying an attitude that was less than welcome.The unique history of the state, that many have recited here, has led to lore about Texas that many (mostly white) people have internalized and made a part of their personal narrative. This historical narrative is taught in all public schools, emphasizing how unique Texas is because it was once an independent Republic. Properly channeled and presented, this narrative can be evidence that Texans are just "characters" with an independent streak.But when the attitude spills over into offending and even harming others, it is downright toxic. Unfortunately, the situation has been quite toxic recently. President Obama's election brought out all manner of racism (the internet is filled with the hate messages emanating from Texans) and irrational behavior (like Texas officials declining billions in federal dollars that could have provided health insurance coverage to millions of Texans who need it, all just to show how opposed the elected officials were to universal health insurance). Political junkies will recall former Governor Perry even musing about secession in response to Obama being elected president. Governor Abbott has continued the tradition of irrational reactions to Obama's election.For a time, Texas balanced its braggart reputation with a string of successful political leaders, many of whom did some very good things for the country. LBJ, whose presidency was marred by his mistake in escalating the Vietnam War, nonetheless was a superb politician whose achievements, in my mind, overshadow his mistakes. He served as Majority Leader of the Senate, wielding power like no other. As president, he used his force of personality, powers of persuasion and deep knowledge of the levers of political power to pass the Voting Rights Act and Civil Rights Act in the aftermath of JFK's assassination. He is a hero to many for his courage on civil rights issues. He will be remembered by historians for his ability to overcome the opposition of ardent segregationists to pass civil rights legislation, as well as his sponsorship of Medicare, programs to combat poverty and laws to protect the environment. He expanded the social safety net more than anyone since FDR.Ann Richards was a good governor and a wonderful speaker; her keynote address was the one by which others are often measured. Barbara Jordan was a national treasure whose biography reads like a string of "firsts." If you don't know about her, by all means look her up. Lloyd Bentsen was also a well-regarded, four-term U.S. Senator and chairman of the Senate Finance Committee before serving as the vice-presidential nominee in 1988. His classic put-down of the hapless Dan Quayle in the vice-presidential debate is worth a revisit on Youtube. George H. W. Bush (41) was a statesman, a gentleman, and in retrospect not a bad president (except for some abysmal judicial appointments). He has been a wise and accomplished former president too.As Texas changed from a mostly Democratic state to a vehemently Republican one, however, the image its politicians projected grew increasingly racist, intolerant, and frankly ignorant. Sadly, this change reflected the mood of the voting majority. The more extreme the positions that politicians took, the more Texas voters loved them. It is difficult to understand why Texas voters prefer ignorance and belligerence to wise policies, but it seems tied to the "we're different" narrative, coupled with the woeful public education in a low-tax, low-service state. Judging from the loudest haters I know, too much Fox "news," and overindulgence in Limbaugh radio, played a major role too in the dumbing down of the electorate. We are witnessing this phenomenon on a national scale now as Donald Trump soars in polls of likely Republican primaries, obviously a belligerent "bravo" by these misguided people in reaction to Trump's offensive statements about Mexico and immigrants from Mexico.Positive responses from voters to the most belligerent of positions push the politicians to the crazier end of the extreme. After all, what politicians, of all stripes, really care about is staying in office. They must win primaries to do so. Primary voters are more partisan and zealous than general election voters. Gerrymandering also promotes extremists. By grouping similar-thinking people in a district -- be it almost all Republican or all Democrat -- you tend to get fewer centrists.The Texas state legislature has become so crazy that in 2015, the real news about it reads like The Onion. The slavish devotion to anything the NRA wants led the state legislature to recently pass a law making it legal to have "open carry" of firearms on college campuses -- against the university system leaders' wishes. The head of the University of Texas system is the former commander of U.S. special forces, Admiral Wm. McRaven. He is hardly a dove, much less a person unfamiliar with firearms. McRaven adamantly opposed this campus carry bill, saying that (of course) he did not want firearms on his campuses and in classrooms. The Republican super-majority in the state legislature ignored him and passed the bill practically by acclamation. Our new governor, Greg Abbott, a former state attorney general and state supreme court justice (and, unlike his predecessor, clearly no dummy), eagerly signed the law. NRA: 1, Sanity: 0Governor Abbott recently pandered to his most paranoid and ill-informed constituents by kowtowing to fringe extremists who thought the United States army was an invading force when it conducted training exercise in Texas called "Operation Jade Helm." Right wing fringe conspiracy groups put out the word that "Obama is coming for your guns!" Abbott went so far as to deploy the Texas National Guard to "keep an eye on" the U.S. army -- so it did not stage a "take over," confiscate guns and house "enemies of the state" in abandoned Wal-Marts. You can't make this stuff up!A recent Doonsbury cartoon summed this situation well:TOON: Sunday's Doonesbury - "Jade Helm"Yet, having watched Abbott in various elected offices for years, his actions are not surprising. Abbott is determined to maintain his "conservative" standing in a state where tea party wingnuts have run country club Republicans out of office in primary after primary. He is protecting himself from a challenge from the far right by outflanking them. In the process, he often embarrasses himself and Texas generally.It is worth noting that Texas state-wide elected officials are uniformly Republican -- every state-wide office of any kind is held by a Republican, including all nine state supreme court justices, all members of the commission that "regulates" the oil and gas industry and even holders of offices that should have nothing to do with politics. It is a one-party system.Even intelligent politicians who obviously know better feel that they need to adopt absurd positions because the proven way to succeed in Texas politics is to "out-crazy" your opponents. The fate of former Lt. Governor, David Dewhurst, a relatively moderate (or at least country club variety) Republican, is a case in point. Dewhurst was first beat by Ted Cruz in the race to succeed retiring senator Kay Bailey Hutchison. One of Cruz's most effective ads was one showing that several Texas newspapers had endorsed Dewhurst and called him a "moderate." Moderate has become a dirty word in Texas... Dewhurst was then ousted from his Lt. Governor's office by an extreme right wing talk show host who changed his "foreign sounding" name to Dan Patrick (after a bankruptcy)... Look him up. The fact that Patrick holds this important position, which in many ways is more powerful than the governorship under the Texas system, is shocking.Our new state attorney general is even more embarrassing. First, he was indicted for securities fraud — and one of the people he misled was a fellow