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Wells Fargo: Viva Las Vegas

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February 03, 2009 – Comments (36) | RELATED TICKERS: WFC

I think these people are not only completely disconnected from reality but also just don't read the newspaper...? I mean, how hard is it to figure out that if you got bailout money, you shouldn't spend money on this sort of thing?  

Looks like Wells Fargo is planning some kind of employee recognition outing in high-end Vegas casinos.

36 Comments – Post Your Own

#1) On February 03, 2009 at 3:31 PM, outoffocus (23.03) wrote:

My understanding is Wells Fargo originally didnt want tarp funds.  The fed made them take the money so they could rescue Wachovia.

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#2) On February 03, 2009 at 3:34 PM, TMFLomax (42.50) wrote:

Ah, OK, thanks for the additional info. Still, if you got TARP funds... it looks bad. Again, just have to read the newspaper to know that.

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#3) On February 03, 2009 at 3:47 PM, DemonDoug (74.00) wrote:

well, they surely need them now that they have the money sucking black hole called "wachovia."

And you are right, it is bad.  The whole banking system sucks.

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#4) On February 03, 2009 at 3:52 PM, TMFLomax (42.50) wrote:

Right, DemonDoug, kind of like when I heard BAC was swallowing Countrywide and Merrill, I was like, hmmmmm silly me but somehow I don't think this is going to turn out so well (although so many people seemed to think it was a grand idea)... I then thumbed down BAC in CAPS. Ha! (Well that's kind of a gallows humor type of "ha.") Yeah the whole thing does suck. But hey they're going to Vegas!!! Sheesh.

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#5) On February 03, 2009 at 3:58 PM, TMFHousel (89.70) wrote:

I agree, it's completely shady that WFC does stuff like this while holding TARP funds but, it's true, the CEO went out kicking and screaming when Paulson demanded that he take the money. They've also made it very clear that the Wachovia deal could and would be completed without TARP. At any rate, no excuses ... what a mess ... 

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#6) On February 03, 2009 at 4:12 PM, Seano67 (38.73) wrote:

Just a further personification of the stereotypical fat-cat, greedy bankers partying it up in luxurious surroundings while their shareholders take it right in the shorts. Maybe this really isn't that big a deal- but yeah, it doesn't look good, and perception counts for a LOT, especially in times like these. Rather than Vegas, maybe they should send these guys to Akron or Omaha or someplace like that. That might be a more suitable level of glamor and glitziness for these harsh times. :)

I don't know why I continue to believe in the banks, to be honest about it. I've been absolutely killed by them both in Caps and in my real life portfolio. I guess if I had a thesis though, it's that the markets and the overall economy cannot truly begin to heal unless and until the banks come back...and so when they do finally begin to come back, they're gonna come back like a ton of bricks. That's the hope anyway....

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#7) On February 03, 2009 at 4:13 PM, jcsesi (< 20) wrote:

It does look bad, but knowing WF is one of the few in good shape and they were pretty much forced to rescue Wachovia and take the money you have to put yourself in the shoes of the employees.  Remember that morale is important to end this recession too.  if the employees are misserable and under appreciated then that drags the company down.  morale has to be low after taking on Wachovia anyway.  Too extravagant?  maybe, but its a "tradition" and if you take that away from employees they view it as punishment.  Its not all about the company but also the people that make up the company. I say treat employees right and quit over compensating at the top.

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#8) On February 03, 2009 at 4:14 PM, ByrneShill (74.84) wrote:

The line about not wanting tarp money is BS. The tarp money was exchanged for prefered anyway, so they could buy those prefered if they still have the money in the bank (pun intended).

And I agree with alice. If BAC hadn't acquired MER and CWF the stock would be worth more than a footlong at subway.

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#9) On February 03, 2009 at 4:24 PM, Seano67 (38.73) wrote:

"It does look bad, but knowing WF is one of the few in good shape and they were pretty much forced to rescue Wachovia and take the money you have to put yourself in the shoes of the employees.  Remember that morale is important to end this recession too.  if the employees are misserable and under appreciated then that drags the company down.  morale has to be low after taking on Wachovia anyway.  Too extravagant?  maybe, but its a "tradition" and if you take that away from employees they view it as punishment.  Its not all about the company but also the people that make up the company. I say treat employees right and quit over compensating at the top."

