Wednesday, February 4, 2009

They Still Don't Learn...

Wells Fargo just recently got a $25 billion boatload of bailout money from the U.S. Government.

It lost $2.3 BILLION in the last three months of 2008 alone.

So what do the farseeing executives of Wells Fargo do?

Schedule themselves a lavish junket to Las Vegas -- most expensive hotels rooms, natch. Entertainment. Prizes. Gambling. For 12 whole days.

After someone (I'm guessing the media) found out and alerted congressmen (and us), the event was suddenly cancelled.

Morgan Stanley, who also has a place in the bailout lifeboat (but only at a paltry $10 billion), planned to send its top employees to a hotel in Monte Carlo this April. (That's in Europe, folks -- Monaco is one of the more expensive places on earth.) A similar trip to the Bahamas was scheduled. Suddenly a company spokesman announces that both events were cancelled on Monday. Again, after someone finds out and publicizes them.

Reasons given -- 'Well, people need to be recognized. And we're not using bailout funds to do it.' Just money that could be used to re-hire the people who were laid off. Or maybe even (gasp) pay back bailout funds.

What were these people thinking!?!
Husband: "They're thinking about cutting a fat hog -- that's what they're thinking."

Why didn't Congress "add some teeth to the agreement," as Husband says, and prohibit this from happening to OUR hard-earned money?

http://money.aol.com/news/articles/_a/bbdp/wells-fargo-another-bailed-out-firm/327746

No comments:

Monday Stuff On the Way to Other Stuff: Thanksgiving and Poldark

      We just finished watching Poldark, Season 3.  A lot of my friends love the Outlander series, in film and book. I tried both -- a lit...