More of Your TARP Tax Money At Work

a1bion · Post by **a1bion** » Tue Feb 03, 2009 4:19 pm

I realize it's uncivil of me to say, but fuck these guys.

WASHINGTON (AP) — 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."

http://www.google.com/hostednews/ap/article/ALeqM5hZg0wsnVaTqOQUQlur8hH6NR8k_gD964A6H80

a1bion · Post by **a1bion** » Tue Feb 03, 2009 4:21 pm

Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.

The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

The bank staunchly defended its sponsorship, saying it was a "business proposition" and part of its "growth strategy."

Critics blasted the spending as a serious abuse of taxpayer money.

"The prominent sponsorship of the Super Bowl says to the American people we'll take your money and then we're going to go waste it," Tom Schatz, president of Citizens Against Government Waste, a watchdog group, told ABC News.

Leading Congressional critic, Congressman Elijah Cummings, (D-MD), said, "They should know better, but obviously they don't."

http://abcnews.go.com/Blotter/story?id=6782719&page=1

radbag · Post by **radbag** » Tue Feb 03, 2009 4:41 pm

can't beat em....gotta join them homeslice.

a1bion · Post by **a1bion** » Tue Feb 03, 2009 4:46 pm

I say join them all in prison.

radbag · Post by **radbag** » Tue Feb 03, 2009 4:56 pm

josh - these banks are in the business of making money...you of all people...you've been in this business...no one has to explain that to you.

return on equity...someone thinks it's worth spending a few dollars on the marketing...BESIDES - the providers of those services gets much needed STIMULUS...get it?

a1bion · Post by **a1bion** » Tue Feb 03, 2009 5:01 pm

They lost money last year. That's a negative ROE. That's why they came screaming for bailout money in the first place. The more that leaks out about how they used this money, the more I'm becoming amenable to the nationalization route for these banks. Require them to pay the TARP money back now. When they admit they can't because they'd be insolvent, take them over and fire upper management, just like what was done with the S&L's.

josh - these banks are in the business of making money...you of all people...you've been in this business...no one has to explain that to you.

return on equity...someone thinks it's worth spending a few dollars on the marketing...BESIDES - the providers of those services gets much needed STIMULUS...get it?

Last time I checked, um no, these guys are not in the business of making money. They're in the business of losing it, which is why we had to bail them out. Fuck them. You do not get bonus money or lavish conferences or any of that when you are suckling from the corporate welfare teat.

I wasn't in favor of it before, but the more the management of these banks prove to me just how out of touch and incompetent they are, they more amenable I am to the nationalization argument.

radbag · Post by **radbag** » Tue Feb 03, 2009 6:58 pm

i'm really surprised you feel that way.

all the money they have to reinvest in their business is not all entirely TARP originated.

a1bion · Post by **a1bion** » Tue Feb 03, 2009 7:20 pm

Why should you be surprised? They wanted a bailout because they screwed up. We should've just let them go out of business. Fuck 'em. Their buddy Hank Paulson isn't around anymore to let them steal from the tax payers.

annarborgator · Post by **annarborgator** » Tue Feb 03, 2009 8:07 pm

Wells Fargo and BofA are both insolvent by any reasonable standards. Let them cease to exist. No one will mourn except the widows and kids of the former execs who commit suicide.

radbag · Post by **radbag** » Tue Feb 03, 2009 8:28 pm

Why should you be surprised? They wanted a bailout because they screwed up. We should've just let them go out of business. Fuck 'em. Their buddy Hank Paulson isn't around anymore to let them steal from the tax payers.

i'm surprised because you bite the hand that feeds you.

a1bion · Post by **a1bion** » Tue Feb 03, 2009 8:45 pm

I haven't been fed by that hand in several months now and I don't suspect it'll be feeding me again any time soon. You know how many jobs have been lost in that industry now? Over a quarter of a million and counting.

Why should I want to see a goof like Thain or Ken Lewis keep living the good life when they screwed up? Why should I protect their downside? Why should I socialize their risk? They sure as hell wouldn't share the upside with the tax payers.

