thinkprogress.org — Wells Fargo, ?once among the nation?s top writers of subprime mortgages,? has received approximately $25 billion in taxpayer money from the federal bailout. While other bailed-out firms ? such as AIG ? have canceled expensive junkets, the AP reports that Wells Fargo is sticking with them.
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webxlFeb 5, 2009
Jenton's right. <a class="user" href="http://www.nytimes.com/2008/10/15/business/economy/15bailout.html?_r=2">http://www.nytimes.com/2008/10/15/business/economy ...</a> And Wells and BofA were both fine before they were encouraged (received guarantees) to take over failed banks.
Closed AccountFeb 5, 2009
This might have been funny when communism wasn't a major threat. You'd have to be really blind or complicit to not see it, I'll go the the latter in this case.
bffoleyFeb 5, 2009
I like how Wells Fargo had $15B to buy Wachovia with, and then they turned around and got $25B from the government. And now this.
jinxationFeb 5, 2009
As a note, my local bank is called century bank, not wachovia.
agentinfiniteFeb 5, 2009
Why would any company even consider doing something like this, tradition or not, in these times?
arkons24Feb 5, 2009
not that bright are ya kid?
jppreludeFeb 7, 2009
The Jimmy Buffet concert was a couple years ago, before any of this mess, so you didn't pay a nickel for that.As it has been said earlier, Wells Fargo didn't want any TARP money, and don't want any more of it whereas some of the other big banks still have their hands (or dump trucks) out waiting for more. Wells has even paid out dividends back to the government for the stocks they now own.Some of these articles have been extremely biased, and this has been blown out of proportion. I have seen another article that even went so far as to show some of the luxurious shops that are in these Vegas hotels, which has nothing to do with anything. There has only been one article I have seen that has been objective, so it is very understandable for people to get upset.I work at Wells Fargo, and we have since canceled any type of employee recognition program. This is very sad because most of the people I know that have won these trips are very hard working people that deserve to be recognized for their efforts. Some of these people struggle to even say they are middle class and now they are getting punished because of a market that has been ravaged by billionaires getting greedy.