Another bailout, another extravagant corporate junket.
After all that has happened over the last several weeks — a plane canceled and office renovations repaid — haven’t the leaders of our bailed out banks caught on to the fact that spending tons of money on junkets ticks taxpayers off? Why isn’t every corporate CEO that has been bailed out screaming to cancel anything that looks remotely symbolic of sticking it to the taxpayers? Entitlement; sorry, I forgot…
The latest dunderheads who can’t read tea leaves if they were placed in front of them — Wells Fargo:
Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.
The conference is a Wells Fargo tradition. Previous all-expense-paid trips have included helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 of the company’s top employees and guests.
“In light of the current environment, we have now decided to cancel this event as well,” the company said Tuesday night in a news release that also said the it had never planned to use taxpayer bailout money for the trip.
That part where “it had never planned to use taxpayer bailout money for the trip” is nothing short of hilarious. I stick a dollar into my checking account in your bank and you keep all of my money in my checking account and never use it for anything else, right?
You never use it for car loans or home loans or investing with your investing department to earn more than the interest you are paying me, right? You have 100% of every dollar in every checking account reserved for use by the account holder, right? You never use it to make enough money to pay for your expenses, right? You magically make money while leaving my money in my checking account?
Ah…no. A dollar that a taxpayer gives you is a dollar you can use for anything, including junkets that are expensed that hit your profit and capitalization.
Stupidity by consumers went out the window when billions of our tax dollars ended up in the accounts your management team failed to protect.
We’ll do the right thing…if we get caught. Why do you have to get caught to do the right thing?
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This is a great article, obivousy Wells Fargo is in the business to rip people off, like the reat of the banks are doing.
A little bit of sunshine can go a long way to ferreting out these types of practices. There is a reason for regulation and regulators!
This is a great article, obivousy Wells Fargo is in the business to rip people off, like the reat of the banks are doing.
A little bit of sunshine can go a long way to ferreting out these types of practices. There is a reason for regulation and regulators!