Republican lawmaker:SEC Charges Ken Paxton With Securities FraudYet he won’t step down. Instead, he has contined to take positions that hurt the majority of Texans and enrich the very wealthy few. He pursues culture war issues with a vengance and recently urged legislative leaders to pass laws protecting the decision of individuals, businesses and government officials to use religion as cover for discriminating against gay and transgender people. His stunts include telling county clerks in Texas that they can defy the United States Supreme Court and decline to issue marriage licenses to same-sex couples. What a guy! And he’s our state’s top law enforcement officer. Welcome to one-party rule.These extremist Republicans have zero respect for the rule of law and only cite it when it suits them. Consider Ted Cruz’s political stunt after Chief Justice John Roberts declined to vote to abolish Obamacare (I wonder why? Could it be that it was passed by a Senate super-majority of 60n v votes and signed into law? Could it be that Roberst cared about his legacy as Chief Justice more than he cared about opposing a popularly elected president?) — Cruz tried to out-crazy everyone by calling for elections for the U. S. Supreme Court, ignoring the constitution and the founding fathers' obvious intent to remove the Supreme Court from direct politics. Cruz is the most dangerous demagogue elected by Texans — and although he was vanquished by Trump, he will be back again and again until the voters send him to the crushing defeat he has so richly earned.Instead of leaders like Lloyd Bentsen and Ann Richards, Texas has more recently elected these kinds of characters, as well as the likes of regrettable politicians like Rick Perry, Tom DeLay, and an even nuttier (yes, that is possible) cast of characters elected to Congress -- like Louie Gohmert (sample: 6 Asinine And Insane Quotes By Louie Gohmert You Should Read).In the shadows, the devious trickster, Karl Rove, is plotting as much damage as he can do to democracy with his list of SuperPAC donors and bag of dirty tricks. Rove has been at the forefront of the efforts to speed misinformation through “dark money” negative ads, funded by his secret donors. Watch the Youtube video of Rove's televised freak-out when it became apparent that Mitt Romney had lost to Obama. When the Fox "news" commentators "called" the election for Obama, Rove couldn't believe the dirty tricks he had funded hadn't been enough to win! He tried to halt the newscasters from proclaiming that Obama had won. His exploitation of the bribe-ocracy nurtured by the 5 Republican appointees who decided the Citizens Uniteddecision has been epic, and extremely harmful to the nation.Rove has also been one of the masterminds behind the Republican campaign to and to keep poor and non-white American citizens from voting. Rove embodies the new Republican credo: If you can't win fair and square, especially when enough voters have finally figured out you are exclusively devoted to desires of the super-rich, then cheat as much as possible! Suppress voting! Create long lines by withholding enough ballot boxes in poorer neighborhoods, while making sure the wealthy white areas have plenty of ballot boxes and short lines; above all, intimidate voters. After all , those losers who depend on government checks, the 47% Romney spoke about, don't deserve to vote. Rove's attacks on democracy and voting rights can't help Texas's reputation.The infamous and even cruder Tom Delay was working on his own brand of election-rigging trickery too -- until he went too far. DeLay was instrumental in gerrymandering congressional seats to try to defeat all white Democrats. His goal was to draw the congressional lines so that the only Democrats were blacks or Hispanics — to make the Democratic Party appear to be just a party for minorities. While Speaker of the House, he got intimately involved in local Texas politics (guiding the Texas Legislature on how to gerrymander congressional districts) and was caught funneling corporate money to defeat Democrats, in violation of state election laws. To the glee of progressive Texans, Delay was indicted for violating the election laws and the jury convicted him (because he was guilty beyond a reasonable doubt). Meanwhile, his main target, white Democratic Congressman Lloyd Doggett (whom DeLay gerrymandered into a Chile-shaped district that was supposed to pit Doggett against a Hispanic challenger), managed to win in every twisted gerrymandered district the devious Delay could draw on a map. Doggett, who is skilled at constituent service, remains in Congress while Delay fights legal battles on appeal.Even though loyal state Republican judges let him off completely and reversed his conviction, Delay still lost the war. He is out of office and politically irrelevant. He was even reduced to appearing -- pitifully if hilariously -- on "Dancing With the Stars." Karma!How does the craziest wing of the Republican party manage to keeep winning in Texas? The same way Republicans manage to win elsewhere. The Koch-Rove propaganda machine, aided by a steady stream of Fox "news" lies and spin, has convinced a large number of struggling white voters to vote Republican by screaming about Obama's birth certificate, his supposed secret adherence to Islam, gay marriage, illegal immigration and other "culture war" non-issues (most recently, transgenered bathroom access). The smart Republicans, like Karl Rove, are no doubt privately chuckling and marveling at how easy it is to manipulate some people into voting against their own interests with this kind of crude propaganda. It has certainly worked well in Texas, with racism and prejudice barely below the surface of the ads.Even though he is not to blame for creating the negative impression of Texans, George W. Bush did a lot to perpetuate the poor reputation of Texas nationally and internationally while he was in national office. Recall that this President Bush (No. 43) took office in January 2001 with a solid budget surplus inherited from Bill Clinton, but Bush immediately turned the surplus into structural deficit with a big tax cut that primarily benefited the very, very wealthy. Republicans like to attribute the huge Bush deficits to national security needs, but the facts show otherwise.Bush's tax cut turned surplus to deficit well before 9/11 gave him an excuse to start a war.And then, there's his war --not against the perpetrators of 9/11 of course, but against an Iraqi dictator whom the 9/11 terrorists had nothing to do with and in fact hated as an apostate. The Iraq war was such an unmitigated disaster that even Jeb Bush said he wouldn't have started it had he been president and known then what he knows now. The war cemented Iran as the dominant player in Iraq, cost the US billions of dollars, while needlessly taking countless lives. (Also note that while Obama is pilloried regularly — most recently by McCain — for having pulled troops out of Iraq, it was Bush who made that deal with the Iraqi president he installed, Malaki.From Politifact:Bush signed an agreement, known as the Status of Forces Agreement, on Dec. 14, 2008, that said: “All the United States Forces shall withdraw from all Iraqi territory no later than December 31, 2011.”Condoleezza Rice, who served as Bush’s secretary of state, wrote in her 2011 book, “No Higher Honor,” that Bush did not want to set a deadline “in order to allow conditions on the ground to dictate our decisions.” She wrote that she met with Maliki in August 2008 and secured what she thought was an agreement for a residual force of 40,000 U.S. troops. But she said Maliki soon “reneged” and insisted on “the withdrawal of all U.S. forces by the end of 2011.” She said Bush “swallowed hard” and agreed to what she called “suitable language” to do just that.Moreover, while claiming to be for "small