 

Yeah that's true. Good point. You really can't fault or punish the employees for the sins and excesses of their bosses.

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#10) On February 03, 2009 at 4:30 PM, TMFCrocoStimpy (95.38) wrote:

I'm guessing that heading to Vegas is largely due to them looking for a lower risk venture after acquiring Wachovia and Merrill.     :P

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#11) On February 03, 2009 at 4:33 PM, Mary953 (75.17) wrote:

At the end of the story, "Wells Fargo will pay a quarterly dividend of $371 million to the Treasury Department as part of the bailout."  How many other recipients are paying anything back at the moment?  For that matter, how many other companies are spending in the United States at all?

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#12) On February 03, 2009 at 4:36 PM, TMFLomax (42.50) wrote:

Yeah I'm a big fan of treating employees right and not over compensating at the top, true enough, and I see the point in keeping morale up. But then again, going to Vegas still sounds kind of "bubble era" to me -- like Seano67 said, go someplace far less glitzy to reflect more sober times (as well as recognizing the PR is horrible when you've gotten TARP funds). Plus, honestly I think a lot of employees understand these are ugly times and for morale's sake, might rather just know their jobs are secure and management isn't blowing money on crazy silliness than getting some big party that hemorrhages money, perhaps? Just a thought...  

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#13) On February 03, 2009 at 4:36 PM, willowbottom (< 20) wrote:

I think it's a bit much to accuse all bankers of being fat cats.  Who do you think some of these people are who are going?  Sure, plenty are managers, but plenty more are people who are making $30-$50k/yr. working in the branches selling loans like everyone else.

I can't speak one way or the other to the extravagance of the affair, but I do strongly believe that if you do not reward good people and hard workers for their contributions that you will lower overall morale which will impact overall corporate performance.  This assumes that those employees stay.  If the talent/high performers leave, then you have a company that may not be able to perform competitively. 

Talk to people at Intel, Yahoo!, Tektronics, some public radio stations, and elsewhere where employees may not get bonuses or raises or where they make experience significant pay cuts and face no recognition for their work.  Morale is terrible and that impacts performance.

That said, yes, this looks bad but I'm also pretty sure this is the Associated Press looking to make yet another mountain out of a molehill and find another example for corporate excess where there was no allegations of it before.

Finally, regarding location, while I'm sure Akron or Omaha are delightful locations for an employee recognition event (ahem), bear in mind that locations like that may not be able to accommodate events this size as nicely for a comparable price.  Las Vegas needs visitors, too, if those low-wage hospitality employees are going to keep THEIR jobs and LV is far better equipped to provide a corporation with an affordable yet nice experience than Des Moines or Culver City.

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#14) On February 03, 2009 at 4:38 PM, TMFLomax (42.50) wrote:

Haha, TMFCrocoStimpy, yeah, bet it all on red lol...

Mary953 -- thanks for pointing that out. Paying money back to Treasury is something to appreciate for sure.

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#15) On February 03, 2009 at 5:27 PM, boz75 (< 20) wrote:

As a past attendee, I agree the event is lavish, and in this economic climate it's easy to find fault with this decision by WF. However, it should be pointed out that these events are booked some 18 - 24 months in advance, and truly are for the rank and file (& spouses) as a way to honor their efforts. From personal experience, I can tell you that these top producers work LONG hours, and since we're all told 12 months in advance about the next sales conference event, we've all been looking forward to this trip since Feb '08. The economy has beaten us down, too!

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#16) On February 03, 2009 at 5:44 PM, realitychex (< 20) wrote:


"  ... you have to put yourself in the shoes of the employees.  Remember that morale is important to end this recession too.  if the employees are misserable and under appreciated then that drags the company down.  morale has to be low after taking on Wachovia anyway.  Too extravagant?  maybe, but its a "tradition" ..."  etc., etc, etc. ..... 

