Press Release June 8, 1998	Contact: Gail Hillebrand or Earl Lui, (415) 431-6747 Consumers Union West Coast Regional Office

CONSUMERS UNION STATEMENT ON
WELLS FARGO,NORWEST MERGER

Group Urges Banks to Avoid Worst Practices of Wells Fargo,
Make Specific Commitments to California Consumers

 

SAN FRANCISCO, CA – The following statement is attributable to Gail Hillebrand, senior attorney and head of the credit and finance team at the West Coast Regional Office of Consumers Union, nonprofit publisher of Consumer Reports.

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If this merger is approved, Consumers Union encourages new management in the proposed merger to avoid Wells Fargo’s anti-consumer practices of recent years. We also urge Wells Fargo and Norwest to make specific consumer benefit commitments in their application for merger approval, rather than general promises in public statements and press releases.

This specific merger proposal offers an opportunity for the banks to prove customer commitment by moving away from some of Wells Fargo’s worst practices. For example, Wells Fargo pioneered the pay-day loan for banks, which charges about $1 per $20 borrowed for very short periods. This totals an astounding 260 percent annual percentage rate (APR) for a seven-day loan. Wells Fargo also initiated a fee for customers who talk with a live customer service representative more than a few times a month. Wells Fargo was also the first major bank in California to fingerprint non-customers seeking to cash checks at their bank. And in 1997, Wells Fargo closed hundreds of branches, following its 1996 merger with First Interstate.

We hope any new company formed from the proposed merger would disavow Wells Fargo’s unfortunate trailblazing in such anti-consumer practices.

Studies by the Federal Reserve Board and others show that large banks charge higher fees for many types of accounts than smaller banks, and that out-of-state banks charge higher fees than in-state banks. At the same time, merging banks insist that "bigger is better." Consumers Union urges all merging banks, including Wells Fargo and Norwest, to make specific commitments to consumers and communities to help ensure that big banks don’t leave small customers behind.

To that end, Consumers Union recently sent a letter Federal Reserve Chairman Alan Greenspan, requesting that merging banks provide guarantees for consumers and communities. These commitments should be made part of the merger application so that they can be enforced by federal banking regulators if they are broken. In summary, these guarantees include the following:

• Commit to a moratorium on fee increases, new fees, and minimum balance requirements.
  
• Dedicate a significant portion of the projected benefits from cost-savings from each merger for the first five years after the merger to increase access to banking services and credit for low-income consumers.
  
• Commit to reach an agreement with community groups and Community Reinvestment Act coalitions in every affected state and to reach agreement with each of those groups on future CRA commitments before regulatory approval of the merger.
  
• Out-of-state entities must commit to comply with all state consumer laws, rules, regulations of the states in which they do business.
  
• Adopt strong consumer safeguards on retail sales activities and agree to be responsible for losses arising from violations of these safeguards.
  

[Editors: Call 415/431-6747 for a copy of the April letter from Consumers Union to Federal Reserve Chairman Alan Greenspan outlining consumer concerns in bank mergers.]

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     to track misconduct of Wells Fargo and add your voice, a comprehensive - although biased source - is

                                                         http://www.innercitypress.org/wells.html

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Release Date: August 31, 1998

For immediate release

The Federal Reserve Board today announced a public meeting for Thursday, September 17, 1998, in Minneapolis on the proposal by Norwest Corporation, Minneapolis, Minnesota, to merge with Wells Fargo & Company, San Francisco, California. The purpose of the meeting is to collect information relating to the factors the Board is required to consider under the Bank Holding Company Act. These factors are the effects of the proposal on the financial and managerial resources and future prospects of the companies and banks involved in the proposal, competition in the relevant markets, and the convenience and needs of the communities to be served. Convenience and needs considerations include consideration of the records of performance of Norwest and Wells Fargo under the Community Reinvestment Act. The Board also must determine whether conducting the proposed nonbanking activities can reasonably be expected to produce benefits to the public that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices. The meeting will be held at the Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota, and will begin at 9 a.m. CDT. Persons wishing to testify at the meeting must submit a written request no later than 5:00 p.m. CDT, Friday, September 4, 1998, containing a brief statement of the nature of the expected testimony and the estimated time required for the presentation (together with their address, telephone number, and facsimile number if available), to JoAnne F. Lewellen, Community Affairs Officer, Banking Supervision Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota 55480 (facsimile: 612-204-5163). Persons interested only in attending the meeting do not need to submit a written request to attend. On the basis of the requests to testify, the presiding officer of the public meeting will establish a schedule of appearances and prescribe all necessary procedures to ensure that the meeting proceeds in a fair and orderly manner. An agenda for the meeting, which will include the scheduled time for each person's testimony, will be provided to participants at a later date. Attached is a copy of the Notice of Public Meeting, which sets forth the procedures to be followed at the meeting. In connection with this action, the Board also announced that the period for public comment on the proposal will close at 5:00 p.m. CDT, Thursday, September 17, 1998.

