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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Bill Wood - Retired Webmaster
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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.

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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Bill Wood - Retired Webmaster
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I think they/'re using that money I send the every month for my mortgage.

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Big dog, little pony.

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i believe i heard they lost something like 5 billion in the 4th quarter.

Next we'll be bailing out Vegas hotels, due to lost business.

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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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Bill Wood - Retired Webmaster
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1998 Mercedes E430
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My Photo Albums

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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I was always taught to respect my elders.
I don't have to respect too many people anymore.

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.