WHAT?! I'm sorry, but are you kidding? Do you ever read a newspaper? Are you absolutely oblivious to the financial pickle the average American is in? This is not even worthy of defense or discussion.  How about the "morale" of people of all over the country who are struggling and/or out of work? Just how sympathetic do you think they will be to the miserable plight of poor Wells Fargo workers whose company is enjoying the benefits of loads of taxpayer dollars (whether "forced" to accept it or not) and might have to put up with slightly less glitzy annual get-togethers until better times? "Tradition" makes such behavior OK? That they "put in long hours" and "look forward to it"?

Give us a break. It is absolutely mind-boggling that officials of a company that has received money directly from the pockets of "beaten down" Americans would even in their wildest dreams consider carrying out such a ridiculously and grotesquely extravagant company event. Unbelievable.

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#17) On February 03, 2009 at 6:06 PM, Seano67 (38.73) wrote:

Well, an update:

 

Wells Fargo reconsidering posh Vegas casino retreat scheduled to kick off Friday

"WASHINGTON (AP) -- Bailed-out bank Wells Fargo says it's reconsidering whether to hold a corporate junket to Las Vegas amid criticism from Capitol Hill.

The company had planned a posh outing for its top mortgage writers to kick off this week at the Wynn Las Vegas. 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.

After The Associated Press reported that this year's event was about to kick off despite the company's $25 billion bailout, the company defended its decision. But after swift outcry from Capitol Hill, a company spokesman says it's reconsidering its plan."

 

So there ya have it....

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#18) On February 03, 2009 at 6:13 PM, TMFBomb (92.56) wrote:

I'm torn on this one...banks who take TARP money (even begrudgingly) should know that their movements are going to be scrutinized...that being said, we can't micromanage these enterprises through the press.  Loan officers being rewarded for 12 days in one of the most expensive hotels in Vegas just sounds bad.  However, we don't know how many are going...if it's a relatively small number of superstar employees, I don't have a problem with it...after all, these are the people who helped keep Wells out of trouble in the first place.  That being said, remember that they're swallowing Wachovia and just a few weeks ago we counted Bank of America among the healthy.  

 

 

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#19) On February 03, 2009 at 8:46 PM, StockSpreadsheet (71.79) wrote:

Sean,

If you are going to invest in banks, (a risky proposition right now), I would suggest you might want to consider investing in the healthier banks.  In my mind, these are the banks that don't need the TARP money to survive.  For a list of some of those, you can see the link in my recent blog post.  They are mid-size banks, and could concievably have other problems, (like if a lot of their loans are to businesses and busisness construction, some of whom might be getting into trouble now with the tight credit markets), but at least they are not currently the walking wounded or walking dead.  I agree that we will need a healthy banking sector for our economy to start doing really well again, but I don't think that includes the current mega-banks in their current forms.

Just a suggestion.  Do your own research.  Good luck.

Craig 

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#20) On February 03, 2009 at 9:14 PM, rd80 (98.32) wrote:

"How many other recipients are paying anything back at the moment?"

USB also announced they were paying the preferred dividend to Treasury.  I'm sure most others will make thier dividend payments, but just haven't announced it yet.

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#21) On February 03, 2009 at 11:57 PM, Seano67 (38.73) wrote:

Thanks Craig. I enjoyed reading your blog and I will keep my eye on those mid-sized banks you mentioned.

 

I shouldn't have come across like I was complaining about it, because I'm not. I've made the concious decision to invest in some of these highly distressed banks particularly because they are so highly distressed, and therefore just beaten down all to hell. I realize that's a completely speculative play, and that some of these banks will not survive- but of the ones that do, I would expect the payoff to be well worth it. At least I really, really hope so. And I've been pretty careful about it too, just taking out small positions and dollar cost averaging all the way down. I figure I may have even caught some of these at their bottoms, but out of a bloodied and beaten grab bag of Deutsche Bank, Allied Irish, Barclay's, Lloyd's, BAC, Banco Itau, Banco Santander and Wells Fargo- that some of these banks will not only survive but thrive. ***knock on wood*** Now that may take awhile, but I'm a buy and hold type investor anyway.

