Wells Fargo: gambling with your bailout money
You thought Citibank's $50 million corporate jet was bad?
Wells Fargo--which took $25 billion of your bailout money--is "reconsidering" whether it should go forward with a corporate junket scheduled for this Friday.
Earlier today, the Associated Press revealed that the bank, the fourth biggest in the world, was about to go on an annual junket to the gambling and sex capital of the country. But this time, what was going to happen in Vegas didn't stay in Vegas.
The company had planned a posh outing for its top mortgage writers to kick off this week at the Wynn Las Vegas. 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.
Wells Fargo is said to be "reconsidering" after today's "swift outcry on Capitol Hill." Free of charge, we offer this consultation: Best not to be gambling with other people's money. We already got burned on that once.