government," Bush presided over not only the catastrophic Iraq war (with its massive government spending on favored private contractors), but also a massive taxpayer giveaway to Big Pharma called the "Prescription Drug Benefit Plan." Bush swelled the deficit to new heights. His "all regulation is bad" philosophy helped usher in the worst recession since the Great Depression, upon which he promptly socialized the losses and bailed out the Big Banks -- the very same banks whose gambling on sub-prime loans through exotic instruments that packaged them up, collateralized debt obligations (and even more gambling on the credit default swaps that supposedly insured the CDOs), led to the collapse.Bush was the very definition of a Big Government Republican, with the massive deficits to show for it. I wonder why Fox "news" never mentions that...Bush didn't help Texas' reputation -- but he was mild compared to the extremist politicians the state's carefully crafted "majority" (after lots of gerrymandering and voter suppression of course) elect today. Bush, as governor, was in fact quite smart about immigration and even as president knew not to deliberately alienate the huge and growing mass of Hispanic votes. Not so with today's Texas Republican officials. And therein may lie hope for the future.Texas is at an intellectual nadir. It can hardly get any worse. Guns on campus, executing the retarded, paranoia about an army exercise, refusing to take $90 billion in funds to extend medicaid to uninsured Texans (an anti-Obamacare move, which keeps millions uninsured) -- what's next? Guns in bars, maybe in pre-schools? Forced indoctrination in creationism" How about making it a crime to utter the words "global warming?" Don't count it out.Yet, despite all the bizarre and harmful things the Texas Republicans have done, there is still much to love about Texas. Austin is an island of tolerance in a sea of insane extremism. It is a beautiful, dynamic, liberal city where young and old alike support the nation's best live music scene. Its outdoorsy population elects mayors and city councils who are committed to preserving the unique parks, bike trails and greenbelts all over the town. Check out some pictures of our city swimming hole, Barton Springs, or the trail on the greenbelt to Twin Falls. You'll want to visit.Austin offers an eloquent rebuttal to what Republicans claim Democratic strongholds are all about (controlled by unions, minorities, and the 47% Romney basically called parasites). Austin is in fact largely white, although it is as close to a color-blind city as you will find in the US. Its population is highly educated and fully employed. Unions are not a factor in anything. Unemployment is extremely low. The city is filled with electrical engineers, high tech entrepreneurs, students, university workers, young people creating start-ups and older ones mentoring them: the exact kind of economy America should aspire to. Visitors to Austin will re-think any negative views on Texans.Austin is the future. Redneck, racist, fearful, Fox "news" Texas is backward, aging and fading -- just not fast enough.The food scene in Austin is simply amazing, from Mexican food to BBQ to innovative upscale restaurants run by local chefs who have become national celebrities (Tyson Cole, Paul Qui, Aaron Franklin, Bryce Gilmore to name a few -- foodies will want to Google those names). The Texas Hill Country, including Fredricksburg, Blanco, Luckenbach and Kerrville is a lovely place to visit. Houston also has outstanding restaurants in a serious big city with a booming, diverse economy (and really nice, friendly people, reflecting the city's blue collar origins). San Antonio is a charming place to visit that has done a great job in creating tourist infrastructure, although its tiny but influential old guard white elite is particularly reactionary, a reflection of its inheritor character.Especially check out West Texas: The Big Bend region is breathtaking. Big Bend National Park will dazzle you. Google some photos of it and its Santa Elena Canyon, the Windows Trail, the Chisos Mountains and more. You can cross the Rio Grand in a row boat and visit a wild Mexican town (Boquillas del Carmen) as a part of your visit and check in at an unmanned "border crossing" that merely asks you to slide your passport through a reader. The small towns of Alpine, Marfa, Marathon and Ft. Davis (and its nearby McDonald Observatory) are fantastic places to visit. Anyone who loves the outdoors, wide open spaces, beautiful sunsets, deep canyons and surprisingly cool mountain temperatures should give the area at least a week. I have found the people of west Texas to be extremely nice and very helpful.I look forward to the day, probably just 4 to 6 years from now, when the growing Hispanic population in Texas starts exercising its power at the ballot box. I can count on the state's Republican powerbrokers to try to suppress their right to vote, which tends to backfire. When Republicans try to stop people from voting, they tend to come out in larger numbers. (So give it all you got, Karl! You're only hastening your own demise).When more young people and Hispanics start to vote, Texas will elect a more moderate group of men and women to office. News organizations will have to look elsewhere to find politicians willing to utter embarrassing things in front of a camera. Donald Trump’s asension may even accelerate this process as Hispanics may be more motivated than ever this fall to come out and vote against ignirance and bigotry.Texas is a lot more than its sometimes ugly public face. At least half of us are on the right side of history. We just don't all vote. Once Texas changes that temporarily unattractive face, the state's bad reputation will transform into a merely colorful one, on the right side of history once more.

Though a single geographic and political entity, the United States is also a patchwork of varying state and local laws, spread across the third largest landmass of any country in the world. Indeed, Americans have options when deciding where to live. Variables such as topography, climate, tax code, and cost of living — in addition to proximity to family and friends — can all play a role.The factors that make one part of the country preferable to another as a place to live and raise a family vary from one person to the next. However, some U.S. cities are demonstrably more attractive to new residents than others.The U.S. population grew from 309.3 million in 2010 to 325.7 million in 2017, a 5.3% increase. In some U.S. metro areas, the population grew at triple the nationwide rate over the same period. Meanwhile, in other metro areas, the population actually declined -- by several percentage points in some cases.Population change is the product of two factors -- net migration and natural growth. Natural growth is simply the number of births over a given period less the number of deaths. Net migration is the difference between the number of new residents -- either from other parts of the country or from abroad -- and the number of residents who have left the area.24/7 Wall Street reviewed the percentage change in population between 2010 and 2017 in 382 U.S. metro areas to identify the fastest growing, and shrinking, American cities. Over that period, some cities lost over 5% of their population, while others expanded by well over 20%.More:25 richest cities in America: Does your metro area make the list?The fastest growing cities25. Odessa, Texas2010-2017 population change: +14.6% (from 137,079 to 157,087)2010-2017 pop. change due to migration: +7,828Largest 12 month change: +5,269 (2014-2015)Median household income: $53,25424. Bismarck, N.D.2010-2017 population change: +14.7% (from 115,253 to 132,142)2010-2017 pop. change due to migration: +11,244Largest 12 month change: +3,652 (2012-2013)Median household