Wells Fargo responds to garage coverage

While the bank’s attorney has steadfastly declined to comment on the case, a corporate flak sent this email today, saying that Wells Fargo doesn’t stand to lose any money. Rather, they are representing their clients’ interests. Here’s what Julie Campbell, assistant vp of corporate communications said:

Wells Fargo is the trustee for certain bonds issued by the City of Stockton the Stockton Public Financing Authority and the City of Stockton, including the Series 2004 Parking  bonds. As the trustee, we are obligated pursuant to the terms of the trust to act at the direction of the bond insurer and  for the benefit of the bondholders. Wells Fargo has no funds at risk in this case, nor are we attempting to recover funds for our own accounts. Rather, we are acting solely in the interest of the bond insurer and the bondholders and at their direction.

I replied with the question if Wells Fargo is participating in the mediation on behalf of its bondholders.

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