laswynn_r01.thumbnail.jpgWells Fargo, which received $25 billion in bail out money, hastily canceled a 12-night ultra-posh Las Vegas getaway for the company’s top mortgage officers when the media — both bloggers and MSM — and Washington lawmakers  expressed deep-seated, pitchforks-and-torches outrage.

Reports the Wall Street Journal:

Initially, a spokesman for Wells Fargo said in a statement, the bank wasn’t going to back away from holding the conference. Just hours later, as television networks and bloggers pummeled the bank, Wells Fargo began backpedaling.

In a statement, the bank asked the journalists to disregard the party plans (as if!), and then later issued a new release stating the event had been cancelled and explaining it  was not a "junket" but rather:

a meeting and recognition event for the hard-working team members who made homeownership achievable and sustainable for borrowers across the nation.

Rick Garman, who runs Vegas4Visitors.com, a leading Sin City tourism site, points out that Wynn and Encore are two of the most expensive hotels in the city in terms of room rates, restaurant prices, and other costs. Along with posh rooms, the Wynn has a collection of ritzy boutiques including Manolo Blahnik and Louis Vuitton, and chefs Alex Stratta and Paula Bartolotta boites are among the restaurants there. Bottled water in the on-site store costs $8. The Encore, Wynn’s adjacent sister property, features lush gardens and an elaborate spa menu with "rituals" as well as massages, facials and manicures, along with an equally luxurious resort, dining and shopping experience.

Garman says Wells Fargo still could have held their recognition event in Las Vegas, but in a way more befitting the times:

Next time stay at Main Street Station in Downtown Las Vegas for a fraction of the cost–you’re bankers, you understand fractions don’t you?  They have a great inexpensive buffet, simple but comfortable rooms, cheap meal deals in the brew pub, and it’s closer to the strip clubs you’ll undoubtedly be going to anyway so you’ll spend less on cabs.

According to the Las Vegas Convention and Visitors Authority’s website, Wells Fargo had also been planning a 3-day meeting starting on Feb. 25 for 40 insurance employees at the very, very nice Mandalay Bay Resort & Casino, which features the Shark Reef aquarium attraction, a real sand beach and several of the country’s finest restaurants — and some amazing wine lists. That event has also been cancelled. In a statement, Wells Fargo said they won’t be indulging this form of corporate culture:

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.

How thrifty…now about those bonuses?

laswynn_r01.thumbnail.jpgWells Fargo, which received $25 billion in bail out money, hastily canceled a 12-night ultra-posh Las Vegas getaway for the company’s top mortgage officers when the media — both bloggers and MS — and Washington lawmakers expressed deep-seated, pitchforks-and-torches outrage.

Reports the Wall Street Journal:

Initially, a spokesman for Wells Fargo said in a statement, the bank wasn’t going to back away from holding the conference. Just hours later, as television networks and bloggers pummeled the bank, Wells Fargo began backpedaling.

In a statement, the bank asked the journalists to disregard the party plans (as if!), and then later issued a new release stating the event had been cancelled and explaining it  was not a "junket" but rather:

a meeting and recognition event for the hard-working team members who made homeownership achievable and sustainable for borrowers across the nation.

Rick Garman, who runs Vegas4Visitors.com, a leading Sin City tourism site, points out that Wynn and Encore are two of the most expensive hotels in the city in terms of room rates, restaurant prices, and other costs. Along with posh rooms, the Wynn has a collection of ritzy boutiques including Manolo Blahnik and Louis Vuitton, and chefs Alex Stratta and Paula Bartolotta boites are among the restaurants there. Bottled water in the on-site store costs $8. The Encore, Wynn’s adjacent sister property, features lush gardens and an elaborate spa menu with "rituals" as well as massages, facials and manicures, along with an equally luxurious resort, dining and shopping experience.

Garman says Wells Fargo still could have held their recognition event in Las Vegas, but in a way more befitting the times:

Next time stay at Main Street Station in Downtown Las Vegas for a fraction of the cost–you’re bankers, you understand fractions don’t you?  They have a great inexpensive buffet, simple but comfortable rooms, cheap meal deals in the brew pub, and it’s closer to the strip clubs you’ll undoubtedly be going to anyway so you’ll spend less on cabs.

According to the Las Vegas Convention and Visitors Authority’s website, Wells Fargo had also been planning a 3-day meeting starting on Feb. 25 for 40 insurance employees at the very, very nice Mandalay Bay Resort & Casino, which features the Shark Reef aquarium attraction, a real sand beach and several of the country’s finest restaurants — and some amazing wine lists. That event has also been cancelled. In a statement, Wells Fargo said they won’t be indulging this form of corporate culture:

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.

How thrifty…now about those bonuses?

Lisa Derrick

Lisa Derrick

Los Angeles native, attended UC Berkeley and Loyola Marymount University before punk rock and logophilia overtook her life. Worked as nightclub columnist, pop culture journalist and was a Hollywood housewife before writing for and editing Sacred History Magazine. Then she discovered the thrill of politics. She also appears frequently on the Dave Fanning Show, one of Ireland's most popular radio broadcasts.