Wells Fargo Bank….BUSTED!

I’ve decided that these people are not only stupid, but they obviously have absolutely NO RESPECT for the taxpayers, many of whom just happen to be their own customers.

Wells Fargo Bank, AFTER receiving $25 Billion in bailout money, that your children, grandchildren and great grandchildren will be paying off, actually booked a nice expensive junket in Las Vegas to award their employees for “good work”.!!!!!

Bailed-out Wells Fargo plans Vegas casino junkets

Wells Fargo

Wells Fargo’s top mortgage officers are going to Las Vegas this month. (Getty Images Photo / February 3, 2009)

Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.

Wells Fargo, once among the nation’s top writers of subprime mortgages, has booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas beginning Friday, said Wynn spokeswoman Michelle Loosbrock. The hotels will host the annual conference for company’s top mortgage officers.

The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.

“I was amazed with just how lavish it was,” said Debra Rickard, a former Wells Fargo mortgage employee from Colorado who attended the events regularly until she left the company in 2004.

Copyright 2009 Associated Press

Read the FULL STORY here.

Now, I’m all for rewarding and recognizing good work, but can we get serious for a moment? While it might be good for employee morale, considering the state of the economy, considering the fact that you had to ask the government (TAXPAYERS) for $25 Billion to bail you out of a hole you dug for yourself…………..isn’t an expensive junket a little outrageous? I don’t care if it’s an annual event. I’m sure your “good working” employees are intelligent enough to understand that this would be a slap in the face of every taxpayer for decades to come.

You’d think they would have more smarts after the bashing that AIG took for their two conferences after their two bailouts. You’d think they would have been smart after the bashing that CitiGroup took over the plane they planned to buy (and canceled after being outed).

Like I said, you ‘d have to be some kind of stupid after all that.

At least they didn’t wait a day or two to “change their mind”, common sense must have come up and given them a clue……….or perhaps it was the delicious outrage and bashing all over the news today that smacked them upside their heads:

Wells Fargo cancels Las Vegas trip

Bank that collected $25 billion in bailout money faced criticism


updated 2 hours, 53 minutes ago

WASHINGTON – Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.

The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.

© 2009 The Associated Press

Read the FULL STORY here.

You really just have to shake your head and wonder “what the hell were they thinking”. Obviously they weren’t, but you still have to just wonder.

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~ by swfreedomlover on February 3, 2009.

2 Responses to “Wells Fargo Bank….BUSTED!”

  1. Well, hell, maybe they should give me money to run Wells Fargo for a bit. Sure, on paper I’m not qualified to say the least, but its obvious that being qualified to run the business into a huge downturn, accept government(taxpayer) money, and then go trying to put on lavish events while poo-pooing the state of money these days can’t be that hard to do. give me a $500,000 salary..within 4 years of tanking the business at that rate (which I’m sure will eventually find me with a $25 million severance package clause) I can retire before I’m 35 and live more than just comfortably for the rest of my life. Besides, I havent been to a good party in awhile, especially one that allows me to hob-knob with corporate elites!

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