Wells Fargo craps out, cancels Vegas junket
Wells Fargo has bowed to criticism and canceled their upcoming Las Vegas junket.
"In light of the current environment, we have now decided to cancel this event as well," the company said Tuesday night in a release that also said it had never planned to use taxpayer bailout money for the trip.
As we told you yesterday, the Minnesota-centric bank, which took $25 billion in bailout money, had planned a junket to the sex and gambling mecca this Friday.
The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.
This quote pretty much sums up the average American's reaction to these shenanigans:
"Let's get this straight: These guys are going to Vegas to roll the dice on the taxpayer dime," said Rep. Shelley Moore Capito, a West Virginia Republican who sits on the House Financial Services Committee. "They're tone deaf. It's outrageous."
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