Wells Fargo Gets It’s Wrists Slapped

Wells Fargo, which is supposed to be one of the more stable banks these days, has gotten promised somewhere around 25 billion dollars in the national bailout plan thus far, so it’s no wonder that all eyes are on what this company is doing with their money from the taxpayers these days. That’s why when it came to Capitol Hill’s attention that the mortgage and lending giant was taking it’s top mortgage writers on a luxurious vacation in Vegas, they received sharp and swift criticism for poor judgment in a time when they are using federal money essentially to pay for lux vacations when they should be directing every penny to juicing up profits and loosening credit, which is supposed to be the idea behind this whole bailout plan.

Wells Fargo, which I do believe is a fairly respectable and well run bank, especially considering the circumstances of so many other mortgage giants going under due to greedy loan making, has responded by saying that it has taken this into consideration and will consider altering the plans or maybe even scrapping them all together.

While I do believe this is their best move public relations-wise, I’m not so sure it’ll cultivate very much employee loyalty which we all know too well is an important aspect of a booming and successful business, but I think at this point they need to worry more about the now, and the need to stay afloat and gain back the public’s trust than they do about pleasing employees and going above and beyond what many other employers do, even for their top performers.

Apparently their past jaunts they would treat top performers to consisted of things like horse back riding in Puerto Rico, helicopter rides and also private concerts even, but their culture is such that they reward their top performing employees for great business dealings, which is understandable. However, it is the right of the American people to draw the line and ask if they are spending the TARP funds that they have been granted by the federal bailout money, or if they are spending their own money on luxuries.