 

The one bank I've been buying into which I do not consider speculative in any way would be Bank of Nova Scotia.  I'm absolutely thrilled to be buying into BNS at these prices, as in my opinion this is one of the best banks in the world right now. Canadian banks are what I envision banks used to be like back in my father's and grandfather's day, just solid, conservative, and extremely well-managed, and I believe BNS to be the best of a pretty strong lot of Canadian banks. This company is so well-run, with such a strong and clean balance sheet, and such an emerging international presence (much moreso than any other Canadian bank)- I feel this is one I can buy, set up in a DRIP and just forget about, because I will never have to worry about it tanking. I love that feeling. :)

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#22) On February 04, 2009 at 1:01 AM, NeverSayDie69 (< 20) wrote:

This trip was not planned this year or even just months ago! This is something put into place well in advance.  Now all the money will just go to waste.  By the way the Government forced Wells to take the bail out.  The Gov then gets a huge dividend payout while they wait to get the money back.  The Gov then sells this "witch hunt" thinking because they have no real plan.  So I guess companies cant give recognition to their hardest working employees?  By the way this is not for high up executives.  This is for the hardest working loan officers Wells has.  WAKE UP AMERICA!  Our Country is turning from a free Country to a socialistic, class war fare Country right now!  Wells is not AIG.  I find it crazy that the only place I can find Wells Fargo's response is on a German papers website. 

I have an idea.  Lets listen to whatever the media tells us and read an article that is virtually the same AP article on every national website becuase they can't ask there own questions and research the whole story!!!!!!! Sounds like we have seen this story before in American history.

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#23) On February 04, 2009 at 2:21 AM, Mary953 (75.17) wrote:

Disclosure:  I am not affiliated with Wells Fargo or any other financial institution, not getting any bail out money, not getting any debt forgiveness - just paying taxes to fund everything the government is giving away.

Will Someone tell the Media (the ones on the 'media junkets, planes, buses, getting all the cushy travel plans so that they will write nice things)  to stop trying to run the country by using the court of pubic opinion?  Please?

We have here a group of people who have worked themselves half to death, probably sacrificed a lot to hit these extra high goals and they are being rewarded by being treated to an absolutely one of a kind vacation.  I would really go the extra mile or the extra hundred miles to win a trip and recognition like this.  They get to take their spouses.  They have planned and dreamed about this since they learned that the hard work and extra hours paid off.  These are not the chief execs bailing out with golden parachutes, these are the rank and file that worked  hard and are being rewarded.  So how is that the media's business?  When did the government join in? Grrrrr

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#24) On February 04, 2009 at 3:06 AM, Seano67 (38.73) wrote:

You're probably right, Mary. It might be unfair, but this is probably just the reality for any of these companies who have taken on taxpayer largesse. They are going to be under heavy scrutiny, every move they make, and that is going to limit their autonomy to a certain degree, because they've now subjected themselves to being tried in the court of public opinion. People are just fed-up, disgusted, and pissed-off with some of the displays we've seen of excessive corporate greed recently, and for companies on the public dole, like the automakers and the bankers, well.....

 

Not that this gathering in Vegas is a case of that kind of greed (I'm talking John Thain-ish greed here), but again- perception is key, and this just does not look good, not right now. I realize this event was scheduled well in advance and that it would be a shame for the people involved if it were to be cancelled on such short notice due to a political and public backlash, but hopefully these companies are getting it through their collective heads that these types of ostentatious displays are simply not going to be well-received by the general public. The old days are over. The party has ended. These companies are now beholden to the taxpayers of America, so they have to become aware of that and behave as such.

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#25) On February 04, 2009 at 8:34 AM, TMFLomax (42.50) wrote:

Yeah, isn't this a huge part of the reason why government intervention is dangerous? If the government is propping you up, it gets to call the shots. I am not a fan of government intervention but I recognize that if it's propping you up with other people's money, it does get to call the shots, that just stands to reason, whether we like it or not. The overwhelming feeling that these companies' managements seem to think everything should still be "business as usual" while getting TARP funds is bizarre, seems like a huge reality disconnect, more of that weird myopia that seems to be going around these days....