income: $65,527Hilton Head, S.C. (Photo: Thinkstock)23. Hilton Head Island-Bluffton-Beaufort, S.C.2010-2017 population change: +14.7% (from 187,776 to 215,302)2010-2017 pop. change due to migration: +22,932Largest 12 month change: +5,506 (2014-2015)Median household income: $63,75622. Dallas-Fort Worth-Arlington, Texas2010-2017 population change: +14.7% (from 6,451,833 to 7,399,662)2010-2017 pop. change due to migration: +555,586Largest 12 month change: +152,393 (2015-2016)Median household income: $63,81221. Auburn-Opelika, Ala.2010-2017 population change: +14.8% (from 140,806 to 161,604)2010-2017 pop. change due to migration: +15,188Largest 12 month change: +4,201 (2011-2012)Median household income: $48,056Boise, Idaho (Photo: Thinkstock)20. Boise City, Idaho2010-2017 population change: +14.9% (from 617,980 to 709,845)2010-2017 pop. change due to migration: +62,059Largest 12 month change: +19,035 (2016-2017)Median household income: $55,162More:Teacher pay: States where educators are paid the most and least19. San Antonio-New Braunfels, Texas2010-2017 population change: +14.9% (from 2,152,961 to 2,473,974)2010-2017 pop. change due to migration: +210,637Largest 12 month change: +50,635 (2014-2015)Median household income: $56,10518. Crestview-Fort Walton Beach-Destin, Fla.2010-2017 population change: +15.0% (from 235,927 to 271,346)2010-2017 pop. change due to migration: +26,348Largest 12 month change: +8,304 (2011-2012)Median household income: $58,62417. Fargo, N.D.-Minn.2010-2017 population change: +15.3% (from 209,350 to 241,3562010-2017 pop. change due to migration: +18,99Largest 12 month change: +6,505 (2012-2013)Median household income: $60,009Fayetteville, Ark. (Photo: Thinkstock)16. Fayetteville-Springdale-Rogers, Ark.-Mo.2010-2017 population change: +15.5% (from 465,290 to 537,463)2010-2017 pop. change due to migration: +47,115Largest 12 month change: +12,287 (2016-2017)Median household income: $51,84815. Naples-Immokalee-Marco Island, Fla.2010-2017 population change: +15.6% (from 322,601 to 372,880)2010-2017 pop. change due to migration: +50,154Largest 12 month change: +8,978 (2014-2015)Median household income: $61,228More:Who is drinking the most? The drunkest (and driest) cities in America14. Houston-The Woodlands-Sugar Land, Texas2010-2017 population change: +15.9% (from 5,947,419 to 6,892,427)2010-2017 pop. change due to migration: +533,390Largest 12 month change: +167,325 (2014-2015)Median household income: $61,70813. Daphne-Fairhope-Foley, Ala.2010-2017 population change: +16.1% (from 183,110 to 212,628)2010-2017 pop. change due to migration: +28,263Largest 12 month change: +5,119 (2016-2017)Median household income: $56,732Charleston, S.C. (Photo: Thinkstock)12. Charleston-North Charleston, S.C.2010-2017 population change: +16.2% (from 667,466 to 775,831)2010-2017 pop. change due to migration: +81,055Largest 12 month change: +18,291 (2014-2015)Median household income: $57,65911. Provo-Orem, Utah2010-2017 population change: +16.5% (from 530,238 to 617,675)2010-2017 pop. change due to migration: +18,739Largest 12 month change: +17,895 (2015-2016)Median household income: $69,28810. Orlando-Kissimmee-Sanford, Fla.2010-2017 population change: +17.3% (from 2,139,317 to 2,509,831)2010-2017 pop. change due to migration: +291,358Largest 12 month change: +63,099 (2014-2015)Median household income: $52,3859. Raleigh, N.C.2010-2017 population change: +17.4% (from 1,137,393 to 1,335,079)2010-2017 pop. change due to migration: +139,611Largest 12 month change: +32,021 (2015-2016)Median household income: $71,685Redmond, Ore. (Photo: Thinkstock)8. Bend-Redmond, Ore.2010-2017 population change: +18.5% (from 157,740 to 186,875)2010-2017 pop. change due to migration: +26,052Largest 12 month change: +6,387 (2015-2016)Median household income: $61,8707. Cape Coral-Fort Myers, Fla.2010-2017 population change: +19.1% (from 620,467 to 739,224)2010-2017 pop. change due to migration: +119,306Largest 12 month change: +22,180 (2014-2015)Median household income: $52,909More:Cost of living: The purchasing power of a dollar in every state6. St. George, Utah2010-2017 population change: +19.7% (from 138,393 to 165,662)2010-2017 pop. change due to migration: +19,813Largest 12 month change: +6,425 (2016-2017)Median household income: $55,0565. Greeley, Colo.2010-2017 population change: +19.8% (from 254,182 to 304,633)2010-2017 pop. change due to migration: +33,972Largest 12 month change: +10,390 (2016-2017)Median household income: $63,400Midland, Texas (Photo: Thinkstock)4. Midland, Texas2010-2017 population change: +20.4% (from 141,788 to 170,675)2010-2017 pop. change due to migration: +16,322Largest 12 month change: +7,190 (2011-2012)Median household income: $65,2243. Austin-Round Rock, Texas2010-2017 population change: +22.5% (from 1,727,495 to 2,115,827)2010-2017 pop. change due to migration: +273,662Largest 12 month change: +59,774 (2015-2016)Median household income: $71,0002. Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C.2010-2017 population change: +22.6% (from 378,506 to 464,165)2010-2017 pop. change due to migration: +87,194Largest 12 month change: +16,372 (2016-2017)Median household income: $46,787The Villages, Fla. (Photo: Thinkstock)1. The Villages, Fla.2010-2017 population change: +32.8% (from 94,279 to 125,165)2010-2017 pop. change due to migration: +38,549Largest 12 month change: +5,392 (2013-2014)Median household income: $54,562More:Which town in your state is the poorest? Here is the listThe fastest shrinking cities25. Lima, Ohio2010-2017 population change: -3.0% (from 106,366 to 103,198)2010-2017 pop. change due to migration: -4,504Largest 12 month change: -750 (2014-2015)Median household income: $47,592Rockford, Ill. (Photo: Thinkstock)24. Rockford, Ill.2010-2017 population change: -3.1% (from 349,194 to 338,291)2010-2017 pop. change due to migration: -18,789Largest 12 month change: -2,259 (2013-2014)Median household income: $50,32423. Anniston-Oxford-Jacksonville, Ala.2010-2017 population change: -3.2% (from 118,466 to 114,728)2010-2017 pop. change due to migration: -3,450Largest 12 month change: -737 (2012-2013)Median household income: $41,68722. Bay City, Mich.2010-2017 population change: -3.2% (from 107,676 to 104,239)2010-2017 pop. change due to migration: -2,644Largest 12 month change: -781 (2014-2015)Median household income: $44,756More:Thinking about where to retire? Here are 30 great U.S. cities for older Americans21. Lawton, Okla.2010-2017 population change: -3.2% (from 131,579 to 127,349)2010-2017 pop. change due to migration: -9,641Largest 12 month change: -2,169 (2015-2016)Median household income: $50,98020. Kankakee, Ill.2010-2017 population change: -3.4% (from 113,418 to 109,605)2010-2017 pop. change due to migration: -5,721Largest 12 month change: -823 (2013-2014)Median household income: $54,911Binghamton, N.Y. (Photo: Thinkstock)19. Binghamton, N.Y.2010-2017 population change: -3.7% (from 251,519 to 242,217)2010-2017 pop. change due to migration: -9,470Largest 12 month change: -2,007 (2015-2016)Median household income: $51,36018. Rocky Mount, N.C.2010-2017 population change: -3.7% (from 152,407 to 146,738)2010-2017 pop. change due to migration: -6,338Largest 12 month change: -1,448 (2014-2015)Median household income: $38,97217. Ocean City, N.J.2010-2017 population change: -3.8% (from 97,222 to 93,553)2010-2017 pop. change due to migration: -781Largest 12 month change: -725 (2014-2015)Median household income: $62,54816. Pittsfield, Mass.2010-2017 population change: -3.8% (from 131,294 to 126,313)2010-2017 pop. change due to migration: -2,325Largest 12 month change: -1,017 (2014-2015)Median household income: $58,418More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty15. Elmira, N.Y.2010-2017 population change: -3.9% (from 88,985 to 85,557)2010-2017 pop. change due to migration: -3,627Largest 12 month change: -990 (2015-2016)Median household income: $51,26914. Albany, Ga.2010-2017 population change: -3.9% (from 157,596 to 151,434)2010-2017 pop. change due to migration: -10,964Largest 12 month change: -1,607 (2014-2015)Median household income: $40,667Saginaw, Mich. (Photo: Thinkstock)13. Saginaw, Mich.2010-2017 population change: -4.0% (from 199,851 to 191,934)2010-2017 pop. change due to migration: -9,783Largest 12 month change: -1,958 (2014-2015)Median household income: $45,84912. Youngstown-Warren-Boardman, Ohio-Pa.2010-2017 population change: -4.1% (from 564,837 to 541,926)2010-2017 pop. change due to migration: -14,057Largest 12 month change: -4,303 (2015-2016)Median household income: $44,98111. Flint, Mich.2010-2017 population change: -4.1% (from 424,938 to 407,385)2010-2017 pop. change due to migration: -22,658Largest 12 month change: -3,847 (2011-2012)Median household income: $43,95510. Cumberland, http://Md.