Protestors 'move into' downtown Wells Fargo building

DENVER - A group of protestors literally decided to make themselves at home at the Wells Fargo building downtown on Thursday - setting up couches, chairs and other furniture outside the building to protest what they say are bad lending practices on the part of the bank.

The group, led by the Colorado Progressive Coalition, argued that the banks ruined their neighborhoods with bad loans, and their response was to "move into" the bank and make that their new home.

"We're gonna have folks bring their household items with them," Ben Hanna with the Colorado Progressive Coalition said. "Today's focus is really about Wells Fargo's history of discriminatory mortgage lending and its inability to help people who are facing foreclosure to avoid that."

The group of about 60 people was kept outside of the bank by Denver Police, some in riot gear. That didn't keep them from setting up their own "living room" on the sidewalk, placing a couch, several chairs, and a variety of other household items on the sidewalk in front of one of the bank entrances. The protest stayed mostly peaceful, though one protestor did manage to get inside the building and was arrested for trespassing and disturbing the peace.

"At the end of the day we need Wells Fargo to be a partner with people who are trying to get the economy back on its feet," Hanna said.

University of Denver finance Professor Michael Williams says it's a strong message, but it might not be the correct one.

"They are marching on the wrong building," he said.

Williams says the protestors need to take their battle to New York City.

"There is a difference between the investment banks that are on Wall Street, regional, and the community banks," Williams said.

Williams says most local banks were not behind most of the bad loans that have contributed to the slumping economy. He places the blame on larger firms.

"The investment banking firms were some of the ones that had some of the toxic securities," he said.

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