But... I'm enjoying the discussion on this on both sides of the issue. There's a lot of great food for thought here.

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#26) On February 04, 2009 at 9:11 AM, boz75 (< 20) wrote:

I HATE when facts get in the way of a self-righteous opinion! [Disclaimer: I am NOT in management at Wells Fargo, but it is entirely accurate to state that I speak with abundant personal knowledge on behalf of both the rank and file of Wells Fargo scheduled to be honored at next week’s now-canceled sales conference, and their spouses/partners.] A great PR victory against those greedy corporate fat cats at Wells is not exactly what’s happened here, but why let facts get in the way? Is there a legit’ public perception that lavish corporate outings should be toned down? Absolutely! Have past corporate outings been a bit (or more) over-the-top? Yes. Do we all need to re-consider how we conduct business going forward? We have no choice. Sales conferences of this magnitude may of necessity be things of the past. But to RealityChex and others: what makes you think I’m not one of the “average Americans” you so ardently defend? I’m one of the employees/spouses scheduled to have been honored next week in Las Vegas. On average, we work 6 days a week, more often than not it’s the full 7. Spouses routinely endure canceled plans, cold dinners, and long hours listening to their spouses on the phone with customers late into the night, struggling to make every deal work in an environment far more challenging, stressful, and difficult than anything any of us have ever experienced. We’re in sales: we have no regular paycheck. Our house is now worth about $50,000 less than the mortgage we owe, and letting our kids continue with their college educations next year is a BIG question mark for us—along with a zillion other financial worries, just like ... you know, average Americans. In February 2008, when “tarp” meant the canvas thing that covered the wood pile or lawn furniture in the back yard, Wells announced that the 2009 sales conference would be held in Las Vegas (and by the way, it’s a 4 day conference if you are among the upper echelon producers, 3 for the others, not 12, but again ... pesky, annoying facts). It was most likely planned and at least partially paid for in 2006 or 2007, and since last year’s conference was the only “vacation” we could afford to take, as it was this year, we were definitely looking forward to it. Sorry if that offends the sensibilities of some. Millions have no vacations at all, and we’re all well aware. As would likely have been the case this year, just as it has been for every other annual sales conference I have attended, there would have been half-day business meetings prior to very enjoyable corporate-sponsored events, some clearly more lavish than others. Honorees usually spend at least several additional hours each day of the conference on the phone with staff and customers, so it’s not quite a vacation but it’s hard to complain about the locale or environment. Those same honorees also have the opportunity to meet with, share ideas with, and pigeonhole management and peers in an environment they could never replicate back at their home office ... an invaluable exchange of info and ideas to help everyone do their jobs better (what a concept!) The 65+ hours worked each week, and the sacrifices spouses must make to enable their spouse/loan officer to do their job well enough to merit an annual honor and recognition is something we all take pride in, and quite frankly, we make no apology for an annual conference that affords us both that recognition and the exchange of ideas and info so important to us the other 51 weeks a year—while having a lot of fun besides. So while America has presumably scored a decisive PR victory against the fat cats, the 1200 or so of us workers and spouses who were the real beneficiaries of this event (to say nothing of all the employees in Las Vegas who would likewise have reaped benefits from the expenditures made on our behalf) now look forward to more stress and strain ... just like average Americans everywhere, with a little less optimism and hope ... just like average Americans everywhere. Like millions of others workers, our disappointment is the price paid for the sins of corporate others. We’ll survive missing out on Las Vegas and its charms, so shed no tears for us, but the immeasurable other losses aren’t salved very much by this empty PR gesture.

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#27) On February 04, 2009 at 9:45 AM, Mary953 (75.17) wrote:

Just for what it's worth, one reason I was so angry about this when I "didn't have a dog in this fight" as they would say in these parts, is that my husband works incredible long hours with huge stress levels.  His company does not get this type of event.  At one point he was honored for a major contribution of work (banquet with plaque) and the award was extremely nice.  It would have even been nicer had a trip accompanied it.

