Wells friggin' Fargo

O

Onceler

New member
How can the banks continue to be so oblivious to how this looks, and to what is happening in America? This is just weird; it's like they're on another planet:

http://www.msnbc.msn.com/id/28999671/

Bailed-out Wells Fargo plans Las Vegas junket

WASHINGTON - Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.

“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.”
 
im sure glad this bailout is bringing the economy back up. those casinos were really hurting without being able to entertain the bank execs.
 
Onceler said:
How can the banks continue to be so oblivious to how this looks, and to what is happening in America? This is just weird; it's like they're on another planet:

http://www.msnbc.msn.com/id/28999671/

Bailed-out Wells Fargo plans Las Vegas junket

WASHINGTON - Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.

“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.”
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Our company cacelled its recognition trip to Cabo for top performers this year. I understand the desire to recognize the top employees and reward them as they have earned it. Wells needs to find a new PR firm because this comes across pretty bad.
 
cawacko said:
Our company cacelled its recognition trip to Cabo for top performers this year. I understand the desire to recognize the top employees and reward them as they have earned it. Wells needs to find a new PR firm because this comes across pretty bad.
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Their recognition should be their continued employment. For Christ's sake. How about a clawback on the the Wells Fargo cash?
 
Dungheap said:
Their recognition should be their continued employment. For Christ's sake. How about a clawback on the the Wells Fargo cash?
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I'm going on the assumption that as a top performer at a company like Wells Fargo will still be in demand thus simply saying you are lucky to have a job doesn't work the same as it would with someone lower on the company food chain.
 
cawacko said:
I'm going on the assumption that as a top performer at a company like Wells Fargo will still be in demand thus simply saying you are lucky to have a job doesn't work the same as it would with someone lower on the company food chain.
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Maybe, but I wonder two things. 1) In demand where? At other banks? Which ones are hiring? 2) If you need the taxpayer to bail you out, just how good are your top perfomers?

Oh, and, not on my dime.
 
Darla said:
Maybe, but I wonder two things. 1) In demand where? At other banks? Which ones are hiring? 2) If you need the taxpayer to bail you out, just how good are your top perfomers?

Oh, and, not on my dime.
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I'm not all that familiar with how Wells Fargo is set up and how top performers are judged. At our parent company it is strictly on production which is a dollar amount produced and everyone across the U.S. is judged on the same metrix.

I'm going on the assumption that the producers at Wells are seperate from managment so they could be quite good while it is managment that has gotten the company in trouble.

Edit: I forgot your other point which was where would these top producers be in demand. I would say other banks and on Wall St. Even in bad economic times companies are always interested in bringing in top talent.
 
Yeah - top performers are just going to have to deal. They wouldn't have a bank if not for the bailout, and their job prospects right now aren't what they used to be.

"Part of our culture" - what a lame response. That culture is part of the problem.
 
Some of the comments to limit the bonuses and such make sense, on the surface.

But without knowing how they determine bonuses, its not clear which are a waste and which are not.

Suppose 1st National Bank of Solitary expected to lose $3 billion last year. And suppose, they hired a hotshot new CEO and told him that as a bonus he could have one half of one percent of whatever he could save off that $3 billion loss.

If he managed to cut the loss down to $1 billion, then he saved $2 billion for the bank. His bonus would be $10 million. But he would have saved the bank $1,990,000,000.00. Which is a helluva bargain.
 
Darla said:
Maybe, but I wonder two things. 1) In demand where? At other banks? Which ones are hiring? 2) If you need the taxpayer to bail you out, just how good are your top perfomers?

Oh, and, not on my dime.
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Didn't you read my thread where banks are hiring foreign workers?

Of course all bankrupt companies hire lots of people.
It takes a finiancial expert to realize that Darla. Sheesh.
 
cawacko said:
I'm not all that familiar with how Wells Fargo is set up and how top performers are judged. At our parent company it is strictly on production which is a dollar amount produced and everyone across the U.S. is judged on the same metrix.

I'm going on the assumption that the producers at Wells are seperate from managment so they could be quite good while it is managment that has gotten the company in trouble.

Edit: I forgot your other point which was where would these top producers be in demand. I would say other banks and on Wall St. Even in bad economic times companies are always interested in bringing in top talent.
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Cawacko, I don't begrudge you or anyone their bonuses, as long as your company did not take public money from the bailout.

In a time when people are losing their jobs every single day, and their health care along with it, and then their homes, and are lined up at food banks, to imagine that OUR tax dollars should go to people who are already highly paid is depraved. It cannot happen, period.
 
Darla said:
Cawacko, I don't begrudge you or anyone their bonuses, as long as your company did not take public money from the bailout.

In a time when people are losing their jobs every single day, and their health care along with it, and then their homes, and are lined up at food banks, to imagine that OUR tax dollars should go to people who are already highly paid is depraved. It cannot happen, period.
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I'm saying I understand why the company wants to take this trip. I'm not saying I support it or agree with it thus my reference for their P.R. firm being fired because it is a really stupid decision to go ahead with the trip.
 
cawacko said:
I'm saying I understand why the company wants to take this trip. I'm not saying I support it or agree with it thus my reference for their P.R. firm being fired because it is a really stupid decision to go ahead with the trip.
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Right, I forgot you said that. So we agree.
 
cawacko said:
I admit I got lost on this one. What does Wells Fargo planning this trip to Vegas have to do with banks hiring more (foreign) workers?
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I don't know I forgot what he said.

Listen, earlier I went to get a manicure, and they have the tv screens, and Oprah was on. Do you know that I actually sat there for about 30 minutes and got lectured by a BILLIONAIRE, about how our general greediness (it's everyone's fault, therefore, it's no one's fault) got us into this situation, and what we all need to do is relearn what is important in life.

The Billionaire living in a house as big as my town, says those things are family and love!

Well, now I have seen everything. Thanks Oprah, and have fun at your 2 hour oil rub down, brown-sugar pedicure, and oxygen facial after the taping!
 
Darla said:
I don't know I forgot what he said.

Listen, earlier I went to get a manicure, and they have the tv screens, and Oprah was on. Do you know that I actually sat there for about 30 minutes and got lectured by a BILLIONAIRE, about how our general greediness (it's everyone's fault, therefore, it's no one's fault) got us into this situation, and what we all need to do is relearn what is important in life.

The Billionaire living in a house as big as my town, says those things are family and love!

Well, now I have seen everything. Thanks Oprah, and have fun at your 2 hour oil rub down, brown-sugar pedicure, and oxygen facial after the taping!
Click to expand...
The billionaire that has no family because she is too focused on her "fifteen jobs" (heard her on her friend's radio show saying that while they were laughing about Blago suggesting he thought of her for the Senate).
 
Damocles said:
The billionaire that has no family because she is too focused on her "fifteen jobs" (heard her on her friend's radio show saying that while they were laughing about Blago suggesting he thought of her for the Senate).
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I don't even care if she has a family; I'm sure she has people she loves whom she considers family. But this was just beyond absurd. You would have had to have seen it to understand. She was actually lecturing on consumption, materialism, and what's "important" in life.

If she's not the richest woman in America she's close, and as far as what little I have seen about her (not a fan) she is in no way walking that walk.
 
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