-W.Va.2010-2017 population change: -4.2% (from 103,161 to 98,837)2010-2017 pop. change due to migration: -2,556Largest 12 month change: -794 (2011-2012)Median household income: $45,808More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus9. Decatur, Ill.2010-2017 population change: -4.5% (from 110,777 to 105,801)2010-2017 pop. change due to migration: -6,090Largest 12 month change: -1,110 (2014-2015)Median household income: $46,198Wheeling, http://W.Va. (Photo: Smithsonian Channel )8. Wheeling, http://W.Va.-Ohio2010-2017 population change: -4.5% (from 147,901 to 141,254)2010-2017 pop. change due to migration: -3,761Largest 12 month change: -1,617 (2016-2017)Median household income: $44,1317. Danville, Ill.2010-2017 population change: -4.6% (from 81,639 to 77,909)2010-2017 pop. change due to migration: -4,417Largest 12 month change: -778 (2013-2014)Median household income: $45,4816. Weirton-Steubenville, http://W.Va.-Ohio2010-2017 population change: -4.9% (from 124,326 to 118,250)2010-2017 pop. change due to migration: -2,086Largest 12 month change: -1,379 (2015-2016)Median household income: $44,7335. Beckley, http://W.Va.2010-2017 population change: -5.1% (from 124,959 to 118,543)2010-2017 pop. change due to migration: -4,503Largest 12 month change: -1,818 (2016-2017)Median household income: $44,178Douglas, Ariz. (Photo: Thinkstock)4. Sierra Vista-Douglas, Ariz.2010-2017 population change: -5.3% (from 131,782 to 124,756)2010-2017 pop. change due to migration: -9,495Largest 12 month change: -2,494 (2012-2013)Median household income: $45,5083. Charleston, http://W.Va.2010-2017 population change: -5.5% (from 226,901 to 214,406)2010-2017 pop. change due to migration: -9,772Largest 12 month change: -3,329 (2016-2017)Median household income: $41,689More:Is your city's population keeping pace? The fastest-growing city in each state2. Johnstown, Pa.2010-2017 population change: -7.2% (from 143,452 to 133,054)2010-2017 pop. change due to migration: -7,070Largest 12 month change: -2,769 (2012-2013)Median household income: $44,100Pine Bluff, Ark. (Photo: Thinkstock)1. Pine Bluff, Ark.2010-2017 population change: -9.1% (from 100,093 to 90,963)2010-2017 pop. change due to migration: -10,001Largest 12 month change: -1,651 (2012-2013)Median household income: $37,076Findings and methodologyWhen moving to a new area or city, many Americans will choose based on their financial needs, taking into consideration cost of living and employment opportunities. In 20 of the 25 fastest growing cities, the January 2018 unemployment rate was below the U.S. jobless rate that month of 4.1%. Meanwhile, in each of the fastest shrinking cities, the unemployment rate exceeds the national average.Job markets in the fastest growing cities also differ from those in the fastest shrinking cities in compensation levels. The median household income in over half of the fastest growing cities exceeds the national median of $57,617 a year. Only two of the fastest shrinking cities have a higher median household income than the U.S. as a whole.In the fastest growing cities, not only are incomes generally higher, but also the state government takes less of it. Nationwide, states levy an average of $967 in personal income tax per person per year. Just five of the 25 fastest growing cities are in states with higher than average per-capita personal income tax collections. Of the 25 fastest shrinking cities, 14 are in states with higher than average personal income tax collections.For many Americans, moving to a new city involves buying a home -- and property taxes can be a considerable expense for homeowners. Nationwide, homeowners pay the equivalent of about 1.1% of their property value in state and local taxes annually. In the fastest growing cities, lower than average property tax rates may act as magnet for new residents. All but six of the fastest growing cities are in states where homeowners pay a smaller share of their home value on average in state and local property taxes than is typical nationwide.

Wells Fargo - WikipediaWells FargoFrom Wikipedia, the free encyclopediaJump to navigationJump to searchFor other uses, see Wells Fargo (disambiguation).Wells Fargo & CompanyCompany logo since 2009Wells Fargo's headquarters complex in San Francisco, CaliforniaTypePublicTraded asNYSE: WFCS&P 100 componentS&P 500 componentISINUS9497461015IndustryBankingFinancial servicesInsurancePredecessorsCollapsible list[show]FoundedMarch 18, 1852 (167 years ago) in San Francisco, California, USFoundersHenry WellsWilliam FargoHeadquarters420 Montgomery Street, San Francisco, California, USNumber of locations8,050 branches (2018)13,000 ATMs (2018)Area servedWorldwideKey peopleElizabeth Duke(Chair)C. Allen Parker(Interim President & CEO)John R. Shrewsberry(CFO)ProductsCollapsible list[show]RevenueUS$86.40 billion (2018)Operating incomeUS$30.28 billion (2018)Net incomeUS$22.39 billion (2018)Total assetsUS$1.895 trillion (2018)Total equityUS$197.06 billion (2018)OwnerBerkshire Hathaway (10%)Membersc.70 million (2018)Number of employeesc.258,700 (2018)SubsidiariesWells Fargo AdvisorsWells Fargo Bank, N.A.Wells Fargo RailWells Fargo SecuritiesRatingFitch: A+ (2018)Moody's: A2 (2018)S&P: A− (2018)Websitewellsfargo.comFootnotes / references[1][2][3][4][5][6][7][8]Wells Fargo branch in Berkeley, CaliforniaWells Fargo & Company is an American multinational financial servicescompany headquartered in San Francisco, California, with central offices throughout the United States.[9]It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets.[10][11]Wells Fargo is ranked #26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.[12]In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC,[11]before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo employees.[10]Wells Fargo fell behind Bank of America to third by bank deposits in 2017[13]and behind Citigroup to fourth by total assets in 2018.[14]The firm's primary operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.[15]As of June 2018, it had 8,050 branches and 13,000 ATMs.[2]In 2018 the company had operations in 35 countries with over 70 million customers globally.[2]In February 2014, Wells Fargo was named the world's most valuable bank brand for the second consecutive year[16]in The Banker and Brand Financestudy of the top 500 banking brands.[17]In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the US.[7][18]In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.[7]As of December 2018, the company had a Standard & Poors credit rating of A−.[8]However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms.[19]On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve.[20]In April 2018, The Wall Street Journal reported that the US Department of Labor had launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as intoretirement funds managed by Wells Fargo itself.[21][22]Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo's business banking group had improperly altered documents about business clients in 2017 and early 2018.