I do know that at one point, an un-named president, on his inauguration day, took 5 minutes to sign a paper freezing wages for all salaried workers in an entire sector of government contractors.  Not government workers, but contractors.  The economy was good.  It was just a good photo op.  It froze wages for 8 years. 

I have a real problem with companies being backed into corners where they have to act against their own interests so that "Mr and Mrs Main Street" won't get upset.  Especially when I know that if the whole story had been given, the public opinion would have not been for cancellation but for celebration.

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#28) On February 04, 2009 at 9:55 AM, outoffocus (23.03) wrote:

Is it just me or does it seem like the media is promoting socialism?

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#29) On February 04, 2009 at 10:59 AM, WonderinWhy (< 20) wrote:

Out of Focus - Yes, it's just you.

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#30) On February 04, 2009 at 11:05 AM, outoffocus (23.03) wrote:

No I'm pretty sure it isn't.  But thanks for your assessment anyway.

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#31) On February 04, 2009 at 11:29 AM, WonderinWhy (< 20) wrote:

box 75 -  "On average, we work 6 days a week, more often than not it’s the full 7."

 Me, too

"Spouses routinely endure canceled plans, cold dinners, and long hours listening to their spouses on the phone with customers late into the night."

Two out of three. I keep work in the office, then come home after everyone else has gone to bed. Also, my wife doesn't cancel plans, she just does them without me,

"We’re in sales: we have no regular paycheck."

I have a regular paycheck. The amount it's made out for hasn't changed appreciably in five years.

"Our house is now worth about $50,000 less than the mortgage we owe"

Our house is worth less than we owe. I don't know how much; I've been afraid to check.

"and letting our kids continue with their college educations next year is a BIG question mark for us"

My daughter's still in kindergarden, so we're not thinking about college yet.

"along with a zillion other financial worries, just like ... you know, average Americans."

Me, too. I've had a white-collar job with the same company for nearly ten years. On a good week, I work only 60 hours. I have my own keys to the office -- a number of us do -- so I can come in on Saturdays and Sundays.

So except for the college expenses (a biggie, I know), and the fact that you/your spouse works on commission and I get a regular paycheck, it sounds like we're pretty much in the same boat.

Except y'know what?  My company's never bought me a trip to freakin' Las Vegas. We have a company picnic at a nearby state park and a Christmas party at a local restaurant. Except last year the Christmas party was canceled (and not because they were using taxpayer money to pay for it).

I realize you're disappointed--and rightly so--that your trip was cancelled. And It must be frustrating as hell to hear the media and all the know-it-alls at the local bar incorrectly characterizing you and everyone you work with as "fat cats" and "rich executives." But please don't ask me to be sorry that my tax dollars aren't being used to send you on a trip that my family and I can only dream about.

To those of you who wrote about employee morale and keeping valuable employees from leaving the company - Here's how I know that my company values me as an employee: I wasn't part of the 25% of our staff that got fired. And I don't know of anyone sane who thinks they can leave their job and find a better one right now. Most of my colleagues who were fired in October are still looking for work.

As many of you said, in times like these and in a situation like this, public perception is important. But it goes beyond that, too.

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#32) On February 04, 2009 at 11:30 AM, Mary953 (75.17) wrote:

The media is promoting its own ability to be the ultimate source of all power.  Everytime they bring down a politician, swing a political race to the candidate of their choosing (or sway an opinion poll up or down), or cause a company like WF to change its policy because of a story they write - Even everytime they change the popularity of a sports figure or celebrity by what they choose to write, THEY GET POWER.  It really is all about power, no more, no less.  If I thought they really cared one way or another, I wouldn't get so upset.

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#33) On February 04, 2009 at 2:50 PM, Seano67 (38.73) wrote:

Great thread. Really enjoyed reading this and participating in it, and it was very cool to actually hear from one of the attendees to be at the Las Vegas gathering.

TMFLomax, re: government intervention, yeah I agree completely. It's a bad idea because it's such a slippery slope, and the idea of the United States government somehow being some kind of 'fixer' that's going to step in, act as an overseer and a steward to nurse these damaged companies back to health is just laughably bad. Washington can't even begin get its own financial house in order, so we're to expect the politicos in DC to 'save' Citi and Wells Fargo? I don't think so, in fact that's just an absolutely terrible idea on the face of it.