They entered a trade with the tax payers and we can rip their faces off. That's the name of the game. Smoke 'em.

radbag · Post by **radbag** » Tue Feb 03, 2009 9:16 pm

you're just emotionally charged up buddy.

the markets are (and have always been) ebb and flow...you'll be back in banking and finance in less than 3 years time and you'll be just as overpaid as you were then and equally as overpaid as your colleagues of the day....and WHEN THAT HAPPENS, you'll laugh your ass off at yourself for being so bitter.

but the biting of the hand won't help you right now...it'll only disillusion you my friend.

TTBHG · Post by **TTBHG** » Tue Feb 03, 2009 9:37 pm

The Wynn is spectacular. I will be out there the last week of this month. Those folks will have a great time.

G8rMom7 · Post by **G8rMom7** » Tue Feb 03, 2009 10:17 pm

Working for a company that benefits from such "recognition events" I say "SHOW ME THE MONEY!!!"

Seriously, this is why I wasn't so fond of this whole TARP thing. And I would hate to be in management for one of these banks. Every decision you make is now being scrutinized by Joe Taxpayer and really...what does Joe know about running a bank? I'm not condoning overly wasteful spending but I do know that marketing isn't cheap. Do you know how much a :30 TV commercial cost to produce? Let alone air? I bet these celebrations cost a lot less and do more good as well. I just think that if the companies are making such bad decisions then let them fail. What good has bailing them out done? It seems we are just enabeling them now. Eh...the b-ball game is back on now. I'm done.

a1bion · Post by **a1bion** » Wed Feb 04, 2009 7:53 am

Every decision you make is now being scrutinized by Joe Taxpayer and really...what does Joe know about running a bank?

About as much as the jackasses who fucking ran these banks into the ground in the first place apparently.

TTBHG · Post by **TTBHG** » Wed Feb 04, 2009 9:54 am

Every decision you make is now being scrutinized by Joe Taxpayer and really...what does Joe know about running a bank?
About as much as the jackasses who fucking ran these banks into the ground in the first place apparently.

I'm confused. Joe the plumber was the voice of all Republicans yet Joe the taxpayer knows nothing. Weird.

G8rMom7 · Post by **G8rMom7** » Wed Feb 04, 2009 11:01 am

^^^I knew someone would say something like that. whatever.

TTBHG · Post by **TTBHG** » Wed Feb 04, 2009 12:03 pm

Whatever seems to be your standard response.

DocZaius · Post by **DocZaius** » Wed Feb 04, 2009 1:03 pm

I'd wager that Joe Taxpayer knows a shitload more about running a business than Joe Congressman.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Wed Feb 04, 2009 1:05 pm

don't get started on Joe the Plumber being the voice of all republicans...he was never mine. Go ahead, a1...look up all my posts...see if I mention Joe the Plumber once. Same with Palin...there you'll see I mentioned her name...and I'd be surprised if it was even in a positive light. But I suppose I'm changing my story now, right?

Fuck this shit. You fuckers voted for this guy and you've got him. I just pray it's as painless as possible.

G8rMom7 · Post by **G8rMom7** » Wed Feb 04, 2009 1:08 pm

Whatever seems to be your standard response.

Sorry if it's not satisfactory for you.

radbag · Post by **radbag** » Wed Feb 04, 2009 1:11 pm

it's like a fuckin shark tank in here...boo-yah!

G8rMom7 · Post by **G8rMom7** » Wed Feb 04, 2009 1:13 pm

I'd wager that Joe Taxpayer knows a shitload more about running a business than Joe Congressman.

You got me there!

a1bion · Post by **a1bion** » Wed Feb 04, 2009 1:19 pm

don't get started on Joe the Plumber being the voice of all republicans...he was never mine. Go ahead, a1...look up all my posts...see if I mention Joe the Plumber once. Same with Palin...there you'll see I mentioned her name...and I'd be surprised if it was even in a positive light. But I suppose I'm changing my story now, right?

Fuck this shit. You fuckers voted for this guy and you've got him. I just pray it's as painless as possible.

Where have I mentioned Joe the Plumber? I also pray that it's painless, but I also know that it's not really feasible to unshit the bed once it's been shat in. And these clowns really shat the bed. I'd prefer that Obama clear the whole lot out.

TTBHG · Post by **TTBHG** » Wed Feb 04, 2009 1:30 pm

Whatever seems to be your standard response.

Sorry if it's not satisfactory for you.

It would be quite satisfactory if you were 10.