It's left me speechless!!

Yep, I believe it.

I do too...A bunch of stinking crooks.

updated 9 minutes ago
WASHINGTON - Wells Fargo & Co. canceled a pricey Las Vegas casino trip for employees 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

Here is a link that might be useful: MSN

Wells Fargo just purchased my bank. It makes me worry about the stability of that bank, which has served me faithfully for many years. It also makes me worry about the security of the employees, many of whom have become friends.

That type of high-level capriciousness, which is so prevalent in large organizations, is simply outrageous! Shows a total disengagement from what is really happening down here in the trenches. Can you tell it makes me mad?

I think it is disgusting

I could almost be convinced that some kind of annual conference was acceptable if it were very short and focused on instruction and networking,
but ...

Whose hare-brained idea was that to plan a 12-day conference in Vegas with our messed-up economy and their huge bailout???

Here's Wells Fargo's statement.

WELLS FARGO RESPONDS TO MISLEADING REPORTS ABOUT EMPLOYEE RECOGNITION EVENTS

SAN FRANCISCO, February 3, 2009 -- Today's Associated Press story about Wells Fargo's recognition events is intentionally misleading. The event is not a "junket" for executives but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation. In 2008 alone, the team members who were invited to this event and their colleagues produced $230 billion in mortgage loans for U.S. homeowners.

Through all economic cycles, our recognition events have been an important part of our company's culture. Late last year, we cancelled recognition events for 2009 except those where the financial commitment was so great that no meaningful savings would occur by cancelling these events. We had scaled back the mortgage event, but in light of the current environment, we have now decided to cancel this event as well. We do not plan to have any other recognition events this year.

The Associated Press story also misleads readers by implying Wells Fargo used the government's investment to pay for these events. As we've said before, we've used the government's investment to lend to creditworthy customers and to help homeowners avoid foreclosure.

Since credit began contracting 18 months ago, Wells Fargo has made almost half a trillion dollars in new loan commitments and mortgage originations. Last quarter alone, we made $22 billion in loan commitments and $50 billion in mortgage originations. That's more than $70 billion or almost three times the amount of the U.S. Treasury's investment in Wells Fargo -- which has begun to benefit from our performance through the dividend we will pay to the Treasury this quarter.

"Last quarter alone, we made $22 billion in loan commitments and $50 billion in mortgage originations. That's more than $70 billion or almost three times the amount of the U.S. Treasury's investment in Wells Fargo"

Soooooo why don't they pay the money back?

"The event is not a 'junket'"

Who are they trying to kid? Do they not think we know the definition of the word 'junket'??

Here is a link that might be useful: Definition of 'Junket'

Rich people get richer! bah humbug

They're honoring the top mortgage officers, the ones who peddled mortgages to people who couldn't afford them? Honestly, these people are just out of touch.

It figures! When is this financial abuse going to stop?????

I wonder what the Associated Press thinks of their article being referred to as intentionally misleading.

If you can't believe the AP, just who is a reliable source of information?

I figure there is a lot of very misleading info out there. I just take it all with a grain of salt. Life is short.........

Not every bank GIVEN the bail out money needed it. They didn't even ask for it.

And Wells Fargo, has ALWAYS rewarded sales goal makers with "prizes".

I was having a root canal today...the Wells Fargo news was on during my procedure and the dental assistant told me that her husband is in the hotel hospitality business. She said that even if they cancel, the hotels will still get paid 75% of the bill. My feeling was that a 25% savings was better than none, but that I hadn't stopped to think that the hotel business would be losing money too.
It's always something.

Why didn't they pay it back? Because there are terms and conditions contractually defined for how and when it is to be paid back.

I'm happy to hear that the conference was cancelled.