Cry me a river: Wells Fargo may lose $ after canceling expensive junket after bailout

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<p>"WASHINGTON - Wells Fargo & Co. is likely on the hook for hefty cancellation fees after abruptly scrapping its upcoming retreats to Las Vegas casinos.</p>

<p>The company, which received $25 billion in taxpayer bailout money and recently announced a $2.3 billion loss for the last quarter of 2008, had booked 12 nights at two of the most expensive hotels in Las Vegas for events that included a luxurious four-day employee sales conference.</p>

<p>But after lawmakers and investigators admonished the company, Wells Fargo scrapped the trip Tuesday night…</p>

<p>Previous all-expense-paid trips for Wells Fargo have included helicopter rides, wine tastings, 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. Cher, Jay Leno and Huey Lewis also have performed…"
[Canceling</a> Vegas trip may cost Wells Fargo - U.S. business- msnbc.com](<a href=“http://www.msnbc.msn.com/id/29015309/]Canceling”>http://www.msnbc.msn.com/id/29015309/)</p>

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<p>Their loss is the economy’s gain! Maybe the “dancing” girls can take a night off!</p>

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<p>Take a night off, with no income. It’s great for everyone.</p>

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<p>Yeah, the cancellation money all gets pocketed by the hotel, from which it then has to “trickle down”.</p>

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<p>No food, no tip, no wine, no dancing girls.</p>

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<p>Hotels usually don’t make money in lodging, it’s the food, alcohol, gambling (in this case), golf…where they make most of their revenues. Most of those hotels would comp guests if they are big enough spenders.</p>

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<p>If more people act so irresponsibily as Wells Fargo did, we’ll never be able to spend out way out of this recession!</p>

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<p>So no trickle down or trickle up. Hotel just puts cancellation money into hotel safe, until they can send it to some third world country.</p>

<p>Wayne Newton must be getting all choked up.</p>

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<p>My bet is that they didn’t really cancel it, I think it’s more likely they have moved it to a different date, or break it up into smaller events. My firm did that - prepaid for a very nice xmas party in midtown a year ago, cancelled the xmas party for optic reason, having it sometime this year for a different occasion.</p>

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<p>Maybe they can break Wayne up into little pieces. :)</p>

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<p>Such hypocrisy! The economy urgently needs a fiscal jolt of spending. Congress is rushing to approve almost $1 trillion in spending with priority given to so-called shovel ready projects, the emphasis is on spending the money ASAP, so what do we do with Wells Fargo’s plan to spend some money? Cancel it! BTW I am being totally serious. Wells employees need a junket like this now more than ever. Many probably get a trip like this instead of a bonus. It is depressing working in banking these days.</p>