Last week I did a post about the attention CitiGroup received when they wanted to purchase a $50 million dollar jet. Now Wells Fargo, the same bank that fought over who would get to liquidate Wychovia, is raising eyebrows. Monday they metioned paying $371.5 million to the government, Tuesday its been found that they are going on an 'all expense paid vegas five-star freak fest' - not just any weekend at Vegas romp, Wednesday(today) they CANCELLED the trip. It was nothing but a week ago that CitiGroup felt the heat and Wells Fargo must have not been watching the news. How did they think that this would not garner as much attention as the other financial institutions did? Oh, they said the trip was not a junket but a meeting and recognition event; But get this... it was for their employees that made home ownership acheivable.
Do these fools know the state of the real estate market today?
What Wells Fargo needs to do is recognize the state of our economy and meet on how they can help fix that, which will not require a 2 week gala in Vegas. Now, financially, and despite losing a heaping amount of money between October and December, Wells Fargo is still one of the better off financial institutions. What Wells Fargo has to realize is, regardless of their stability, they were given bail out money to help the economy. None of these banks have yet to start lending. Rather than figuring out how to best use OUR money we gave them, they'd rather relax and live it up taking posh spa retreats, buying private jets, and planning buttfuggathons in Vegas.
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