# Wells Fargo.......can go to hell!



## hunter9494 (Jan 21, 2007)

Bailed-out Wells Fargo plans Vegas casino junkets
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Digg Facebook Newsvine del.icio.us Reddit StumbleUpon Technorati Yahoo! Bookmarks Print By DANIEL WAGNER and MATT APUZZO, Associated Press Writers Daniel Wagner And Matt Apuzzo, Associated Press Writers - 1 min ago
Featured Topics: Barack Obama Presidential Transition AP - The Wynn Las Vegas, right, and its sister hotel, Encore Las Vegas, are seen in Las Vegas, Tuesday, Feb. &#8230; 
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*WASHINGTON - 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 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."

While the nation's recession has led other banks, such as Bank of America, to cancel employee recognition outings, Wells Fargo has not.

*"Recognition events are still part of our culture," spokeswoman Melissa Murray said. "It's really important that our team members are still valued and recognized."*  uke: 

Corporate retreats have attracted criticism since the bank bailout last fall. Congress scolded insurance giant American International Group Inc. for spending $440,000 on spa treatments for executives just days after the company took $85 billion from taxpayers.

AIG has since canceled all such outings.

*Beginning Feb. 25, Wells Fargo's insurance division is hosting a 40-person team meeting at the Mandalay Bay Hotel in Las Vegas, according to the Las Vegas Convention and Visitors Authority.*

Murray did not immediately have details about the size or cost of the events or what was planned.

*In previous years, top loan officers were treated to performances by Cher, Jay Leno and Huey Lewis. One year, the company provided fortune tellers and offered camel rides, Rickard said. Every night when employees returned to their rooms, there was a new gift on their pillows, she said.*

Wells Fargo Chairman Richard Kovacevich has traditionally greeted every employee personally when they arrived.

Rooms at the Wynn and the Encore are consistently among the most expensive in Las Vegas. The $2.3 billion Encore opened in December. Its decor includes a 27-foot Asian dragon made from 90,000 Swarovski crystals and artwork by Colombian artist Fernando Botero. One of the restaurants features Frank Sinatra's 1953 Oscar.

Both properties have high-end retail stores, including Manolo Blahnik at Wynn and Chanel at Encore.

*On Monday, Wells Fargo said it would pay a quarterly dividend of $371 million to the Treasury Department as part of the bailout. The government invested billions in the company to help shore up the banking industry.*

now, this takes some balls to continue with this crap! :eyeroll:


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## deerslayer80 (Mar 27, 2007)

This makes me sick. But that's what we get when our leaders give all the money to those greedy bastards.


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## Bowstring (Nov 27, 2006)

I remember when Palosi and Reed told John McCain that he didn't have to come back to D.C. during the campaign to do work on the bail out bill, they said they had it all figured out! Right, except how to make sure someone smart enough could be in charge of how the funds were utilized. But then there wasn't anyone smart enough close to those two idiots that could do the job. Just my opinion.


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## KurtR (May 3, 2008)

it is called off


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## blhunter3 (May 5, 2007)

Wow, why not give the money to thugs. :eyeroll:

Why didn't they give the bailout money to banks who are actually responsible with their money.


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## Scott LeDuc (Aug 4, 2008)

Here is the response straight from the horses mouth.

Today's Associated Press story about Wells Fargo's recognition events is intentionally misleading. The event is not a "junket" for executives but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation. In 2008 alone, the team members who were invited to this event and their colleagues produced $230 billion in mortgage loans for U.S. homeowners.
Through all economic cycles, our recognition events have been an important part of our company's culture. Late last year, we cancelled recognition events for 2009 except those where the financial commitment was so great that no meaningful savings would occur by cancelling these events. We had scaled back the mortgage event, but in light of the current environment, we have now decided to cancel this event as well. We do not plan to have any other recognition events this year.
The Associated Press story also misleads readers by implying Wells Fargo used the government's investment to pay for these events. As we've said before, we've used the government's investment to lend to creditworthy customers and to help homeowners avoid foreclosure.
Since credit began contracting 18 months ago, Wells Fargo has made almost half a trillion dollars in new loan commitments and mortgage originations. Last quarter alone, we made $22 billion in loan commitments and $50 billion in mortgage originations. That's more than $70 billion or almost three times the amount of the U.S. Treasury's investment in Wells Fargo-which has begun to benefit from our performance through the dividend we will pay to the Treasury this quarter.


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## Bowstring (Nov 27, 2006)

With a reported loss of over $2,000,000,000 (billion) in the 4th quarter of 2008, I wonder what they will plan for that recognition event?


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## Scott LeDuc (Aug 4, 2008)

You have to remember a couple things here. #1 that loss represents the loss for WF CO. The event was for Wells Fargo Mortgage employees.

There is a definite balancing act that's needed here. YOU HAVE TO REWARD YOUR TALENTED HIGH PERFORMERS or else that loss would have been significanly higher. I can tell you with confidence that you don't get to go to these events without being a top performer, dealing with a huge amount of stress, and working a ton of hours.

Wells is an extremely conservative company and I hope they scale back these events _appropriately_ given the current economic situation.


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## MSG Rude (Oct 6, 2003)

Scott LeDuc said:


> ..._appropriately_ ...


How about _proportionately_? A reasonable person would deduce that this little trip was over-the-top, and especially at this time in our economic situation.


