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February 04, 2009 12:05 AM UTC

Wells Fargo Using Bailout Money for Junkets

  • by: Colorado Pols

UPDATE: Canceled, just a little too late for the national news. Pity that.

This isn’t directly related to Colorado politics, but…

We’ve all seen this movie before. Who the hell is handling the public relations for these companies?

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…

…While the nation’s recession has led other banks, such as Bank of America, to cancel employee recognition outings, Wells Fargo has not.

“Recognition events are still part of our culture,” spokeswoman Melissa Murray said. “It’s really important that our team members are still valued and recognized.”

Go ahead and recognize them, then. Buy ’em lunch. Give them a day off.


20 thoughts on “Wells Fargo Using Bailout Money for Junkets

  1. It’s still the culture of greed and whoever in Wells Fargo made this decision ought to be canned.

    Don’t call it a failure of bad PR and let them off the hook. Besides, I’m sure Wells Fargo has excellent PR people. But it does the bank no good at all if they don’t listen.

  2. They should be given a choice: give back the 25 billion and take their stupid little trip, or stay put and actually use the money for what it was supposed to be for.  This is no different then a welfare recipient using welfare money to buy drugs.

    1. No different than a welfare recipient? Except for the fact these assholes won’t go to jail. Won’t be out on the street but instead skiing in Switzerland while buying their third jet.

      You’re a real piece of work for even comparing the two. I’d trust the drug addict over these scumbags.

      1. You are a piece of work.  Put your hyper sensitivity aside for a moment; I was drawing a comparision between people who are abusing well intentioned programs provided by tax payers.

        And for the record, I think that these assholes should go to jail.

  3. The Feds should have received shares of these banks in return for TARP funds, then fired all the board of directors and the top corporate officers.  It should have also required no bonuses and no junkets.  Alas for the taxpayers, this did not come to pass.

  4. Unions

    Community Reinvestment Act

    Govmint over regulation

    Welfare Queens

    loaning money to people who can’t pay it back

    Global warming sympathizers

    Tree Hugging F****** hippies

    Steve Harvey

    The librul Media

    Nancy Pelosi

      1. He has a hand in or responsibility for nearly any bad thing that has happened during or since his one term in office.

        I can prove it.  Show me a problem and I’ll give you “Six degrees of Carter”.


  5. but Congress owns a large share of the blame (and this is a Dem speaking).  Last fall the majority in Congress fell for the emergency calls — “we’ve got to act immediately!” — and did not put appropriate controls in place.  And now here we are only a few short months later – not only did the bailout not work the way it was supposed to, but it is being blatantly abused.  At what point do we truly hold Congress accountable?  And what do our new Senators have to say about it all?  Hello — hello?  

    My solution: Wells Fargo should go ahead with their junkets — as long as accountholders are invited along.

    1. The only effect the bailout had was to prevent the total collapse of the banking system, because the reserve levels were nose diving. Even with the bailout money, they’re barely meeting the reserve levels, so it had little or no effect on lending. In fact, everything I hear is credit is even tighter now than ever. Last month Wells Fargo significantly lowered a business line of credit I have with them, even though I had only 5% debt on that credit line and current on everthing.

      The TARP’s only effect was to save the banks from their own incompetence,   mismanagement, and outright greed. I went through this with the S & L scandal and its de jevu all over again.  

    1. I wonder how much it cost to cancel the trip?  It’s not like they can call the Wynn and just say, “oh, never mind.”

      Same with Citi (or whatever group it was) that cancelled their corporate jet order.  “Hi, you know that plane we ordered and you already built?  Um, could you just hang onto it, we won’t be needing it…”  🙂

  6. Wells Fargo just significantly lowered a line of credit I had with them for my small business (I’m current with them and all my creditors). Good to know their idea of stimulating the economy after they got a $25 billion dollar bailout check from the taxpayers is to party, while small businesses (the predominant creator of jobs), get the crumbs.  

        1. didn’t even inform me.  I seldom carry a balance more than two months (on my company card) but without notice they cut it by 75%.

          I had to get on the phone with them for 45 minutes before I got it reinstated to its previous level.

          Small businesses like mine employ 75% of the workforce in Colorado–I pay my bills, never late, usually (as I noted) don’t even carry a balance.  But I travel a lot and sometimes carry other people’s expenses until I get reimbursed by my clients.  

          As the bankers get their bonuses off the back of US taxpayers, fund expensive junkets, and generally abuse the U.S> Treasury, the banks return their gratitude by tightening up credit to small businesses and everyone else.

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