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'Propagandist liars': 'CBS Mornings' hosts slammed for 'nodding' at Wells Fargo-TD Jakes partnership

The billion-dollar partnership includes a number of initiatives aimed at community development at all income levels

NEW YORK CITY, NEW YORK: The TD Jakes Group and Wells Fargo have joined forces for a ten-year partnership that aims to build inclusive communities for people of all income levels. Bishop TD Jakes announced the partnership on Thursday, April 27 when he made a guest appearance on 'CBS Mornings', with hosts Gayle King, Tony Dokoupil, and Nathaniel E Burleson on the panel.

The consumer banking giant has agreed to contribute up to $1 billion to a number of initiatives that support community development as part of the partnership. The collaboration's first project focuses on the construction of mixed-income housing and retail spaces outside of Atlanta. The project will take place on a vast 95-acre site that was previously known as Fort McPherson. During the appearance, Jakes emphasized the importance of supporting marginalized groups, saying, "The future looks very bleak, particularly for minorities."

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"Black people, Brown people and also poor White people are finding it difficult, workforce people, to find a job, to find opportunities to get housing, to get upward mobility,” he added, as per CBS News. Jakes stated that he is joining the collaboration to create mixed-income housing, which will provide better opportunities for generations to come. "The reason mixed-income housing is vitally important is that we tried low-income communities before and they fall into the abyss and become ghettos," Jakes said, adding, "Mixed-incomes have a much better result, safer, better schools, better opportunities, upward mobility."

‘Propagandist liars’

However, the announcement didn’t sit well with the Internet. Social media users slammed CBS' morning hosts for nodding at the partnership. “3 black CBS hosts listen to 1 black man say, black people will make zero income in the future, offer no reaction but a nod (okay),” one user wrote. "Two scammers out here to scam even harder. No thanks,” a second user said while the third asserted, "WHY would any sensible person do business with Wells Fargo?!" "PROPAGANDIST LIARS," another fumed.

Wells Fargo’s turbulent past

The announcement for the 10-year partnership came just months after Wells Fargo agreed to a $3.7 billion settlement with authorities to resolve allegations that it exploited clients on their bank accounts, auto loans, and mortgages. The Consumer Financial Protection Bureau said this impacted more than 16 million customers. According to the CFPB's decision, Wells Fargo is obligated to contact consumers who were impacted and qualify for compensation.

As per the settlement, the bank is ordered to repay $2 billion to consumers and pay a $1.7 billion penalty, as per Live Mint. The amount is almost four times bigger than the previous $1 billion fine that Wells Fargo paid in 2018 to address many violations of consumer law. The bank has had a string of high-profile and embarrassing mishaps over the past ten years, including the revelations NPR reported on in 2016 that bank employees had opened millions of checking, debit, and credit card accounts for customers without their knowledge in order to meet their sales targets, according to NPR.

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