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  #1  
Old 02-03-2009, 04:26 PM
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Angry Well Fargo's big bash in Vegas

I think it's really swell that Wells Fargo Bank is spending our $25B in taxpayer money on a big bash in Las Vegas. They booked 12 nights at the Wynn Las Vegas and the Encore Las Vegas beginning Friday. It's the annual conference for all the company’s top mortgage officers. Don't worry, because the Wells Fargo spokesman says "Recognition events are still part of our culture".

They have another big bash planned for their insurance division towards the end of Feb. at the Mandalay Bay Hotel in Las Vegas.

AIG finally got the message on these kind of outings. Wells Fargo evidently didn't get the memo. How is the "culture" going to change if the "culture" remains the same?

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Old 02-03-2009, 04:37 PM
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This is a little misplaced, Wells Fargo attempted to refuse the bail out money, and was forced to take it, they are not in the kind of distress the other banks are. They were forced into the bailout by the Fed, not as a sick bank, but as a healthy bank that must, at the demand of the Fed, absorb bad banks using bail out cash to do it. Otherwise, they made a profit, fair and square. Party on.

Last edited by JollyRoger; 02-03-2009 at 04:46 PM.
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Old 02-03-2009, 05:20 PM
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Originally Posted by JollyRoger View Post
This is a little misplaced, Wells Fargo attempted to refuse the bail out money, and was forced to take it, they are not in the kind of distress the other banks are. They were forced into the bailout by the Fed, not as a sick bank, but as a healthy bank that must, at the demand of the Fed, absorb bad banks using bail out cash to do it. Otherwise, they made a profit, fair and square. Party on.
That is only partially true...

Paulson did demand they take the money.
- Wells Fargo bought Wachovia even though this deal was supposed to go to Citi.
- As a result of the Wachovia deal, Well's really does need the $25B
- Wells lost $0.79/share in the 4th qtr.
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Old 02-03-2009, 05:28 PM
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I think they/'re using that money I send the every month for my mortgage.
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Old 02-03-2009, 05:52 PM
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they made a profit, fair and square. Party on.


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Old 02-03-2009, 06:29 PM
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Originally Posted by Webmaster View Post
That is only partially true...

Paulson did demand they take the money.
- Wells Fargo bought Wachovia even though this deal was supposed to go to Citi.
- As a result of the Wachovia deal, Well's really does need the $25B
- Wells lost $0.79/share in the 4th qtr.
i believe i heard they lost something like 5 billion in the 4th quarter.
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Old 02-03-2009, 08:51 PM
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Next we'll be bailing out Vegas hotels, due to lost business.
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Old 02-03-2009, 10:13 PM
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Wells Fargo has done the right thing and cancelled the events.
My hat is off to them for making the right decision in light of the financial crisis we all face right now.
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Old 02-03-2009, 10:30 PM
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Well whats been posted above is pretty much correct.
I don't remember the details, but they discussed some of the bank issue's recently. I think it was BAC went from like a 50 to 5, Wells 35 to 20.
Wells is pretty well run, just caught up in the mess.

Much of it is the goverments new "mark to Market' accounting rules, that made the Wachovia deal even worse. There are a number of other straws, but IMHO one of the main is the Mark to Market rules.

Some of these events are valid, you do need to reward and encourage your employees. It's the level of extravagance they need to control.
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Old 02-04-2009, 07:46 AM
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Wells Fargo has done the right thing and cancelled the events.
My hat is off to them for making the right decision in light of the financial crisis we all face right now.
What the hell? Because your out of a job I need to sit on my hands? When do I get to go have some fun? Maybe the NewYork times will print a headline declaring it ok to have fun. Hourding cash will not stimulate the economy.

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