[23]In June 2018, Wells Fargo began retreating from retail bankingin the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.[24][13]Contents1History1.1Wells Fargo History Museums1.2Key dates1.3Wachovia acquisition1.4Investment by US Treasury Department during 2008 financial crisis1.4.1History of Wells Fargo Securities1.5Environmental record2Operations and services2.1Community banking2.1.1Consumer lending2.1.2Wells Fargo private student loans2.1.3Equipment lending2.2Wealth and Investment Management2.2.1Wells Fargo Asset Management2.2.2Wells Fargo Securities2.3Cross-selling2.4International operations2.5Charter3Lawsuits, fines and controversies3.11981 MAPS Wells Fargo embezzlement scandal3.2Higher costs charged to African-American and Hispanic borrowers3.3Failure to monitor suspected money laundering3.4Overdraft fees3.5Settlement and fines regarding mortgage servicing practices3.6SEC fine due to inadequate risk disclosures3.7Lawsuit by FHA over loan underwriting3.8Lawsuit due to premium inflation on forced place insurance3.9Lawsuit regarding excessive overdraft fees3.102015 Violation of New York credit card laws3.11Executive compensation3.12Tax avoidance and lobbying3.13Prison industry investment3.14SEC settlement for insider trading case3.15Wells Fargo account fraud scandal3.16Racketeering lawsuit for mortgage appraisal overcharges3.17Dakota Access Pipeline investment3.18Failure to comply with document security requirements3.19Connections to the gun industry and NRA3.20Discrimination against female workers3.21Auto insurance4CEO-to-worker pay ratio5See also6Notes7References8External linksHistory[edit]Main article: History of Wells FargoWells Fargo History Museums[edit]The company operates 12 museums, most known as a Wells Fargo History Museum,[25]in its corporate buildings inCharlotte, North Carolina, Denver, Colorado, Des Moines, Iowa, Los Angeles, California, Minneapolis, Minnesota,Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, Sacramento, California and San Francisco, California. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraphequipment and historic bank artifacts. The company also operates a museum about company history in the Pony Express Terminal in Old Sacramento State Historic Park in Sacramento, California, which was the company's second office,[26]and the Wells Fargo History Museum in Old Town San Diego State Historic Park in San Diego, California.[27]Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the Alaskan Gold Rush era.[28]Key dates[edit]A late 19th Century Wells Fargo Bank in Apache Junction, Arizona1879 Wells Fargo Stagecoach on exhibit in the Wells Fargo Museum in PhoenixThe Wells Fargo Stage Stop built in 1872 in Black Canyon City, ArizonaWells Fargo bank in Chinatown,Houston, TexasA remodeled Wells Fargo bank inFort Worth, TexasWells Fargo in Laredo, Texas1852: Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California.1860: Wells Fargo gained control of Butterfield Overland Mail Company, leading to operation of the western portion of the Pony Express.1866: "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.1905: Wells Fargo separated its banking and express operations; Wells Fargo's bank was merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.1918: As a wartime measure, the US Federal Government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency. The US Federal Government took control of the express company. The bank began rebuilding but with a focus on commercial markets. After the war, REA was privatized and continued service until 1975.1923: Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.1929: Northwest Bancorporation was formed as a banking association.1954: Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.1960: Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.1962: Wells Fargo American Trust again shortened its name to Wells Fargo Bank.1968: Wells Fargo converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg later surpassed him.[29]1969: Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.1982: Northwest Bancorporation acquired consumer finance firm Dial Finance which is renamed Norwest Financial Service the following year.1983: Northwest Bancorporation was renamed Norwest Corporation.1983: White Eagle, largest US bank heist to date took place at a Wells Fargo depot in West Hartford, Connecticut.1986: Wells Fargo acquired Crocker National Corporation from Midland Bank.1987: Wells Fargo acquired the personal trust business of Bank of America.1988: Wells Fargo acquired Barclays Bank of California from Barclays plc.[30]1995: Wells Fargo became the first major US financial services firm to offer Internet banking.1996: Wells Fargo acquired First Interstate Bancorp for US$11.6 billion.[31]1998: Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis.[32](Norwest was the surviving company; however, it chose to continue business under the more well-known Wells Fargo name.)2000: Wells Fargo Bank acquired National Bank of Alaska.[33]2000: Wells Fargo acquired First Security Corporation.[34]2001: Wells Fargo acquired H.D. Vest Financial Services for US$128 million, but sold it in 2015 for US$580 million.[35]2007: Wells Fargo acquired CIT's construction unit.[36]2007: Wells Fargo acquired Placer Sierra Bank.2007: Wells Fargo acquired Greater Bay Bancorp, which had US$7.4 billion in assets, in a US$1.5 billion transaction.[37][38]2008: Wells Fargo acquired United Bancorporation of Wyoming.[39]2008: Wells Fargo acquired Century Bancshares of Texas.[40]2008: Wells Fargo acquired Wachovia Corporation.2009: Wells Fargo acquired North Coast Surety Insurance Services.[41]2012: Wells Fargo acquired Merlin Securities.[42][43]2012: Wells Fargo acquired stake in The Rock Creek Group LP.2019: CEO Tim Sloan resigns causing stock to jump and leaves General Counsel Allen Parker as Interim CEOWachovia acquisition[edit]A former Wachovia branch converted to Wells Fargo in the fall of 2011 in Durham, North CarolinaOn October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about US$14.8 billion in an all-stock transaction. This news came four days after the USFederal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for US$2.1 billion. Citigroup protested Wachovia's agreement to sell itself to Wells Fargo and threatened legal action over the matter. However, the deal with Wells Fargo overwhelmingly won shareholder approval since it valued Wachovia at about seven times what Citigroup offered. To further ensure shareholder approval, Wachovia issued Wells Fargo preferred stock that holds 39.9% of the voting power in the company.[44]On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the situation was sorted out.[45]Citigroup alleged that they had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.[46]Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Sources say that Citigroup was unwilling to take on more risk than the US$42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over US$42 billion). Citigroup did not block the merger, but indicated they would seek damages of US$60 billion for breach of an alleged exclusivity agreement with Wachovia.[47]Investment by US Treasury Department during 2008 financial crisis[edit]On October 28, 2008, Wells Fargo was the recipient of US$25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury Department.[48][49]Tests by the US Federal Government revealed that Wells Fargo needed an additional US$13.7 billion in order to remain well capitalized if the economy were to deteriorate further under stress test scenarios. On May 11, 2009, Wells Fargo announced an additional stock offering which was completed on May 13, 2009, raising US$8.6 billion in capital. The remaining US$4.9 billion in capital was planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the US$25 billion of preferred stock issued to the US Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of US$131.9 million, bringing the total dividends paid to US$1.441 billion since the preferred stock was issued in October 2008.