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Wells Fargo hosts the annual “Wells Fargo Pipeline, MLP, and Utility Symposium,” which connects pipeline builders and pipeline investors.

“Wells Fargo is the US’ most controversy-laden bank of the moment, owing to the revelation that it reaped hundreds of millions of dollars in extra profits by opening roughly two million bogus customer accounts from 2011 to ’15. The fact that it is the Dakota Access Pipeline’s second largest financial backer, with $467 million invested to date, is therefore an attention-grabber in itself.  But Wells Fargo also acts as Energy Transfer Partners’ so-called “administrative loan agent,” the company’s Securities and Exchange Commission filings show, [arguably] giving it a qualitatively greater role in fueling the pipeline than any other bank.”

“Wells Fargo performs all record-keeping associated with all of ETP’s loans, handles the interest and principal payments made in connection with those loans, and monitors their ongoing administration. In other words, all bank financing ETP receives passes through Wells Fargo.” Click here to keep reading @ Counterpunch…

Wells Fargo: Big Oil’s Biggest Banker