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Hadley holds up to $1 million in Wells Fargo Stock, one of the largest recipients in legislature of donations from Wells Fargo and employees

Contact: Kerry Townsend Jacob, Communications Director, 310-806-0893

Torrance, CA – On the heels of revelations that Wells Fargo Bank routinely created sham accounts to defraud consumers, California’s Attorney General office announced it has opened a criminal investigation into the bank’s actions. This after the California Assembly Banking Committee recently held hearings to consider reforms and penalties for the illegal banking practices.

But, there was one committee member who didn’t even bother to show up to the committee hearing and has been conspicuously quiet on the whole subject: The 66th District’s Assemblyman David Hadley.

Why is that? Probably because he was the largest recipient of Wells Fargo campaign largess and is also one of the largest shareholders of Well Fargo stock in the Assembly. In fact, Hadley directly accepted over $26,000 from Wells Fargo and its employees, and public disclosure reports show he owns a personal financial stake in the bank of up to $1 million.

This isn’t the first time the Republican Assemblymember has done his political contributors a favor. In fact, he proudly boasts of his influence on behalf of his donors, often to the detriment of his constituents and consumers.

“Again and again, David Hadley stands up for his contributors and against the interests of constituents and consumers. He stands up for Big Oil and big banks, and against the environment, air quality and consumers. It’s the behavior of a former Wall Street Banker who will do anything to make money. This time, it’s anything to get contributions and get elected. He should be ashamed of putting his own personal financial interests ahead of the consumers he was elected to represent,” said Mike Shimpock, campaign consultant.

Hadley has a history of voting and working for contributors even when it hurts his constituents:

  • Refused to stand up to Wells Fargo
  • Bragged about getting Big Oil exempted from the landmark climate change bill SB350
  • Voted for Big Oil and against air quality and climate change bill AB 32
  • Took $50,000 in Big Oil donations and refused to oppose oil drilling in local neighborhoods
  • Took $50,000 in Big Oil and voted against increase air pollution regulations for the Torrance Refinery and other refineries across the state

David Hadley puts his personal financial interests and those of his contributors ahead of the needs of Californians again and again.