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## nita (Dec 11, 2008)

this whole thing makes me sick! the government should take back the money they gave them with interest if they are going to waiste our money like this! and i dont know about any of you but i haven't seen wells fargo helping out the american people with the bail out money...just themselves! the money was to help the american people not to throw a fricken party. i dont care how much u say they have done but in my opinion something like this in this present time throws all if any good that they did out the window and straight into the dumpster!


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## Scott LeDuc (Aug 4, 2008)

MSG Rude said:


> Scott LeDuc said:
> 
> 
> > ..._appropriately_ ...
> ...


Well put... As far as what's proportionate, I think you could agrue that one all day.

_but i haven't seen wells fargo helping out the american people with the bail out money..._

Nita - how can you justify this comment? If the government doesn't know where the money went how do you?

I'm not an apologist for the banks or Wells but it bothers me when some reporter searching for a story goes off half cocked like this....


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## drjongy (Oct 13, 2003)

nita said:


> this whole thing makes me sick! the government should take back the money they gave them with interest if they are going to waiste our money like this!


The government didn't give them anything with the bailout money, the government bought preferred stock, in which they are getting a quarterly dividend. Wells Fargo will need to buy back the stock within a certain timeframe.


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## blhunter3 (May 5, 2007)

Scott LeDuc said:


> Y YOU HAVE TO REWARD YOUR TALENTED HIGH PERFORMERS or else that loss would have been significanly higher.


So everytime someone does a good job they should be rewarded? No, if you do you job you get paid, that should be reward enough. Everytime I went above and beyond expectations at work all I get is "good job, now do this and this"


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## Gildog (Jan 30, 2007)

blhunter3 said:


> Scott LeDuc said:
> 
> 
> > Y YOU HAVE TO REWARD YOUR TALENTED HIGH PERFORMERS or else that loss would have been significanly higher.
> ...


different industries and areas of the country have different recognition programs, salary ranges and bonus structures. To get the best talent, many company's offer performance bonuses, in addition to perks like trips...it's all about making the most money of course, but that IS the name of the game...recruit and reward the best performers, and many have it in their contracts. (see any parallels to 'overpaid' pro athletes??)
It is so, so different from Joe 6-Pack's hourly wage that it can't even be compared...

And on the face of it, it makes sense...just like salesmen on commission--you can make as much $$ as you can earn, by your performance. if you sell the hell out of it, the sky is the limit. but if you can't close a deal, lose your appartment and sleep in your car.


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## Scott LeDuc (Aug 4, 2008)

blhunter3 said:


> Scott LeDuc said:
> 
> 
> > Y YOU HAVE TO REWARD YOUR TALENTED HIGH PERFORMERS or else that loss would have been significanly higher.
> ...


I'm not even sure where to start with this comment. These are not people "doing good" at there job, these are people that are doing EXCEPTIONAL at there job (the top 5% or so)! If you don't reward your top producers/employees they will go somewhere else where they will be rewarded. That's just the facts BL.

"doing your job and getting paid" is not reward enough for the best of the best. That's a nieve viewpoint.


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## blhunter3 (May 5, 2007)

I personally don't think that people need to be rewarded all the time, under any circumstances. Doing good, great, or exceptional is what you should be doing at your job no matter what. If a person is doing such a great job, give them a slight raise or more vacation time, don't send them somewhere.


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## drjongy (Oct 13, 2003)

There

Their

They're

Why is it so hard to use the proper one!?


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## Gildog (Jan 30, 2007)

blhunter3 said:


> I personally don't think that people need to be rewarded all the time, under any circumstances. Doing good, great, or exceptional is what you should be doing at your job no matter what. If a person is doing such a great job, give them a slight raise or more vacation time, don't send them somewhere.


you are right in that is what everyone should be doing in their job, no matter what. BUT high performers are usually very driven individuals, and an 'attaboy, waytogo' IS NOT what motivates them. Cold hard cash in the form of salaries, or more likely bonuses, and other tangible rewards is what keeps them working for your company, and making money for you.

This isn't the senior rec hockey league, it's the Red Wings or the Black Hawks...who's willing to pay more?


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## hunter9494 (Jan 21, 2007)

CEO's are like spoiled athletes.....no allegiance to any one organization and always trying to gain more salary or more perks.......in the banker, mortgage broker arena, they raped their institutions and are STILL getting more sustaining bonuses from the bailout money....the rotten ba$tards can't get enough money......"too much is never enough"!


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## Scott LeDuc (Aug 4, 2008)

drjongy said:


> There
> 
> Their
> 
> ...


I think _their_ more intersted in the topic than the spelling


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## giwoyna5 (Mar 5, 2008)

Question......If _they're_ doing such a good job why do they need the bailout money? Seems to me if your company is failing and getting govt. handouts you're not a top performer. Just a thought.......


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## drjongy (Oct 13, 2003)

Scott LeDuc said:


> I think _their_ more intersted in the topic than the spelling





giwoyna5 said:


> Question......If _they're_ doing such a good job why do they need the bailout money? Seems to me if your company is failing and getting govt. handouts you're not a top performer. Just a thought.......


 :rollin: :rollin: :beer:


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## Scott LeDuc (Aug 4, 2008)

giwoyna5 said:


> Question......If _they're_ doing such a good job why do they need the bailout money? Seems to me if your company is failing and getting govt. handouts you're not a top performer. Just a thought.......


I may be wrong on this but I believe the 5 largest banks had to take $25 billion (by issuing stock) from the government to lend to the public and Wells falls into this category. I think that was the governments way of telling the big banks that they are going to help out whether they want to or not...


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