[50]History of Wells Fargo Securities[edit]Wells Fargo Securities was established in 2009 to house Wells Fargo's capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities banner.Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public financecapabilities.[51]Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the investment banking arm of Citadel LLC.[52]Duke Energy Center in Charlotte, North Carolina home of Wells Fargo Securities[53]Environmental record[edit]In 2009, Wells Fargo ranked #1 among banks and insurance companies, and #13 overall, inNewsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.[54]In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.[55]As of 2013, Wells Fargo had provided more than US$6 billion in financing for environmentally beneficial business opportunities, including supporting 185 commercial-scale solar photovoltaic projects and 27 utility-scale wind projects nationwide.[56][better source needed]Wells Fargo has launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.[57][58]We want to be as open and clear as possible about our environmental efforts – both our accomplishments and challenges – and share our experiences, ideas and thoughts as we work to integrate environmental responsibility into everything we do," said Mary Wenzel, director of Environmental Affairs. "We also want to hear and learn from our customers. By working together, we can do even more to protect and preserve natural resources for future generations.—Mary Wenzel, director of Environmental Affairs, Wells Fargo, 2010 press releaseOperations and services[edit]Map of Wells Fargo branches in August 2015Wells Fargo delineates three different business segments when reporting results:Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement.Community banking[edit]The Community Banking segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country.[59]There are mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basicteller services, and, space permitting, an office for private meetings with customers.[60]In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.[61]Consumer lending[edit]As of Q3 2011, Wells Fargo Home Mortgage was the largest retail mortgage lender in the United States, originating one out of every four home loans.[62]Wells Fargo services US$1.8 trillion in home mortgages, the second largest servicing portfolio in the US[63]It was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, the then-CEO John Stumpf had said the numbers were misleading because about half of that share represented the aggregation of smaller loans that were then sold on in the secondary market. In 2013, its share was closer to 22%; of which eight percentage points was aggregation.[64]Wells Fargo private student loans[edit]Wells Fargo private student loans are available to students to pay for college expenses, such as tuition, books, computers, or housing.[65]Loans are available for undergraduate, career and community colleges, graduate school, law school and medical school. Wells Fargo also provides private student loan consolidation and student loans for parents.[citation needed]Equipment lending[edit]Wells Fargo has various divisions that finance and lease equipment to different types of companies.[66][citation needed]One venture is Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail.[67]In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment financing.[68]Wealth and Investment Management[edit]Wells Fargo Advisors headquarters in St. Louis, MissouriWells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealthgroup.The logo for Wells Fargo AdvisorsWells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third largest brokerage firm in the United States as of the third quarter of 2010 with US$1.1 trillion retail client assets under management.[7]Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by US$4 billion.[69]Wells Fargo Asset Management[edit]Wells Fargo Funds Management, LLCTypeSubsidiaryIndustryMutual fundsHeadquartersKansas City, MissouriArea servedWorldwideWebsitewellsfargofunds.comWells Fargo Asset Management (WFAM) is the trade name for the mutual funddivision of Wells Fargo & Co. Mutual funds are offered under the Wells Fargo Advantage Funds brand name.Wells Fargo Securities[edit]Wells Fargo Securities, LLCTypeSubsidiaryIndustryInvestment BankingHeadquartersCharlotte, North CarolinaArea servedWorldwideWebsitewww.wellsfargo.com/com/securities/The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floorsWells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. The size and financial performance of this group is not disclosed publicly, but analysts believe the investment banking group houses approximately 4,500 employees and generates between US$3 and US$4 billion per year in investment banking revenue. By comparison, two of Wells Fargo's largest competitors, Bank of America and J.P. Morgan Chasegenerated approximately US$5.5 billion and US$6 billion respectively in 2011 (not including sales and trading revenue).[70]WFS headquarters are in Charlotte, North Carolina, with other US offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with international offices in London, Hong Kong, Singapore, and Tokyo.Cross-selling[edit]A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking products.[71]Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank.[72][73]Other banks have attempted to emulate Wells Fargo's cross-selling practices (described byThe Wall Street Journal as a hard sell technique);[72]Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[73]International operations[edit]Wells Fargo has banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo,Toronto.[74][75]They operate back-offices in India and the Philippines with more than 3,000 staff.[76]Charter[edit]Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[77]Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.Lawsuits, fines and controversies[edit]A Wells Fargo branch in Logan, Utah1981 MAPS Wells Fargo embezzlement scandal[edit]In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of US$300,000 was paid to Lewis, who pled guilty to embezzlement andconspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.[78](Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.[79])Higher costs charged to African-American and Hispanic borrowers[edit]Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."[80]An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."[81]According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report goes on to present data from the city of Baltimore, where "more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."[82]Wells Fargo agreed to pay US$125 million to subprime borrowers and US$50 million in direct down payment assistance in certain areas, for a total of US$175 million.[83][84]Failure to monitor suspected money laundering[edit]In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachoviahad failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.[85]Overdraft fees[edit]In August 2010, Wells Fargo was fined by US District Court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.[86][87][88]Settlement and fines regarding mortgage servicing practices[edit]On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citi,JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[89]The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about US$26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in US history, only trailing the Tobacco Master Settlement Agreement.[90]The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.On April 5, 2012, a federal judge ordered Wells Fargo to pay US$3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.