CEOs Gone Wild: Bailed-Out Wells Fargo Plans Lavish Corporate Getaway to Vegas

Posted by Amanda Terkel, Think Progress at 7:30 AM on February 4, 2009.

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:

Wells Fargo…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. […]

“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.”

Update: This evening, Wells announced that it was canceling the event after coming under intense criticism from lawmakers and investigators.

And to rein in some of these CEOs, President Obama has announced plans to impose a $500,000 pay cap on executives whose firms receive bailout funds.

Tagged as: barack obama, ceos, bailout, wells fargo

Amanda Terkel is Deputy Research Director at the Center for American Progress and serves as Deputy Editor for The Progress Report and ThinkProgress.org at the Center for American Progress.