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Norwest Corporation Minneapolis, Minnesota Wells Fargo & Company San Francisco, California Notice of Public Meeting Minneapolis, Minnesota

Background and Public Meeting Notice Norwest Corporation, Minneapolis, Minnesota ("Norwest"), has requested the Board's approval under the Bank Holding Company Act (12 U.S.C. § 1841 et seq.) ("BHC Act") and related statutes to merge with Wells Fargo & Company, San Francisco, California ("Wells Fargo"). The General Counsel of the Board, acting pursuant to authority delegated by the Board (12 C.F.R. 265.6(a)(2)), hereby orders that a public meeting on the Norwest/Wells Fargo proposal be held in Minneapolis, Minnesota, on Thursday, September 17, 1998. The public meeting will be held at the Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota, and will begin at 9 a.m. CDT. Purpose and Procedures The purpose of the public meeting is to collect information relating to factors the Board is required to consider under the BHC Act. These factors are the effects of the proposal on the financial and managerial resources and future prospects of the companies and banks involved in the proposal, competition in the relevant markets, and the convenience and needs of the communities to be served. Convenience and needs considerations include a review of the records of performance of Norwest and Wells Fargo under the Community Reinvestment Act, which requires the Board to take into account in its consideration of a bank acquisition or merger proposal each institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of the institution. 12 U.S.C. § 2903. The transaction also involves the proposed acquisition of a number of nonbanking companies engaged in activities permissible for bank holding companies. The Board must determine whether conducting the proposed nonbanking activities can reasonably be expected to produce benefits to the public that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices. Testimony at the public meeting will be presented to a panel consisting of a Presiding Officer, or her designee, and other panel members appointed by the Presiding Officer. The Presiding Officer at the meeting will be Dolores S. Smith, Director of the Board's Division of Consumer and Community Affairs. In conducting the public meeting, the Presiding Officer will have the authority and discretion to ensure that the meeting proceeds in a fair and orderly manner. In contrast to a formal administrative hearing, the rules for taking evidence in an administrative proceeding do not apply to this public meeting. Panel members may question witnesses, but no cross-examination of witnesses will be permitted. The public meeting will be transcribed and information regarding procedures for obtaining a copy of the transcript will be announced at the public meeting. All persons wishing to testify at the public meeting must submit a written request to JoAnne F. Lewellen, Community Affairs Officer, Banking Supervision Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota 55480 (facsimile: 612-204-5163) not later than 5:00 p.m. CDT, Friday, September 4, 1998. The request must include the following information: (i) a brief statement of the nature of the expected testimony and the estimated time required for the presentation; (ii) address and telephone number (and facsimile number, if available) of the person testifying; and (iii) identification of any special needs, such as from persons desiring translation services, persons with a physical disability who may need assistance, or persons requiring visual aids for their presentation. To the extent available, translators will be provided to persons wishing to present their views in a language other than English if this information is included in the request to testify. Persons interested only in attending the meeting do not need to submit a written request to attend. On the basis of the requests received, the Presiding Officer will prepare a schedule for persons wishing to testify and establish the order of presentation. To ensure an opportunity for all interested commenters to present their views, the Presiding Officer may limit the time for presentation. Persons not listed on the schedule may be permitted to speak at the public meeting if time permits at the conclusion of the schedule of witnesses, at the discretion of the Presiding Officer. Copies of testimony may, but need not, be filed with the Presiding Officer before a person's presentation.

By order of the General Counsel, effective August 31, 1998. (signed) J. Virgil Mattingly, Jr. J. Virgil Mattingly, Jr. General Counsel

 Course on Derivatives
 and Asset Backed
 Securities  and Debt

  we include a sample of the financial dealings which Wells has
  engaged in since 1998, this from 2004, to inform you of some inner
  workings of the financial manipulations which transpire within
  the complex world of financial behemoths in moving things around
  on paper to suit their bottom lines.  In the past ten years, the world 
  of Wells Fargo has changed dramatically, with the assistance of
  the federal government, which in reality are the two political which 
  have a stranglehold on what is gotten away with in this country.

  First in the late 1980's, and now just twenty years after an entire 
  industry ( Savings and Loan's ) failed with just a handful of
  survivors, a massive financial manipulation of unfathomable 
  proprotions ( some are saying around EIGHT TRILLION DOLLARS )
  is being used to redistribute American's hard earned money AND
  property, leaving each individual and their offspring for generations
  to come in incomprehensible debt - debt, created out of thin air, off
  which the specially selected lucky ones reap more riches than
  anyone could spend on twenty lifetimes or more, such as Warren
  Buffet, a major holder of "Wells Fargo"'s empire.

