That’s what execs at Wells Fargo want to do.
Here’s a take from USA Today’s On Deadline Blog:
Last fall, Wells Fargo bank received $25 billion from the federal bailout fund.
Last week, the bank reported losing $2.83 billion in the final three months of 2008.
Yesterday the bank reported it would pay a $371.5 million dividend to U.S. Treasury for the 25,000 preferred shares of stock purchased with the $25 billion.
Today it’s reported that WF is planning corporate junkets to Las Vegas casinos this month.
From the Associated Press:
Wells Fargo, once among the top U.S. 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.
Now the whole thing is being reconsidered, according to Bloomberg:
Feb. 3 (Bloomberg) — Wells Fargo & Co. said it has reconsidered holding an event in Las Vegas after reports earlier that the company had planned functions for its mortgage and insurance units.
Spokesman Kevin Waetke said in an e-mail the company has reconsidered holding the event. A follow up statement is “forthcoming,” he wrote.
The next thing you going to tell us is that Banking Cartels are hiring foreign nationals by the 10s of thousands to replace the 100,000 American bank employees they fired in past year, courtesy of the USA.
Now more than ever it is important to retain top performers and keep them happy. The problem with punishing everyone is that you hinder the folks we need to climb out of this hole.
Just as there are no atheists in foxholes, it seems in a crisis everyone is a Keynesian.
Just Maybe Wells Fargo and BOA Bank would consider investing some of the taxpayer bail-out money in up-grading bank security across the country to protect customers and employees from Bank Terrorists instead of a party for ‘executives’.