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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 company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.
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.
[..]
"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."
cont. (bring a barfbag)
By DANIEL WAGNER and MATT APUZZO, Associated Press Writers – Tue Feb 3, 11:32 pm ET
https://www.wellsfargo.com/about/cor...tive_officers/
https://www.wellsfargo.com/about/cor...rdofdirectors/
The Bostonians Paying the Excise-Man, or Tarring and Feathering
img src
The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.
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.
[..]
"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."
cont. (bring a barfbag)
By DANIEL WAGNER and MATT APUZZO, Associated Press Writers – Tue Feb 3, 11:32 pm ET
https://www.wellsfargo.com/about/cor...tive_officers/
https://www.wellsfargo.com/about/cor...rdofdirectors/
The Bostonians Paying the Excise-Man, or Tarring and Feathering
img src
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