  The care given to planning and executing these intricate dealings  
  have not, unfortunately, found their way into how Wells Fargo  
  handles its loan servicing operations which we now know they have
  intentionally hidden under the name 
                           AMERICAS SERVICING COMPANY
 , now public knowledge it is one and the same.
  
IF YOU FEEL YOU HAVE BEEN VICTIMIZED BY THIS 'AMERICAS SERVICING COMPANY' OPERATION, PLEASE CALL 800 562-6776 IMMEDIATELY.

ALL CONTACTS ARE EXPRESSLY CONFIDENTIAL

   For more information on how the giant banks have become  
  marketing companies under government approval, intent upon
  taking money from their customers in ingenious new ways, we
  recomend you go to:

         http://www.earthtimes.org/articles/show/83713.html

   For more information on how Wells Fargo may no longer exist
   but only be the DBA name for Norwest, which would explain 
   the comment Norwest was the predessessor of Wells Fargo, go
   to

   to see how 'Wells' acquired First Security, go to

       http://www.secinfo.com/dRqWm.5h8y.c.htm

to see what 'Wells' is up to, and how it really may be in MN not in San Francisco, go to

     http://www.secinfo.com/$/SEC/Registrant.asp?CIK=72971

or merely search the SEC records:

Wells Fargo & Co/MN
other Registrant declaring the SAME I.R.S. number:
Norwest Ltd LLP Lllp [  formerly Norwest Ltd Lllp  ]

“Wells Fargo & Co/MN”             Latest Filing:  12/10/08
as Registrant
Wells Fargo & Co/MN  [ formerly Norwest Corp ]

 

   Norwest bought Wells Fargo and  adopted its name

 

List of Securities

1. Servus Financial Corporation*:

-- Title of Securities: 7.00% Subordinated Notes due July 15, 2005 -- Principal Amount Outstanding: $125,000,000 -- CUSIP Number / (ISIN Number): 336294AG8 / (US336294AG88) -- Fixed Spread (bp): 18 -- UST Reference Security: 1.125% due 06/30/2005 -- Bloomberg Reference Page: BBT4 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,053.10

2. Wells Fargo Financial, Inc.:

-- Title of Securities: 7.00% Senior Notes due November 1, 2005 -- Principal Amount Outstanding: $300,000,000 -- CUSIP Number / (ISIN Number): 94975CAB3 / (US94975CAB37) -- Fixed Spread (bp): 20 -- UST Reference Security: 1.625% due 10/31/2005 -- Bloomberg Reference Page: BBT4 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,063.60

3. Wells Fargo Financial, Inc.:

-- Title of Securities: 6.125% Senior Notes due February 15, 2006 (1) -- Principal Amount Outstanding: $500,000,000 -- CUSIP Number / (ISIN Number): 94975CAD9 / (US94975CAD92) -- Fixed Spread (bp): 23 -- UST Reference Security: 1.875% due 01/31/2006 -- Bloomberg Reference Page: BBT4 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,059.50

4. Servus Financial Corporation*:

-- Title of Securities: 6.875% Senior Notes due November 15, 2006 -- Principal Amount Outstanding: $150,000,000 -- CUSIP Number / (ISIN Number): 336294AH6 / (US336294AH61) -- Fixed Spread (bp): 24 -- UST Reference Security: 2.625% due 11/15/2006 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,089.10

5. Wells Fargo Financial, Inc.**:

-- Title of Securities: 7.20% Senior Notes 2007 Series due May 1, 2007 -- Principal Amount Outstanding: $150,000,000 -- CUSIP Number / (ISIN Number): 669383DH1 / (US669383DH15) -- Fixed Spread (bp): 25 -- UST Reference Security: 3.125% due 05/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,108.00

6. Wells Fargo Financial, Inc.:

-- Title of Securities: 4.875% Senior Notes 2007 Series due June 12, 2007 (1) -- Principal Amount Outstanding: $500,000,000 -- CUSIP Number / (ISIN Number): 94975CAK3 / (US94975CAK36) -- Fixed Spread (bp): 36 -- UST Reference Security: 3.125% due 05/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,043.70

7. Wells Fargo & Company***:

-- Title of Securities: 6.75% Medium-Term Fixed Rate Notes, Series H due June 15, 2007 -- Principal Amount Outstanding: $200,000,000 -- CUSIP Number / (ISIN Number): 66938FJT2 / (US66938FJT21) -- Fixed Spread (bp): 33 -- UST Reference Security: 3.125% due 05/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,097.40

