"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."