The San Antonio City Council delayed a routine vote on Thursday after its members split on whether to do business with Wells Fargo because of its recent scandal and penalty-plagued record.
Some council members, like District 8 Councilman Manny Pelaez, argued it was unfair to single out Wells Fargo.
With District 4 Councilwoman Adriana Rocha Garcia away at a seminar, the remaining council members split 5-5 over whether to remove Wells Fargo from the proposed pool of underwriters. The vote to delay split roughly along the same lines, though Cabello Havrda joined the anti-Wells Fargo faction in supporting a delay. A spokesman for the councilwoman said her decision was because she agreed more time was needed for research.
The proposed pool of underwriters was separated into three categories based on the size of the firms: those with less than $20 million in capital, those with more than $500 million, and those somewhere in between.
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