BUSINESS
11/20/2009 05:12 am ET Updated May 25, 2011

Tavis Smiley Says He's Cutting Ties to Wells Fargo Over Subprime Scandal

Prominent author, commentator and PBS talk show host Tavis Smiley has announced that he's cutting all business ties to Wells Fargo & Co. The move comes in the wake of a TWI story last week about Wells Fargo "Wealth Building" seminars held in black neighborhoods starting in 2005, headlined by Smiley, which a recent lawsuit filed by the Illinois attorney general charged were nothing more than sales pitches for high-rate subprime loans.

Richard Prince reported Friday in his "Journal-isms" column that Smiley said he would sever all ties with Wells Fargo until charges that the company steered minorities into higher-rate loans are resolved.

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