That was a close one. Mom was about to hit the roof on Tuesday (Feb. 3) when she read about Wells Fargo sending employees to Las Vegas. The company just took over Mom's bank (Wachovia), so she was a bit mythed.
So, the story goes that Wells Fargo, who just reported $2.83 billion in losses in 2008, and took $25 billion in government bailout money was going to send some of its employees to Vegas. Other banks and financial institutions have been smacked on the nose for doing the same thing. AIG spent around $440,000 on a spa event after taking $85 billion.
While Wells Fargo tried to defend it. It didn't really fly with everyday dogs, Americans and elected officials. "What the crap?" was a valid question.
The bank's response: "Recognition events are still part of our culture," spokeswoman Melissa Murray said Tuesday afternoon. "It's really important that our team members are still valued and recognized."
The fact the spokeswoman said it was "part of our culture" ticked Mom off. From everything I hear on the news, the culture is currently failure. Banks are losing money. Executives took risks that were too risky. So, what's an appropriate recognition? Are they getting kicked out the door or fired. No, they are getting bonuses, free trips and corporate perks; because it's part of the culture.
Wells Fargo changed its tune later on Tuesday night. "In light of the current environment, we have now decided to cancel this event as well," the company said in a news release that also said the it had never planned to use taxpayer bailout money for the trip.
A Republican lawmaker said it best. Rep. Shelley Moore Capito, a West Virginia Republican who sits on the House Financial Services Committee, said. "They're tone deaf. It's outrageous."
How is it that these financial men and women think they're entitled to these perks when their companies are failing and need government cash to infuse their businesses. And, why is it that humans are looking to the same people, who got the economy into this mess, to fix the problems?
I'm a dog. I like treats, but I know Mom won't give me one when I do something wrong. I bark, "No treats for them."
So, the story goes that Wells Fargo, who just reported $2.83 billion in losses in 2008, and took $25 billion in government bailout money was going to send some of its employees to Vegas. Other banks and financial institutions have been smacked on the nose for doing the same thing. AIG spent around $440,000 on a spa event after taking $85 billion.
While Wells Fargo tried to defend it. It didn't really fly with everyday dogs, Americans and elected officials. "What the crap?" was a valid question.
The bank's response: "Recognition events are still part of our culture," spokeswoman Melissa Murray said Tuesday afternoon. "It's really important that our team members are still valued and recognized."
The fact the spokeswoman said it was "part of our culture" ticked Mom off. From everything I hear on the news, the culture is currently failure. Banks are losing money. Executives took risks that were too risky. So, what's an appropriate recognition? Are they getting kicked out the door or fired. No, they are getting bonuses, free trips and corporate perks; because it's part of the culture.
Wells Fargo changed its tune later on Tuesday night. "In light of the current environment, we have now decided to cancel this event as well," the company said in a news release that also said the it had never planned to use taxpayer bailout money for the trip.
A Republican lawmaker said it best. Rep. Shelley Moore Capito, a West Virginia Republican who sits on the House Financial Services Committee, said. "They're tone deaf. It's outrageous."
How is it that these financial men and women think they're entitled to these perks when their companies are failing and need government cash to infuse their businesses. And, why is it that humans are looking to the same people, who got the economy into this mess, to fix the problems?
I'm a dog. I like treats, but I know Mom won't give me one when I do something wrong. I bark, "No treats for them."
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