Please, someone point out to me the source of the lead in the drinking water of senior banking executives. I ask because there really isn't another way to explain a few things. Well, that is to say, unless these people are eating breakfast off Pewter plates from the Franklin Mint or something. I refer, of course, to this:
Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.
Wells Fargo, once among the nation's top writers of subprime mortgages, has booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas beginning Friday, said Wynn spokeswoman Michelle Loosbrock. The hotels will host the annual conference for company's top mortgage officers.
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.
I mean... really? Really? This was a good idea to someone?
Company spokesperson says event is part of the bank's culture.
A trip to Vegas? That I believe, actually.
"I was amazed with just how lavish it was," said Debra Rickard, a former Wells Fargo mortgage employee from Colorado who attended the events regularly until she left the company in 2004. "We stayed in top hotels, the entertainment was just unbelievable, and there were awards -- you got plaques or trophies."
Is it me, or does it say something that the highlight of the event is the awards? I have to imagine the plaques were Pewter and looked a lot like dishware.
Bailed-out Wells Fargo plans Las Vegas junket [MSNBC.com]