- Wells Fargo does not hold shares in either The GEO Group or Corrections Corporation of America. We do not have a seat on either company’s board of directors, and we do not dictate their policies or business models.
- Wells Fargo Funds, which are owned by the Funds’ investors—not Wells Fargo—currently holds a very small position in the companies in a passive index fund. SEC filings can make it appear that Wells Fargo is the owner, but we are not. Applicable laws and internal governance do not allow the bank to dictate which stocks the fund managers may buy or sell. In addition, the holdings of the mutual funds are segregated from Wells Fargo’s own assets in accordance with applicable laws. For further clarification, a passive fund is designed to mimic a specific market index. The most recognizable types of index funds are Dow 30 funds and S&P 500 funds. The stocks that make up these indices are determined by Dow Jones and Standard & Poor’s, respectively. It is a common industry practice for fund managers to own precisely what Dow Jones or S&P has chosen to make up these indices (See more background here).
- Due to chronic prison overcrowding, federal and state governments have for the past 30 years been contracting out detention services. People who want to change that should address their concerns with the appropriate government officials. We are a bank. We don’t set U.S. detention system policy; we have nothing to do with the setting or enforcement of laws; we don’t tell judges where to place people accused of or found guilty of violating the law; and we don’t tell the federal and state governments which companies should be awarded contracts.
- Ruben Pulido, Wells Fargo spokesman
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