<P> 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 . </P> <P> "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 ." </P> <P> 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 ..." 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 ." </P> <P> In a March 2010 agreement with federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had 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 . </P>

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