Under Pressure, Wells Fargo Cancels Vegas Junket

As a taxpayer, I should at least be able to pick "red" or "black". Give me something for my trouble. Reply

Is this really happening... Who has the balls to attempt such things in leu of present circumstances? Reply

It appears Wells Fargo has backed out based on absolute rage of outcries... (AP) Wells Fargo defends, then cancels Vegas junket By DANIEL WAGNER and MATT APUZZO – 27 minutes ago WASHINGTON (AP) — Wells Fargo & Co. is canceling 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 at two of the city's most expensive hotels. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled. The conference is a Wells Fargo tradition. Previous all-expense-paid trips have included helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 of the company's top employees and guests. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) — Wells Fargo & Co. abruptly reconsidered a pricey Las Vegas casino junket Tuesday 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 the company had booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas, beginning Friday. But within hours lawmakers on Capitol Hill had scorned the bank, and the company said it was reconsidering. 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. "We stayed in top hotels, the entertainment was just unbelievable, and there were awards — you got plaques or trophies." Because of the bailout and the recession, other banks have canceled employee outings, including Morgan Stanley, which informed employees Monday that an appreciation trip to Monte Carlo was off. Wells Fargo, however, has not. "Recognition events are still part of our culture," spokeswoman Melissa Murray said Tuesday afternoon. "It's really important that our team members are still valued and recognized." Corporate retreats have attracted criticism since the bank bailout last fall. Congress scolded insurance giant American International Group Inc. for spending $440,000 on spa treatments for executives just days after the company took $85 billion from taxpayers. AIG has since canceled all such outings. The weekend of Feb. 25, Wells Fargo's insurance division is scheduled to host a 40-person team for a two-day meeting at the Mandalay Bay Hotel, according to the Las Vegas Convention and Visitors Authority. Kevin Waetke, another spokesman for Wells Fargo, defended... Reply

Can these people just pretend they're middle class and hold barbecues or picnics? Sheesh. What would people say if they found out the "common" welfare recipient was going on luxury cruises and eating caviar? Reply