Let Them Eat Cake EDIT: Wells Fargo cancels trip (but will award employees nonetheless)

February 4, 2009

It now seems that Wells Fargo will be cancelling their trip to Vegas.

 

Wells Fargo and Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.

 

See here for my earlier comments on this outrageous waste.

 

Understand, however, that Wells will simply pay out the award winning employees in bonus money in lieu of the trip.  For example, $2,500 extra on their next check (grossed up for taxes to ensure an actual $2,500 payout) so they can go to Vegas, or wherever, no their own.

 

Doubt it?  This is exactly what Countrywide did when they went through similar public scrutiny last year and had to cancel a series of awards trips for their various business units.

 

And that’s the story you’re unlikely to read about in the corporate media.

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