[91]Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[92]stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."[93]SEC fine due to inadequate risk disclosures[edit]On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission(SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[94][95]Lawsuit by FHA over loan underwriting[edit]On October 9, 2012, the US Federal Government sued the bank under the False Claims Act at the federal court inManhattan, New York. The suit alleges that Wells Fargo defrauded the US Federal Housing Administration (FHA) over the past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is the third allegation levied against Wells Fargo in 2012.[96]In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.[97]Lawsuit due to premium inflation on forced place insurance[edit]In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which Wells Fargo was accused of inflating premiums on forced-place insurance.[98]Lawsuit regarding excessive overdraft fees[edit]In May 2013, Wells Fargo paid US$203 million to settle class-action litigation accusing the bank of imposing excessiveoverdraft fees on checking-account customers. Also in May, the New York attorney-general, Eric Schneiderman, announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a US$25 billion deal struck between 49 state attorneys and the five-largest mortgage servicers in the US. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.[64]2015 Violation of New York credit card laws[edit]In February 2015, Wells Fargo agreed to pay US$4 million for violations where an affiliate took interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit card laws. There was a US$2 million penalty with the other US$2 million going towards restitution to customers.[99]Executive compensation[edit]With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning US$15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a US$10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above US federal minimums.[100][101]Tax avoidance and lobbying[edit]In December 2011, the non-partisan organization Public Campaign criticized Wells Fargo for spending US$11 million onlobbying and not paying any taxes during 2008–2010, instead getting US$681 million in tax rebates, despite making a profit of US$49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to US$49.8 million in 2010 for its top five executives.[102]As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the fourth-largest payer of corporation tax in the US.[103]Prison industry investment[edit]Main article: Prison–industrial complexThe GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company statements.[104]By March 2012, its stake had grown to more than 4.4 million shares worth US$86.7 million.[105]As of November, 2012, the latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings of GEO's stock, which reduces Wells Fargo's holdings to 4.98% of Geo Group's common stock. By reducing its holdings to less than 5%, Wells Fargo will no longer be required to disclose some financial dealings with GEO.[106]While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo to divest from private prison companies like GEO Group, the company continues to make such investments.[107]SEC settlement for insider trading case[edit]In 2015, an analyst at Wells Fargo settled an insider trading case with the US Securities and Exchange Commission (SEC). The former employee was charged with insider trading alongside an ex-Wells Fargo trader.[108]Sadis & Goldberg obtained a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of negligence-based § 17(a)(3) claim, and paying a US$75,000 civil penalty[109]Wells Fargo account fraud scandal[edit]Main article: Wells Fargo account fraud scandalIn September 2016, Wells Fargo was issued a combined total of US$185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The US Consumer Financial Protection Bureau issued US$100 million in fines, the largest in the agency's five-year history, along with US$50 million in fines from the City and County of Los Angeles, and US$35 million in fines from the Office of Comptroller of the Currency.[110]The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and US$5 million being set aside for customer refunds on fees for accounts the customers never wanted.[111]Carrie Tolstedt, who headed the department, retired in July 2016 and received US$124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.[112][113]On October 12, 2016, John Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company. It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.[114]In response to the event, the Better Business Bureau dropped accreditation of the bank,[115]S&P Global Ratings lowered its outlook for Wells Fargo from stable to negative,[116]and several states and cities across the US ended business relations with the company.[117]An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, whom it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them.[118]The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover US$75 million worth of cash and stock from the former executives.[118]Racketeering lawsuit for mortgage appraisal overcharges[edit]In November 2016, Wells Fargo agreed to pay US$50 million to settle a racketeering lawsuit in which the bank was accused of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners US$95 to US$125 on appraisals for which the bank had been charged US$50 or less. The plaintiffs had sought triple damages under the U S Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.[119]Dakota Access Pipeline investment[edit]Wells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transportsystem in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.[120]In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council ofDavis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of 2017.[121]Failure to comply with document security requirements[edit]In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo US$5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.[122]Connections to the gun industry and NRA[edit]Wells Fargo is the top banker for US gun makers and the National Rifle Association (NRA). From December 2012 through February 2018 it reportedly helped two of the biggest firearms and ammunition companies obtain US$431.1 million in loans and bonds. It also created a US$28-million line of credit for the NRA and operates the organization's primary accounts.[123]In a March 2018 statement Wells Fargo said, "Any solutions on how to address this epidemic will be complicated. This is why our company believes the best way to make progress on these issues is through the political and legislative process. ... We plan to engage our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety for our communities."[123]Wells Fargo's CEO subsequently said that the bank would provide its gun clients with feedback from employees and investors.[124]Discrimination against female workers[edit]Further information: Glass ceilingIn June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 are women.[125]Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.[126]The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.[126]There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."[126]Auto insurance[edit]On June 10, 2019, Wells Fargo settled a lawsuit for $ 385 million that was filed in 2017 concerning their customers andNational General Insurance.[127]CEO-to-worker pay ratio[edit]Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO’s annual total compensation to that of the median employee.[128]Total 2018 compensation for Timothy J. Sloan, CEO, was $18,426,734, and total compensation for the median employee was estimated to be $65,191. The resulting pay ratio was determined to be 283:1.[129]See also[edit]San Francisco Bay Area portalCompanies portalBanks portalList of Wells Fargo directorsList of Wells Fargo presidentsWells Fargo ArenaWells Fargo Center