 

So now they do have a say in the operations of these businesses, whether anyone likes it or not. That's not too comforting to me, but hey, what the hell am I going to do about it. It's like Obama announcing the capping of executive pay for companies who received TARP funds at 500K today. That's an obviously populist move that looks and sounds good on the surface and will generate great PR (" We're gonna get those greedy bastards!"), but what is the reality of this cap in executive pay beyond the fact that it feels good and righteous to try and finally put the symbolic brakes to rampant corporate greed in America? Well to me, the reality is that this is going to put these companies at an extreme disadvantage when it comes to hiring top executive help, which kind of defeats the stated purpose of trying to nurse them back to health in the first place. If you're a talented and great corporate executive, what incentive is there for you to step into one of these situations where you've basically become almost like a ward of the state, and where your pay is capped far below that of other top corporate execs in America? 

 

The answer, none. There is no incentive to do that, in fact there is every incentive not to.  Why put yourself through that kind of pain? I'd love to see Ken Lewis get the boot at BAC personally, but who out there are you going to replace him with now that the pool of top potential replacements has been so greatly reduced? No one in their right mind would want to take that job under those kinds of conditions in my opinion. If I were a top corporate talent, I sure as hell wouldn't want to deal with it.

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#34) On February 04, 2009 at 11:19 PM, mikwilly (44.14) wrote:

For FY 2008 WF made money. Their income was in the positive figures not including the TARP funds. This means that Wells expenses (to include special recognition events) were paid for with revenue earned and there was enough money left over to say Wells made money.

So what is Wells doing with the TARP funds? They are loaning it out, just as they were asked to do. American's hard earned money is not going to reward a hard working sales rep. It is going to stimulate US companies and businesses. This is what a real stimulus plan should look like, but you will never read about that in the paper. Not having this event is totally contrary to stimulating the economy.

That Newspaper article hurt WF and Las Vegas. I don't believe any money will be saved, just images smeared. We can choose how we take the news. I personally question it all the time. It seems full of ulterior motives and hidden agendas that are not for the greater benefit of America.

I agree with outoffoucus - the media is promoting socialism and will only be happy if they can make everyone else miserable.

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#35) On February 05, 2009 at 3:21 PM, cc95624 (< 20) wrote:

well well well. i hope all of you are happy. now they have announced that they are cancelling all trips planned for sales performance at US Bank as well. this is really great. i understand how much it hurts all of us taxpayers that hard working americans are being appreciated at their jobs. sarcasm. i know that the govt has given tarp money to these banks, but i actually believe wells and usb will pay it back with interest/dividends. So who decides the limit to the cutbacks? Does the govt also get to dictate raises, pay reductions, vacation days, etc? i heard exxon just had it's largest profit in corporate history. They should ensure that all perks are taken from them since their business is so highly subsidized by the feds. I absolutely love our media machine and all of you that jump right on the bandwagon. very smart indeed. i'm sure the unhappy, underappreciated, demoralized american worker is going to hunker down and bring us through this chaos because they know deep down that it's the right thing to do for the country. This is not a sign of excess people! sorry for the rant, but this has hit home for long enough!

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#36) On February 07, 2009 at 12:10 AM, mikwilly (44.14) wrote:

They make the workers give up trips they have earned and then after trying and eventually most likely will be successfully in robbing America on pork projects disguised as "stimulus" http://www.onthewriteside.org/2009/02/who-smells-bacon-god-help-us-all.html our almightily law makers decide to go relax in luxury on the tax payer dime.  http://www.fool.com/news/associated-press/2009/02/06/inside-washington-congress-retreats-luxuriously.aspx?source=itxsitmot0000002

They say some about that this was arranged ahead of time and "cleared" by the ethics committee.  I wonder if they past this by the "perception" committee called the US states citizen. These guys are unbelievable.  I don't believe they care one iota about America, and oly care about themselves.

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