May 7, 2009
Mr. John Stumpf
President and CEO, Wells Fargo & Co.
420 Montgomery Street
San Francisco, CA 94163
Dear Mr. Stumpf:
I am writing to inform Wells Fargo that the company’s intention to liquidate Hartmarx rather than allow a sale
to buyers intent on keeping the company running will significantly jeopardize the business relationship between
Wells Fargo and the State of Illinois.
As you know, Hartmarx is a longtime Illinois-based company that produces high quality clothing, counting
among its many customers the President of the United States. While currently in bankruptcy, there are at least
two prospective buyers willing to purchase the company and protect the jobs of the 1,000 Illinois workers
employed by Hartmarx.
By ignoring these offers and choosing to liquidate the company, Wells Fargo is needlessly putting these
Illinoisans out of work.
I am writing to notify you that I would like to review our contractual arrangement for custody services provided
by Wells Fargo for the Illinois State Portfolio, and your final decision on Hartmarx will figure greatly in this
I believe that it is important that the vendors doing business with our office are responsible lenders in the
Illinois business community. As a former community banker, I understand the vital role that the banking
industry plays in our economy. Lenders are the lifeblood of the business community. That is why when the
banking industry faltered and threatened to take down the broader economy, our governmental institutions acted
quickly to stabilize the banking industry so that they could continue to provide the necessary financing for our
My office made $1 billion in market rate bank deposits available to financial institutions so they would have the
capital to continue lending to community businesses throughout Illinois. And the federal government quickly
provided TARP funds to recapitalize our nation’s banks with the expectation that those funds would be used to
help American businesses.
Because Wells Fargo was the recipient of over $25 billion in taxpayer funds and may seek more, I believe that
your company has an even greater responsibility to use that capital to strengthen our economy and protect
I am troubled by these developments. Our office would like to discuss ways to protect these 1,000 hardworking
Illinoisans employed by Hartmarx. The taxpayers of Illinois and I expect the vendors we do business with to be
active and willing partners in our collective effort to turn our economy around, not contribute to further
The company’s management and unions are working together to save the company. Not one but two responsible
buyers see a bright future around the corner for this company and its nationwide workforce of over 3,500
Americans, some of whom have been producing high-quality products for 40 years or more.
As I see it, the only problem here is Wells Fargo.
Should your company fail to change course in this matter, your relationship with the State of Illinois as well as
any company subsidiaries that may have business with our pension system will be in serious jeopardy. As such,
I expect an immediate response in this matter.
Illinois State Treasurer