In the last few weeks, I’m really surprised to read this article.
Wells Fargo, which has received approximately $25 billion dollars in federal funds, is “planning a series of corporate junkets to Las Vegas casinos this month” for some of the company’s “top mortgage officers”. The best part of this is the explanation a Wells Fargo spokesperson gave, claiming that “recognition events are still part of [Wells Fargo’s] culture.”
I think it’s apparent to pretty much anyone watching the financial meltdown that sending a bunch of execs to Vegas casinos is pretty much a part of their corporate culture.
update! they’ve called off the Vegas trip. I doubt I had anything to do with it. 🙂
5 responses to “Wells Fargo corporate trips to Vegas”
It would be disingenuous to use TARP money or any government largess for “recognition” events. As a shareholder of Wells Fargo stock I have been happy to see them maintain the dividend increase they announced last year. I hope the dividend money has been coming from operations independent of any “bailout funds”. This is a chance for Wells Fargo to show some industry leadership by curtailing unnecessary expenditures. It seems the Las Vegas junkets may fit into that category. I have held on to my Wells Fargo stock in hopes of the company coming through the current economic/financial mess as the number one retail banking leader. They will attract more business by showing a spirit of sacrifice in these difficult times. Short of that they may find bank customers looking for other institutions to do their banking with. I’m glad they are reviewing this desicion. I hope they do what is best for the long run.
If they get OUR money, i.e. bailout funds, they need to cut back. You can’t complain that you’re going broke, then fly around in your corporate jets, lavish gifts on your employees, etc.
any appearance of wrongdoing is wrongdoing. Perception is reality.
IF you don’t want to play by those rules, give us our moeny back.
the gov’t forced TARP on wells fargo, they didn’t want it because they are a strong and responsible bank. as such, wells should be allowed to operate as they always have. the gov’t is overstepping it’s bounds.
welcome to the new world of socialism…
I hope the rich bastards all go under and the AMERICAN PEOPLE laugh in their faces. Any company that is low enough to beg the government for tax payers dollars, and then missuse it should have to pay every penny back and lose their jobs. The majority of the people that paid those taxes don’t even know what a vacation is, much less an extravagant Las Vegas Jamboree. I hope our Government gets it’s head out of it’s ass and punishes every last one of the crooks.
Steve Brewer: read wfc’s comment you ignorant boob! Your socialist (demo) goverment is at fault, not Wells Fargo. Get information before you make stupid comments!