8. Wells Fargo Financial, Inc.:

-- Title of Securities: 7.47% Senior Medium-Term Notes due August 8, 2007 -- Principal Amount Outstanding: $50,000,000 -- CUSIP Number / (ISIN Number): 9497E5AA0 / (US9497E5AA09) -- Fixed Spread (bp): 29 -- UST Reference Security: 3.25% due 08/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,119.90

9. Wells Fargo Financial, Inc.**:

-- Title of Securities: 6.375% Senior Notes 2007 Series due December 1, 2007 -- Principal Amount Outstanding: $100,000,000 -- CUSIP Number / (ISIN Number): 669383DP3 / (US669383DP31) -- Fixed Spread (bp): 35 -- UST Reference Security: 3% due 11/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,091.00

10. Wells Fargo Financial, Inc.**:

-- Title of Securities: 6.25% Senior Notes 2007 Series due December 15, 2007 -- Principal Amount Outstanding: $100,000,000 -- CUSIP Number / (ISIN Number): 669383DD0 / (US669383DD01) -- Fixed Spread (bp): 37 -- UST Reference Security: 3% due 11/15/2007 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,087.30

11. Wells Fargo Financial, Inc.:

-- Title of Securities: 5.875% Senior Notes 2008 Series due August 15, 2008(1) -- Principal Amount Outstanding: $600,000,000 -- CUSIP Number / (ISIN Number): 94975CAF4 / (US94975CAF41) -- Fixed Spread (bp): 37 -- UST Reference Security: 3.25% due 08/15/2008 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,077.50

12. Wells Fargo Financial, Inc.**:

-- Title of Securities: 5.625% Senior Notes due February 3, 2009 -- Principal Amount Outstanding: $200,000,000 -- CUSIP Number / (ISIN Number): 669383DR9 / (US669383DR96) -- Fixed Spread (bp): 37 -- UST Reference Security: 3% due 02/15/2009 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,067.30

13. Wells Fargo Financial, Inc.**:

-- Title of Securities: 6.85% Senior Notes 2009 Series due July 15, 2009 -- Principal Amount Outstanding: $250,000,000 -- CUSIP Number / (ISIN Number): 669383DK4 / (US669383DK44) -- Fixed Spread (bp): 45 -- UST Reference Security: 3.875% due 05/15/2009 -- Bloomberg Reference Page: BBT5 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,122.90

14. Wells Fargo Financial, Inc.:

-- Title of Securities: 6.125% Senior Notes 2012 Series due April 18, 2012(1) -- Principal Amount Outstanding: $500,000,000 -- CUSIP Number / (ISIN Number): 94975CAJ6 / (US94975CAJ62) -- Fixed Spread (bp): 50 -- UST Reference Security: 4.875% due 02/15/2012 -- Bloomberg Reference Page: BBT6 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,086.00

15. Wells Fargo Financial, Inc.:

-- Title of Securities: 5.50% Senior Notes 2012 Series due August 1, 2012(1) -- Principal Amount Outstanding: $500,000,000 -- CUSIP Number / (ISIN Number): 94975CAL1 / (US94975CAL19) -- Fixed Spread (bp): 50 -- UST Reference Security: 4.375% due 08/15/2012 -- Bloomberg Reference Page: BBT6 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,042.40

16. Wells Fargo & Company***:

-- Title of Securities: 6.65% Subordinated Debentures due October 15, 2023 -- Principal Amount Outstanding: $200,000,000 -- CUSIP Number / (ISIN Number): 669380AW7 / (US669380AW79) -- Fixed Spread (bp): 51 -- UST Reference Security: 5.375% due 02/15/2031 -- Bloomberg Reference Page: BBT8 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,107.50

17. Wells Fargo & Company***:

-- Title of Securities: 6.75% Medium-Term Fixed Rate Notes, Series J due December 15, 2027 -- Principal Amount Outstanding: $200,000,000 -- CUSIP Number / (ISIN Number): 66938FJU9 / (US66938FJU93) -- Fixed Spread (bp): 58 -- UST Reference Security: 5.375% due 02/15/2031 -- Bloomberg Reference Page: BBT8 -- Maximum Purchase Price Per $1,000 Principal Amount: $1,122.10

---------------- * Originally issued by First Security Corporation. After expiration of the offers, the Company anticipates that it will cause Servus Financial Corporation to be merged into one of the Company's wholly-owned subsidiaries.

** Originally issued under the name Norwest Financial, Inc., now known as Wells Fargo Financial, Inc.

*** Originally issued under the name Norwest Corporation, now known as Wells Fargo & Company.

(1) Listed on the Luxembourg Stock Exchange.

DATASOURCE: Wells Fargo & Company

CONTACT: media, Janis Smith, +1-415-396-7711, or investors,

Emily Janowsky, +1-415-396-4496, both of Wells Fargo & Company

Web site: http://www.wellsfargo.com/