After Uproar, Wells Fargo Calls Off Trip to Las Vegas

[Liberal_in_LA]

After Uproar, Wells Fargo Calls Off Trip to Las Vegas

http://online.wsj.com/article/SB123371136824046167.html?mod=googlenews_wsj

By DAN FITZPATRICK

Wells Fargo & Co. hastily canceled plans to host a Las Vegas employee conference after lawmakers in Washington learned about the trip and heaped criticism on the bank.

The San Francisco bank said it decided to cancel the four-day event "in light of the current environment." Government money wasn't to be used for the meeting, the company said.

Wells Fargo is the latest financial institution to move to quell controversy over how lenders are using government bailout money. Citigroup Inc., recipient of $45 billion in bailout aid last fall, had to cancel an order for an expensive new luxury jet under pressure from officials at the U.S. Treasury.

Several banks, most notably Bank of America Corp., canceled plans to send executives to the World Economic Forum in Davos, Switzerland, because of any appearance of excessive spending. American International Group Inc. took heat in 2008 for spending $440,000 on executive spas shortly after receiving $85 billion in federal aid.

Wells Fargo, which received $25 billion last year from the U.S. Treasury, had been planning to host its top mortgage officers this month at the Wynn Las Vegas and the Encore Las Vegas, two high-priced hotel and casinos. The Associated Press disclosed plans for the event Tues

[PBS Poll-435]

1. You can only imagine the discipline that Wells Fargo's execs have at this point

It it were me at the helm, I would have said...


Hey you fucking pundits and hey you asshat Shelley Moore Capito and hey you dumbass money-losing "media":

We made a profit this year and we want to reward and recognize the people that made that happen: our employees.

Butt the fuck out. The asswipes at the Treasury and on Capital Hill made us take the 25 Billion from the Government in exchange for our stock(which is a fucking valuable thing) just to keep up the guise that the entire financial services sector needed a bail-out. We didn't. We got cash coming out the ass.

Get a fucking grip and grow the fuck up, haters. We make smart decisions. Our competitors didn't. Not our fucking problem.





(Good thing I am not in charge)

[democracy1st]

2. these banks are not hurting ,they're taking advantage of free money

so who's the fool ?

[PBS Poll-435]

3. A couple of the big boys bit off more than they can chew

Citi under the leadership of Pandit has basically imploded. Last ditch effort to prop up their retail banking side was a cynical and possibly criminal (and FDIC ready and willing!) theft of Wachovia from its stockholders. Really? Wachovia for 1.35 a share? Really?

JP Morgan Chase is reeling with the acquisition of Washington Mutual. Bad bookeeping...(shhhh)

BoA needed a bridge loan to restructure with Merrill Lynch and Countrywide. TARP, baby!





Wells Fargo? :thumbsup: